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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.
Australia has no-fault divorce with the only ground for divorce being a claim of an irretrievable breakdown of marriage, evidenced by a twelve-month separation. Sometimes the couple may still be living together in the same home and be considered separated. If that is the case for any part of the twelve months before filing the application.
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.
Divorce can affect both the people getting divorced and any children they may have in both the short and long term. After a divorce, the couple often experiences effects including decreased levels of happiness, [1] a change in economic status, and emotional problems. The effects on children can include academic, behavioral, and psychological ...
Division 2 is the former Federal Circuit Court of Australia, and deals with the bulk of family law matters prior to the establishment of the Court, as well as general federal law matters such as migration, bankruptcy and admiralty. It contains 76 judges.
While overall divorce rates in the U.S. have fallen over the past 20 years, they have actually increased for older couples. Currently, almost 40% of those getting divorced are 50 or older.
Australia's laws on divorce and other legal family matters were overhauled in 1975 with the enactment of the Family Law Act 1975, which established no-fault divorce in Australia. Since 1975, the only ground for divorce is the irretrievable breakdown of the marriage, evidenced by a twelve-month separation.
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