What is Cryptocurrency?

Cryptocurrency (Crypto) is a virtual currency or a “digital asset” that was originally designed to work as a medium of exchange, much like the Australian dollar.

Do I need to declare Crypto to my Bankruptcy Trustee?

Yes. Like any other asset, a Bankrupt must disclose ownership or interest in Crypto to the Trustee of their Bankruptcy. Failure to disclose may constitute an offence under the Bankruptcy Act 1966 (Cth) (Bankruptcy Act).

How does a Bankruptcy Trustee identify Crypto assets?

Ownership or interests in Crypto is more difficult to identify than traditional cash assets, however there are companies that specialise in tracing Crypto assets. Because crypto is recorded on a publicly available…

Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted listed infrastructure development company SKIL Infrastructure under the corporate insolvency resolution process (CIRP) following an application filed by its financial creditor Amluckie Investment Company.

The tribunal has also appointed Purusottam Behera as its resolution professional.

“The moratorium shall have effect from the date of this order till the completion of the CIRP or until this adjudicating authority approves the resolution plan or passes an order for liquidation of the corporate debtor under section 33 of the IBC (Insolvency and Bankruptcy Code), as the case may be,” said a division bench of judicial member Kishore Vemulapalli and technical…

The latest Corporate Insolvency Index has revealed that while insolvencies are likely to remain at high levels for a while, more businesses are considering restructuring as an option.

The 2024 financial year was a “wild ride” on the insolvency front with the ATO turbocharging its debt collection activities while economic headwinds such as the cost of living crisis created new challenges for businesses, Insolvency Australia said.

In its latest Corporate Insolvency Index report, Insolvency Australia noted 11,049 insolvencies nationally, a 39 per cent increase from the previous year.

The index indicated a 99 per cent increase in court-initiated liquidations at 2,167 while…

One of WA’s biggest and best-known residential building companies has collapsed, with Collier Homes collapsing into liquidation after more than 60 years in business.

The Australian Securities and Investments Commission revealed on Tuesday that the company would be wound up, and that it had appointed Robert Brauer and Linda Smith from McGrathNicol as liquidators.

French open-access rail co-operative Railcoop has confirmed reports that it is likely to enter liquidation after a restructuring…

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On 1 June last year, indexation was applied on my then HELP debt of $87,722 at 7.10 per cent. This resulted in a $6,228 debit being applied to my HELP account. This year, student debts are due to rise by 4.8 per cent, the second highest indexation rate in a decade. HELP indeed!

I am a 41-year-old professional woman. I have been in and out of the workforce for the last 18 years, as I raise my children, and engage in part-time work. As such, it was only 3 years ago that I finally began earning enough to start making repayments to my HECS-HELP debt through my income.

At age 17, I began my higher education with a bachelor’s degree. At age 20, I went on to do a law degree and then, at age 29, I completed a Master of Laws. Even…

The global economy avoided what could have been a systemic debt crisis during the turbulence of recent years, but vulnerabilities remain amid high debt servicing costs that pose an important challenge for low and middle-income countries. Some may yet confront major tests.

When countries do falter on debt, restructuring is critical to containing the damage. Restructuring should be as quick as possible because delays deepen distress by making adjustment harder and adding to the costs for both debtors and creditors. Longer waits leave people suffering when they lose jobs and face increasing poverty, while creditors watch their losses mount as they wait for recovery. It’s a lose-lose situation.

While some…