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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.
The bankruptcy jurisdiction was exercised by state courts. In proposing the establishment of the Federal Court of Bankruptcy, the Attorney-General , Frank Brennan , said that it was necessary because the number of bankruptcy cases had been increasing due to the Great Depression and the 1929 decision of the High Court , [ 11 ] which held that ...
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 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]
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
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 ...
Capital gains tax (CGT) in Australia is part of the income tax system rather than a separate tax. [22] Capital gains tax was introduced by the Hawke Labor government in September 1985 and allowed for indexation of the cost base of the capital asset to the Consumer Price Index, to account for annual price inflation.
Australian Olympic breakdancer Rachael Gunn, who went viral during the Paris Games, was ranked number one in the world by the sport's governing body.