Name & Shame: the new game for the ATO

The ATO’s hands are no longer firmly tied with confidentiality of taxpayer information provisions; the ATO can now divulge recalcitrant taxpayers. In a December 2017 LinkedIn article, I noted the Government’s announcement that it intended to introduce legislation to allow the ATO to report to Credit Reporting Bureaus (CRBs) the tax debt information of businesses […]

Do you still have that asset? (Buying property owned by a deregistered company)

Recently I had an enquiry regarding a company from which I had retired as liquidator. The liquidation was long since finished and the company had been deregistered. The enquirer had acquired the company’s former business name and wanted to know if I had any leftover marketing material (or anything else) bearing the business name that […]

One-year bankruptcies – Dead as a Dodo

Since October 2017 I’ve been writing about the controversial, long awaited, much anticipated and debated proposal to reduce the current minimum bankruptcy term from three years to one year. The proposal was contained in the Turnbull Government’s National Innovation Statement issued on 7 December 2015. Since then progress to implement the proposal has been slow, […]

“Let me at the directors”

(Creditors’ right to pursue an insolvent trading claim) “I’m owed money…. I want to have a go at the directors for insolvent trading” Joe Supplier (creditor). The oft heard catchcry of the unsecured creditor at the start of a liquidation. Well, yes you can, subject to certain restrictions and conditions. But the ball starts in […]

Set of color credit cards on wooden table

Credit card crackdown in 2019

The Australian government has introduced four reforms designed to protect consumers and promote responsible credit card lending. The first reform was implemented on 1 July 2018 and the remaining three came into effect on 1 January 2019. The four reforms are: 1. Ban on credit card limit increase invitations – This includes all forms of communication […]