Jones Partner


Bankruptcy – gambling, excessive use of credit cards and blowing proceeds from sale of property – a dangerous cocktail!!

19/05/2015 by Bruce Gleeson

A recent Media Release by AFSA see link https://www.afsa.gov.au/resources/media-kit/media-archive/media-release-nsw-mcelwaine-nine-month-bond-for-offence-against-the-bankruptcy-act highlights the addiction of gambling and additionally that if forced into bankruptcy as a result of such gambling, then, in certain circumstances the individual may have committed an offence under Section 271 of the Bankruptcy Act. In this case, the individual went into bankruptcy voluntarily owing her creditors almost $440,000 using 22 credit cards. In the 12 months prior to her bankruptcy she sold property owned by her and claims to have blown almost $100,000 on gambling. The individual was found guilty and pla

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Reinventing the ATO – More Insolvencies & Bankruptcies Possible!

24/03/2015 by Bruce Gleeson

Tax Commissioner Mr Chris Jordan has said in a speech to the Tax Institute on 19 March 2015 that the Australian Taxation Office (“ATO”) is bringing forward the point at which it takes legal action to recover debts from both individuals and companies. Is this a good thing or bad news? As a Registered Liquidator and Registered Bankruptcy Trustee, I see too often the impact of when family business owners (or SMEs) and individuals don’t treat the ATO with the same priority as other creditors. Left unresolved it typically means the forced liquidation of a company or bankruptcy of the individual. Consequently, I believe the recent announcement is a good thing for a couple of main reasons:

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Insolvent Builders & Home Warranty Insurance (“HWI”)

20/03/2014 by Bruce Gleeson

For many individuals or couples one of the biggest purchases in their lives will be the construction of a new home. Unfortunately over the years there have been many residential home builders that have gone into some form of insolvency administration and ceased to trade, leaving home owners with an incomplete home and lots of worries. We are frequently appointed as Voluntary Administrators or Liquidators to residential home builders where they are insolvent. In one recent matter, there has been an instance where the HWI policies were not adequate to cover all costs incurred in completing the homes. We highlight in this article some important considerations customers should give if such an

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Insolvency and Bankruptcy Numbers – Not What You Might Expect!

by Bruce Gleeson

Welcome to our first Newsletter for 2014. A subject we are frequently asked about is what are the insolvency and bankruptcy statistics doing and what inferences can be gleaned from them. During the course of the calendar year we will be providing a regular commentary on movements. Set out in this article are graphs for NSW and Australia for corporate insolvencies and personal bankruptcies / personal insolvency agreements (“PIAs”) during the period 2010 to 2013 inclusive. Some key observations are: Corporate Insolvencies In both NSW and Australia appointments decreased by approximately 2% in the 2013 December quarter on the previous corresponding period (“PCP”). In NSW there

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Strengthening our Presence in Greater Western Sydney

24/09/2013 by Bruce Gleeson

For many years now, Jones Partners has truly valued that importance of being accessible to professional advisors and business owners and individuals throughout Greater Western Sydney (“GWS”). The GWS  region is a very significant contributor to the States GDP and has a huge diversity in the range of businesses that operate within it. Our continued presence (via our Norwest Business Park Office) has enabled us to develop strong relationships with other professionals such as accountants, lawyers and financiers, as well as and importantly assist business owners and individuals in this region who may get into financial difficulty. Having a very strong and keen interest in what happens i

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Interview with Eagle Waves Radio – The Voice for Small Business

28/08/2013 by Bruce Gleeson

Looking forward to chatting with John Hagerty (co-host of the Eagle Business Show) today at 11.00am and discussing what key factors small business owners need to consider to “keep on top” and ensure they remain afloat particularly when business confidence remains low. Eagle Waves Radio is Australia’s first and only radio station dedicated to empowering small businesses. Catch up now listen to the Podcast . . .

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Personal bankruptcies decline for the quarter ended 30 June 2013

16/07/2013 by Bruce Gleeson

The quarterly personal insolvency statistics for the June quarter 2013 show that personal insolvency activity declined by almost 1.4% when compared to the June quarter 2012. Interestingly NSW, QLD, WA and Tasmania all recorded falls in personal insolvency activity whereas Victoria, SA, ACT and Northern Territory all recorded increases. Bankruptcy numbers (which accounts for approximately 68% of the personal insolvency numbers for the June quarter 2013 ) actually fell by 3.93% when compared to the June quarter 2012. NSW accounted for approximately 32% of bankruptcies across Australia for the June quarter 2013. Personal Insolvency Agreements (also known as Part X Arrangements) also decli

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Bankruptcy

10/04/2013 by Bruce Gleeson

Will you be able to keep the house? This is a question I get asked frequently by individuals that may need to contemplate voluntary bankruptcy. The short answer is YES, however it is important to understand that a bankruptcy trustee has an obligation to realise certain assets for the benefit of creditors. This includes equity you may have in the family home. It is possible for a co-owner or other family member to acquire your share of the equity in the family home from the bankruptcy trustee provided that the trustee believes it is a fair offer. It is important to examine each situation independently so that you are aware of how the bankruptcy trustee approaches determining the equity positi

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