In addition to insolvency services, our firms undertakes litigation support and forensic accounting services, through our division OIS Forensics.
Recently, a judgment was delivered in a matter in which we were instructed to provide such forensic accounting services for the benefit of the Court: Adelaide (SA) Pools & Spa Manufacturing and Installation Pty Ltd v Westcourt General Insurance Brokers Pty Ltd (No 2)  SASC 123.
There are numerous occasions where alleged offenders under Bankruptcy Act 1966 (Cth) (the “Act”) can be referred to the Commonwealth Director of Public Prosecutions (“CDPP”).
There have been a number of recent cases where this has occurred for various breaches of the Act. Bankruptcy Trustees are assigned the duty to report such offences under s. 19 of the Act, playing an important role in supporting the integrity of Australia’s personal insolvency system.
In recent parliamentary debate, the Federal Government has been considering whether the National Consumer Protection Act 2009 (the “Act”) is no longer fit for purpose.
Earlier this year, the Government had proposed the scrapping of responsible lending obligations under the Act with the aim to simplify Australia’s credit network, ensuring that consumers and small businesses can access timely credit as the economy recovers from the economic fallout caused by COVID-19.
Recently, the Australian Taxation Office (ATO) issued Taxpayer Alert TA 2021/2. This alert addresses Australian taxpayers who are trying to avoid paying taxes on their foreign assessable income. Instead of being honest about this income, some Australian taxpayers are trying to disguise funds they received from overseas as a gift or a loan from a related overseas entity.
The ATO is also concerned about certain Australian taxpayers who are using such loans to claim deductions for interest that was never incurred.
Debts that are not caught by bankruptcy – a quick guide
“Bankruptcy” used to be a punishment for those who could not pay their debts. In Medieval Europe, individuals who could not pay their debts were imprisoned and had to work off their debts with hard labour.
Now that the Small Business Restructure (“SBR”) process is up and running, learn more about the process from our experience in conducting one of the first SBRs.
On 10 December 2020, Parliament passed the Federal Government’s insolvency reform package to assist small businesses. The reforms commenced on 1 January 2021 and coincided with the end of the temporary insolvent trading “safe harbour” and statutory demand measures introduced in March 2020 in light of the economic fallout caused by COVID-19.