Innovation through insolvency law reform: Bankruptcy period to be reduced from three years to one year.

Given that start-ups and entrepreneurs are a large contributor to new jobs and innovation in Australia, the Federal Government has taken several initiatives to foster a culture where innovation and entrepreneurship is encouraged. One of these initiatives is improved insolvency laws. As part of the National Innovation and Science Agenda, the Bankruptcy Amendment (Enterprise Incentives) Bill … Continued

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Be aware when proving Your Claim as a Creditor in an Insolvent Estate from South African Perspective?

It is interesting how the differences in insolvency law from one country to another affects creditors’ decisions when lodging their Formal Proof of Debt Form (“POD”) in an insolvent Estate. I was stunned when I received an email from one of the creditors of a Bankruptcy refusing to provide me with his POD, he was … Continued

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Welcome to 2018, and some thoughts on R&D

Hi everyone and welcome to 2018, no doubt it will continue to be more of “different” but “normal”! 2017 essentially closed quietly notwithstanding that it’s been a year of significant change for the Insolvency profession. Whilst steps were taken to align the operations of both the Bankruptcy Act and the Corporations Law, it is still … Continued

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CONDON IN THE COMMUNITY

CONGRATULATIONS MUNA LALOO Many of you are probably unaware but Western Sydney University offers international support by assisting migrants displaced by civil war and/or global unrest to rebuild their lives. They do this by each year providing Refugee Scholarships to students to assist with their studies. In 2014, Muna Laloo, a valued member of the … Continued

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CLAIMING TAX DEDUCTIONS WITHOUT NEEDING A RECEIPT

As tax time approaches every year taxpayers are required to lodge their tax returns before the deadline advised by the Australian Taxation Office. While completing and lodging their tax returns, taxpayers are entitled to benefits such as tax deductions. Some deductions require the collection of receipts and other records to assist them in getting a … Continued

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IPSO FACTO…? SO WHAT …?

Recent changes to the Corporations Legislation have brought in new conditions in relation to ‘ipso facto’ clauses and how they apply in situations of financial difficulty moving forward. So what is actually an ‘ipso facto’ clause? It is first crucial to determine what may actually constitute an ‘ipso facto’ clause. These are clauses that are … Continued

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THE HARBOUR IS NOW SAFE; …OR IS IT?

Recent changes to the Corporations legislation have brought in new provisions commonly referred to as the ‘Safe Harbour Amendments.’ These amendments have primarily been designed to give Directors of failing or financially unwell companies an opportunity to put into place a rescue strategy without being fully exposed to the punitive provisions of the Act. That … Continued

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Condon Forum 4

Condon Forum – Tax Update

The Condon Forum (“It’s Accrual World – Tax Still Hasn’t Gone Away”) was held on 31 May 2017. Michael Collett (Tax Principal, Nexia Australia), Brett Young (Barrister, State Chambers) and Schon Condon (Managing Principal, Condon Associates Group) shared their experience and professional knowledge on the latest in taxation. Thank you to Joel Brooks from Chef’s … Continued

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