Jones Partner


Voluntary Bankruptcy – A big thank you from the Bankrupt! Strange – Not Really

12/03/2015 by Bruce Gleeson

Recently I received an email from a former Bankrupt whose bankruptcy I had been administering. The email said “thank you both for your handling of this matter. Whilst a stressful time, your communication and consideration was very much appreciated”. This individual had accumulated a range of credit card debts of just over $350,000. The incurrence of such debts was largely due to some significant health and family issues that he had been trying to deal with over many years. However, it got to the point where he could no longer make any headway on the level of credit card debt, despite earning a six figure salary. The inability to reduce the debt was taking a toll on his health and ove

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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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Director Penalty Notices

10/04/2013 by Bruce Gleeson

In June 2012 there were changes to the Director Penalty Notice (DPN) regime. Most importantly such changes now expose directors to automatic personal liability where either PAYG or SGC obligations remain unpaid and unreported for more than 3 months after the due date. Whilst the ATO will still have to send a DPN to recover on the debt – the director can no longer avoid personal liability in such circumstance by voluntary administration or voluntary liquidation. The important message is that at an absolute minimum directors should ensure that they comply with reporting obligations on-time. Unfortunately there is still a status quo position being adopted by some directors and advisors. If

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Liquidation is NOT a dirty word!

by Bruce Gleeson

Whilst the term liquidation is frequently used, for many company directors or business owners it is still not always well understood and indeed feared. Whilst this is understandable, it is important to understand that this can also be a final part of the overall strategy when it is determined that a business (or company structure) is wound up. Critically directors and business owners need to seek professional advice (from appropriately qualified people – not unqualified consultants!!!) when they know the business is not heading in the right direction. In the main business failure is largely due to “micro” effects on the business, rather than “macro” factors as is sometimes reported. There is

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Bankruptcy

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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