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Under Australian law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. [1] Insolvency law in Australia tries to seek an equitable balance between the competing interests of debtors , creditors and the wider community when debtors are unable to meet their financial obligations.
In some cases, unemployment benefits can be garnished if you owe income taxes, student loan debt or child support. Filing for bankruptcy may help you protect your unemployment benefits from ...
The Federal Court of Bankruptcy was an Australian court that was established in 1930, [1] pursuant to Chapter III of the Constitution. The jurisdiction in bankruptcy was shared with state courts. [2] On 1 February 1977 the bankruptcy jurisdiction was transferred to the newly established Federal Court of Australia.
Many types of taxes cannot be discharged in bankruptcy, including non-income tax debts. However, there are some exceptions for tax debt that meet certain qualifications.
A Bankruptcy Exemption defines the property a debtor may retain and preserve through bankruptcy. Certain real and personal property can be exempted on "Schedule C" [42] of a debtor's bankruptcy forms, and effectively be taken outside the debtor's bankruptcy estate. Bankruptcy exemptions are available only to individuals filing bankruptcy. [43]
the Rudd government's tax bonuses were constitutionally valid. Lane v Morrison: 2009 French - The Australian Military Court was an invalid attempt to exercise the judicial power of the Commonwealth because its members did not enjoy the tenure required by s 72 of the Constitution. Kirk v Industrial Court of NSW: 2010 French -
A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced.
Bankruptcy. The mere word can evoke shame, fear and dread — and for good reason. When you file for bankruptcy, your credit score takes a major blow, possibly dropping as much as 240 points ...