Figures
Bankruptcy Act |
Corporations Act |
(links open in a separate window)$5,000 - Amount for issuance of Notice 21 days - Time period for compliance Meeting Convening Periods Bankruptcy Meetings - Reasonable Notice Virtual Meetings - Trustee to Specify Part X - 25 business days - Holding Meeting of Creditors Change of Trustee Meeting - 7 days Streamlined Change of Trustee - 10 days Section 161B Fees $1,569.00 Income Contribution Threshold Allowable Income before Income Contributions Payable (after tax & s139N deductions) $44,189 - No Dependents $52,143 - 1 Dependent $56,120 - 2 Dependents $58,330 - 3 Dependents $59,214 - 4 Dependents $60,097 - 5+ Dependents Maximum Dependant Income - $3,030 Asset Allowances $3,350 - Tools of Trade allowance $6,700 - Motor Vehicle Allowance $4,806 - Obtaining Credit without Disclosure RBL - Superannuation exemption: Employee Entitlement Threshold $3,950 - Priority Claim for Employee (max) Part IX Thresholds Amounts not to exceed to do a Part IX
Part X 2 days - Notification to ITSA 25 business days - Holding Meeting of Creditors Proofs and Dividends about 21 days - Lodgement of Proofs (after notice) 21 days - Declaration (after Proofs lodged) $25.00 - Minimum dividend (reg 6.21) Offences Penalties Concealment of Property: section 263 - 3 years or $1,000 Lodging False Claims to Vote: Failure to Disclose Property Failure of Person to Attend Interview Obtain Credit of more than $4,374 without Notice Failure to keep proper Records Leaving Australia with intention of not returning (read relevant sections for more details) |
(links open in a separate window)$2,000 - Amount for Issuance of Notice 21 days - Time period for compliance Meeting Convening Periods First VA Meeting - within 8 business days Convening Period VA - 25 business days Exceptions to Convening Period - 30 business days Second VA Meeting - within 5 business days (before or after convening period) Creditors Voluntary Liquidation - 18 days (with 7 days notice) Liquidation - 14 days notice Final Meetings - 30 days notice Dividends Notice to Lodge Proofs of Debt - 21 days Declaration - No time Limit Minimum Dividend - $25.00 Priority Employee Entitlement Thresholds No Limit - Non-excluded employee $2,000 - Excluded Employees-Wages $1,500 - Excluded Employees-Leave Nil - Excluded Employees-Other Offences Non-Disclosure or Misrepresentation section 590(1) - $10,000 or 2 years Knowingly Receiving property Frauds by Officers Falsification of Books False of Misleading statement (read relevant sections for more details) |
Last Updated 24.8.2010