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    Latest Accounting News

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Mooroolbark VIC 3138
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Hot Issues
Resources to help understand and implement Single Touch Payroll (STP)
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Correcting GST Errors
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How Australia is performing.
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Golden Rules for Deductions
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Cap lifted on popular financing option for clients
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Tax Office sounds alarm on popular property strategy
Articles archive
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
What is Bankruptcy?

Bankruptcy is a legal process whereby a person is declared unable to pay their debts.



       


 


In all bankruptcies, a trustee in bankruptcy is appointed to administer the bankrupt estate.  The trustee may either be the Federal Government Official Trustee, or a private registered trustee.


When someone is declared bankrupt, creditors who do not hold security for their debt (the unsecured creditors), are generally prevented from continuing to seek recovery of their debts.


Creditors cannot begin or continue recovery action during the bankruptcy period or after the person’s discharge from bankruptcy. The bankrupt is released from these debts upon their discharge from bankruptcy.


The bankrupt may choose to continue making repayments to their secured creditors. If they do not, the secured creditors may take possession of their security and sell it.


A bankrupt is generally entitled to retain the following:-


  • household furniture and personal effects
  • low value motor vehicles
  • low value income producing tools of trade
  • superannuation

At risk of forfeiture would be the share of:-


  • the family home
  • investment property
  • listed shares
  • business assets

 


 


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14th-September-2018
 
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