(links open in a separate window)
Bankruptcy
Notices
$2,000 - 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
$1,481.00
Income Contribution Threshold
Allowable Income before Income Contributions Payable
(after tax & s139N deductions)
$40,131 - No Dependents
$47,355 - 1 Dependent
$50,967 - 2 Dependents
$52,973 - 3 Dependents
$53,776 - 4 Dependents
$54,578 - 5+ Dependents
Maximum Dependant Income - $2,834
Asset Allowances
$3,150 - Tools of Trade allowance
$6,300 - Motor Vehicle Allowance
$4,497 - Obtaining Credit without Disclosure
RBL - Superannuation exemption:
Employee Entitlement Threshold
$3,750 - Priority
Claim for Employee (max)
Part IX Thresholds
Amounts not to exceed to do a Part IX
current 20.9.2007: -
$60,197 - Income (after tax) (1.5 x no dependants
threshold)
$80,262 - Available Assets (after securities) (2 x no
dependants threshold)
$80,262 - Creditors (after securities) (2 x no dependants
threshold)
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
section
263C - 6 months
Failure to Disclose Property
section
265 - 1 year
Failure of Person to Attend Interview
section
267D - 6 months
Obtain Credit of more than $4,374 without Notice
section
269 - 3 years
Failure to keep proper Records
section
270 - 3 years
Leaving Australia with intention of not returning
section
272 - 3 years
(read relevant sections for more details)
|
(links open in a separate window)
Statutory
Demands
$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
21 days - Notice
to Lodge Proofs of Debt
No time Limit - Declaration
$25.00 - Minimum
Dividend
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
section
590(5) - $5,000 or 1 year
Frauds by Officers
section
596 - $10,000 or 2 years
Falsification of Books
section
1307 - $10,000 or 2 years
False of Misleading statement
section
1308 - $10,000 or 2 years
(read relevant sections for more
details)
|