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October 14, 2016Comments Closed

Bankruptcy in Bendigo – Changes that can help Small Business and Entrepreneurs.

Posted by:Bankruptcy Specialist onOctober 14, 2016

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Written 15th March 2016 – By Charles Bosse– If reading this considerably after this date, feel free to go through some of our other blogs to establish the data is still up to date. Do you know just how much Bankruptcy in Bendigo is going to be changing? The Australian Government by the end of 2015 developed some radical plans and prospective alterations to the Bankruptcy Laws in Australia, especially when it comes to the duration of personal bankruptcy. At the moment, there is a minimal amount of time that you must remain insolvent, having said that, this 3 year period may very well be lowered to just 12 months. So if you are considering going bankrupt, these changes are going to be rather significant to you! How did this all happen? Well, Mark Carnegie (an expert in this field) commented back in December 2015 in the Financial Review that there was going to be suggestions for “the proposed changes to ease the burden of bankruptcy laws didn’t go far enough and the government should adopt US-style laws to protect the family home”. What problem is he attempting to fix? Presently, the legislations don’t have enough protections, to the level that Mr Carnegie, proceeded to mention in the Financial Review that giving security to family assets was required because “banks just terrorise small business and the mental health consequences to society are enormous”. The issue is Australia’s bankruptcy laws prevented financiers from assisting start-ups, and therefore mentoring had been “driven out of the system” and too many individuals are too troubled to try and invest or attempt to run a business. “They naturally find it very intimidating themselves personally and with their assets at risk in a risky early-stage deal, but with their own money in the deal and a lightened-up provision I think we’d probably see more willingness. It could be more important than the money”. This means that presently, the existing laws are costing the overall economy and they may work for you, but they could be exploited and occasionally the innocent fall in the voids and get unjustly punished. What is being proposed? The recommendation is to get the 3 year bankruptcy period reduced to just 12 months when there is zero indication of fraudulence or dishonest practices. These improvements will signify a lot for Bankruptcy and will take approximately 18 months to apply. What is Fraudulent Behaviour? Fraudulent behaviour is essentially a phrase that includes all of the negative factors. So when it comes to Bankruptcy, this indicates that it will cover acting dishonestly, hiding assets, taking negligent risks, behaving unethically or just commonly attempting to con people. One proposed concept is that although they are decreasing the amount of time for those acting truthfully, they could actually carry out a counter proposition to target those behaving especially dishonestly and increase the amount of time. There are already some provisions in place for when you do not observe certain regulations (and I encourage you to find out more about Bankruptcy to make sure you don’t inadvertently break these rules) but it will be interesting to see exactly how this develops. So is this a Win for Small Business? Yes, absolutely! This is going to be great for small business and I hope that you are reading these modifications to Bankruptcy and are getting as delighted as I am. These proposed changes will be good for businesses because it will encourage more individuals to get engaged and take estimated risks– There will however be consequences in effect, but it won’t be unfairly reprimanding those who make genuinely honest miscalculations. Many small business owners I help with Bankruptcy, are hardworking, tax paying, businesses that are trying to keep this country going and so I am excited to observe what will be taking place next with this, and how it will impact Bankruptcy. Bankruptcy helps save lives, and it could save yours. If you really require some support with your financial obligations in Bendigo or are just considering Bankruptcy, do not hesitate to phone us here at Bankruptcy Experts Bendigo on 1300 818 575, or visit our website: www.bankruptcyexpertsbendigo.com.au

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