At the most recent instalment of the de Jonge Read Seminar Series we discussed the Bankruptcy Amendment (Enterprise Incentives) Bill 2017. The bill proposed that the term of bankruptcy be reduced from three years to one year. It would be fair to say that the main driving force behind this bill was former Prime Minister, Mr Malcolm Turnbull. At our seminar we discussed the possible lack of support for the bill given leadership changes within the Government. While the proposed

Page 37 of the Budget Measures, Budget Paper No. 2, 2018-19: The Government will reform the corporations and tax laws and provide the regulators with additional tools to assist them to deter and disrupt illegal phoenix activity. The package includes reforms to: introduce new phoenix offences to target those who conduct or facilitate illegal phoenixing; prevent directors improperly backdating resignations to avoid liability or prosecution; limit the ability of directors to res

Many business owners set out with a view that the sky will always be blue. Maintaining a positive outlook is important however, as we all know, the weather can change unexpectedly and quickly. All too often we meet with business owners who are neither aware nor prepared for the impact an adverse event can have on them and their family personally. We often liken this to being caught in the rain without an umbrella. In our role as advisors raising awareness of key risk areas

The implementation of project bank accounts looks to be well on the way to becoming law in Queensland given introduction of the Building Industry Fairness (Security of Payment) Bill 2017 to parliament in August. What are Project Bank Accounts (PBA’s)? According to relevant Queensland Government websites “PBAs are trust accounts that aim to ensure payment for work completed by subcontractors. Progress payments are held in trust for head contractors and subcontractors. In event