Boat Harbour - Andrew Wily

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Andrew Wily - Micro Jigging off Sydney

The action  was thick and fast off Sydney last Saturday as the weather was perfect and the water has just started to warm up.

As the water warms up the bait fish start to appear and the kingfish start to feed more aggressively, this is when you can start using micro jigs to catch them.

The best approach is to troll with a feather until you locate a school and then start micro jigging. The fish seem to take the micro jigs near the surface so there is no real reason to go that deep however as the water is not that deep off South Head Sydney I tend to go to the bottom anyway.

The jigs are small and the rods are Japanese and very sensitive. They have very light tips and very strong low halves which give them the strength to catch big fish but with the ability to work a jig.

The action is to move the jig in erratic action on the way up with as much jerk as you can put into the action. This is loved by kingfish who I am sure believe it is an injured baitfish and a meal to be had.

by Andrew Wily (1st December)

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Going fishing off sydney

 

 

Fishing off Sydney on Sunday

 

Had a great day fishing off sydney on Sunday took the little boat out and had a mate join me who is an accountant from sydney.

 

 

We used the downrigger and ran a lure at 10 metres.

 

 

The results were instant and we caught a heap of undersized kingfish, which we returned to the ocean .  After a while we started to see some bigger fish turn up and were able to get a few keep

a few.

 

After the downrigger I decided to try a micro jig and have included a video of  myself giving this new technique a go. The  japanese have perfected these art with special jigs and rods.

 

The rods are very strong but with very light tips to get the action on the light jigs.

 

As you can see the action needs to be very rapid lifts that give the impression of a wounded or fleeing fish.







 



 

 

 

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Strange things in Sydney Harbour

The other day I was fishing on the west side of the harbour bridge and I saw a most unusual site on the sounder. It's been very unusual and hard to recognise.

It must have been a sunken sailing boat and it was just of the point not far from the bridge.

I guess someone must be missing their boat.

Unfortunately there were no fish around it but that strange object made my fishing a little bit mysterious and unusual.

Written by Andrew Wily

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Fishing in the harbour

On Monday I went out in the harbour to meet a boat Mechanic and I decided that I would have a quick fish before I met up with him at around 7 AM in the morning.

The morning was overcast and the water looked clear as it had not been raining for some days.

As I was meeting the mechanic off Noakes boat slipway I decided to see if any fish were biting.

At first I trolled around to see if any fish were on the sounder and found a patch of fish near a large barge that is moored up near Noakes slipway.

At first I used the downrigger and trolled a plastic lure to see if I could get any bites.

I was reasonably hopeful that I was going to hook up as the plastic lure was taking a number of bites however I did not manage to secure any hook ups.

I then went opposite the large barge and proceeded to drop the lead  gig plastic lure to the bottom and on the third drop I had a significant hook up from what appeared to be quite a substantially strong fish

As I was using a light rod which is one of the new micro jig rods I was able to control the fish within reason although I am sure that if there had been any moorings  or reef in the area I would of lost the fish

Finally after 10 minutes I saw that I had hooked up a kingfish of around 6 pound and this was the reason for the difficult fight. They certainly can pull out these kingfish.

So great morning was had and a much enjoyable fishing trip

Written by Andrew Wily

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Wild boar on rampage on farm just north of Sydney - By Andrew Wily

A farmer just north of Sydney requested the help- of recreational hunter Andrew Wily to solve a major problem with a wild pig that was rampaging across his property causing damage to stock and infrastructure.

On Thursday night this week I was requested by the farmer to attend his property in an attempt to bring to an end the problems being caused by a feral wild boar that had been causing him problems.

After driving to his property from Sydney some three hours north I arrived around 9 o'clock at night with the information to hand the wild boar had been seen previously on a wheat paddock several kilometres from the main homestead.

After loading up the Landcruiser Ute with the necessary equipment which included a powerful spotlight and a rifle with telescopic sights powerful enough to bring to an end this problem animal.

We drove down to the wheat paddock and commenced our investigation of the area with the spotlight to see if we could locate the boar

We soon located a number of smaller pigs which were in the wheat and we shot a few of these pigs to help lower the number of feral pigs on the property that had been causing the farmer problems.

We then drove to a similar paddock and after 15 to 20 minutes of driving around the paddock we located in the distance a large dark shadow which on further investigation turned out to be the boar that we had been searching for.

I quickly lent the rifle on the roof of the Landcruiser Ute and dialled up a high powered magnification on the telescopic sight and through the scope I could see clearly the big boar.

With one quick shot to the head I brought down the boar and we were able to collect him from the middle of the wheat paddock.

After a few photographs the farmerload the boar on the side of the Ute and gutted him for the purposes of later skinning and providing the meat for his farm dogs.

Once we had returned to the farmhouse The farmer and I parted company and he was very appreciative that I had helped to bring to an end the problem with this wild boar.

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AFSA announces new Bankruptcy Register Search service

Australian Financial Security Authority (AFSA) Chief Executive, Veronique Ingram, today announced a new self-service option for people who need to obtain information about an individual’s current or past personal insolvency. Bankruptcy Register Search is an online service, available 24 hours a day, seven days a week. The fee to conduct a search is $12.

AFSA maintains the National Personal Insolvency Index (NPII) – the permanent public record of personal insolvency proceedings in Australia dating back to August 1928.

Up until now, if a member of the public wanted to conduct a search of the NPII, they would need to pay a fee to a Government-contracted Index Search Agent to obtain search results about an individual.

Ms Ingram said that from today, AFSA’s Bankruptcy Register Search is another avenue people can use to obtain the information they need. 

“AFSA’s Bankruptcy Register Search is an addition to the services available from Index Search Agents,” she said.

“I’m excited to launch this new service which was built in-house by our own team of specialists.

“The new Bankruptcy Register Search adds to AFSA’s existing online services,” Ms Ingram said.

Ms Ingram also announced that AFSA will also be opening up access to the NPII to additional commercial operators in the near future.

The Bankruptcy Register Search and information on Index Search Agents, is available on AFSA’s website (www.afsa.gov.au).

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Sunday trip to Boat Harbour

On Sunday I decided to take a trip to Boat Harbour down near Cronulla to see what it was like for surfing particularly on the stand-up paddleboard

When we arrive the wind was light and offshore as there was a light northerly wind blowing.

We drove onto the beach and parked opposite the reef which is only 50 m offshore.

We unloaded the paddleboards and proceeded to paddle out to the reef which is about 400 m offshore which appeaedr to have a small right-hander wave breaking.

The waves were about 3 feet but the tide was very low and they were breaking on to the reef with enough power to enable us to ride the waves.

A few sets came through and we were surprised how good the wave were considering the size .

We had the small break to ourselves and we were able to catch a few decent waves but one thing of concern was the shallow reef under us.

As the tide drops the waves got better and a few 4 to 5 foot waves came through which were quite exciting to ride on the paddleboard.

I found the waves difficult to get onto because of the suction on the reef but once I got used to it the waves were a lot of fun to ride and quite sucky.

After we had ridden a few waves I then went for a paddle on my 14 foot paddleboard and went into the nor'easter wind. This was very difficult as the wind makes it very difficult to handle with a stand-up paddleboard as you act like a sale.

However once I turned around the paddleboard goes like a rocket and I can understand why they are so popular as a downwind board

When we had finished it was quite a simple matter to walk up the beach to the car load the boards on the car and drive along the beach and out of boat harbour.

It costs $25 for the day but I think it is well worth it and I think we will be visitingboat harbour again in the near future

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Andrew Wily - Insolvency Uncovered

Andrew Wily is widely regarded as one of Sydney’s pre-eminent professionals in the highly challenging field of corporate insolvency and recovery.

Graduating from Sydney University with a Bachelor of Economics in 1980 and as a member of the Institute of Chartered Accountants in Australia, Andrew trained in the KPMG Sydney practice before accepting an appointment to their London office for a two year period, where he gained valuable experience in the field of accounting and audit.

Andrew was admitted as a partner of Armstrong Wily. in 1989 and is a Registered Liquidator, an Official Liquidator and Trustee in Bankruptcy. Andrew specialises in Corporate and Personal Insolvency.

Andrew leads a talented and astute team of accountants in the Insolvency & Corporate Recovery division of the practice.

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Andrew Wily - Personal Insolvency Australia

In Australia, insolvency is defined as ‘when a person is unable to pay his/her debts as and when they fall due for payment’.  Reasons why a person might suddenly find themselves coping with unmanageable debt, leading to insolvency can vary. They might include the loss of a job, family illness, or a collapse of family relationships, which are often beyond someone’s control.  This article reviews several options that could provide you with a way to take control of a unfavourable financial situation.

What are some possible options to deal with unmanageable debt?  

Option 1: Informal Arrangements

One option is to consider contacting your creditors to negotiate a payment arrangement. Some may agree to extend your payment period, decrease the amount of payments, or accept a smaller amount in settlement for your debts.

Before taking such option, however, it would be in your interest to consider enlisting the help of a registered Trustee or accountant. They may give you recommendations for your next action and may also offer to speak to your creditors on your behalf.

Option 2: Formal Arrangements

Under the Bankruptcy Act of 1966, a person has a number of formal options to assist them to deal with their unmanageable debt.  The Act allows the following formal options as follows:

a)   Declaration of intent to present a debtor’s petition,
b)   Proposal of a formal debt agreement,
c)   Proposal of a personal insolvency agreement (PIA), and
d)   Voluntary bankruptcy.

If you decide to undergo any of the abovementioned arrangements, your creditors are subject to the provisions of the law, which may or may not prohibit them from taking further action to recover your debts.

a)   Declaration of intention to present a debtor’s petition

A declaration of intention to present a debtor’s petition, gives you a period of seven (7) days to speak with your creditors or to consider what options are available to take control of your debts. During this period, creditors are stopped from garnisheeing your wages or recovering your assets to pay for unsecured debts. However, secured creditors still have the right to repossess an asset during this period. You may lodge a declaration of intention to present a debtor’s petition once every 12 months. You do not necessarily become bankrupt after this period expires.

b)   Formal Debt Agreement

A formal debt agreement is a legally binding contract between you and your creditors, where creditors agree to receive a certain amount of money from you to settle your debts. This amount may be smaller than the real value of the debts. 

Payment is based upon your capacity to pay, after having considered income and household expenses, among other things. You may propose any of the following:

a) Weekly or monthly instalment payments from one’s income,
b) A lump sum payment, which may be less than the real value of the debts and will be divided among creditors, and
c) A freeze on all your debts to allow you time to recover.

For more detailed information on Formal Debt Agreements.

c) Personal Insolvency Agreement

A personal insolvency agreement (PIA) is a legally binding agreement between you and your creditors, which allows you to settle your debts without becoming bankrupt. Please note that doing a PIA cannot exclude your statutory debts. 

The primary difference between a formal debt agreement and a PIA is that there are no limits on debts, incomes, and assets for persons who are considering undergoing a PIA. You must be insolvent and in Australia, or must have an Australian connection (i.e. must be involved in a business operating in Australia) to be eligible to propose a PIA.

For more detailed review of the workings of a Personal Insolvency Agreement.

d) Voluntary Bankruptcy

Voluntarily bankruptcy is an option if you are unable to come to a suitable agreement with your creditors. You have to be living in Australia or must have an Australian connection at the time of petitioning for you to be eligible. Furthermore, if ITSA believes that you are able to pay your debts and that you are filing for bankruptcy to avoid paying certain debts, your petition to become bankrupt will be refused.

ITSA, which is the Official Trustee, is initially appointed to become your Trustee. However, you may choose to appoint a registered Trustee to administer your bankruptcy or leave it to the ITSA to arrange for one to be appointed. The creditors may change your Trustee anytime they deem necessary, however they need to pass an ordinary resolution at a meeting of creditors.

The Trustee is responsible for informing your creditors of your bankruptcy. He will be in charge of administering your estate and taking actions to pay your debts. Such actions include:

• Selling your assets, save for certain necessary belongings;
• Requiring you to make regular contributions from your income if you are earning an amount that is more than a set limit;
• Recovering assets you may receive during the bankruptcy or which you have transferred to another person for an amount less than the real value of the asset; and
• Investigating your past and present financial affairs.

Bankruptcy generally lasts for three years, but this period can be extended up to five to eight years, if decided by the Trustee. It is shown as a permanent record on the National Personal Insolvency Index (NPII)  and on the records of credit reporting companies for up to seven years.

For further assistance on which option would best suit your situation or for general personal insolvency information, contact us directly via e-mail or through our Insolvency InfoLine 1800 802 702 for a FREE consultation.

The information in this article was correct at the date of posting and should be relied upon as a guide only.  We urge you to always seek professional advice before taking any further action.

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Andrew Wily - Bankruptcy in Australia Part 3 – How to end your Bankruptcy?

Bankruptcy in Australia can be an attractive and viable option for some people wanting to settle their outstanding credit problems.  This article looks at how quickly a bankrupt can terminate or annul their bankruptcy and what can be done, if anything, about their poor credit rating. 

How to terminate my bankruptcy?

Bankruptcy in Australia lasts three years starting from the date you filed a Statement of Affairs. The Trustee may extend this period to five or eight years if you fail to fulfil your obligations during bankruptcy.

Can my bankruptcy be annulled during the three years of bankruptcy?

Yes, Section 153A of the Bankruptcy Act of 1966 allows you to annul your bankruptcy at any time during the three year period as long as your debts are paid in full.

Under Section 73 of the Bankruptcy Act of 1966, a bankrupt may make an offer of a composition or enter into a scheme of arrangement with creditors to settle the debts. You must offer monies that are not available to creditors, such as money offered by a relative or income that is not under any contribution assessment liability.

The Trustee convenes the creditors or the creditors’ representatives for a special meeting to vote on your offer of composition. You will be asked to attend the meeting and speak to your creditors. If at least 75% in value and 50% in number of all creditors represented in the meeting accept your offer, a special resolution is passed to annul your bankruptcy. If the offer is rejected, the monies are refunded.

Creditors either attend a meeting convened by the Trustee, appoint another person to attend on their behalf as their proxy vote on whether to accept or reject the offer of composition or send a Assent/Dissent form indicating whether they vote for or against the proposal. The bankrupt receives an annulment upon the special resolution being passed, accepting the proposal.

For more information on what happens on becoming bankrupt? orwhat happens once bankrupt?.

We hope this article has answered some of your questions on how you can terminate or annul your Bankruptcy in Australia or you can contact us directly via e-mail or through our Insolvency InfoLine 1800 802 702 for a FREE consultation.

The information in this article was correct at the date of posting and should be relied upon as a guide only.  We urge you to always seek professional advice before taking any further action.

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Andrew Wily - Bankruptcy in Australia Part 2 – What happens once bankrupt?

Bankruptcy in Australia may be a viable option for some people who want to settle their outstanding credit problems. This article provides some important personal bankruptcy information on what will happen once you are bankrupt to your current assets, travelling outside of Australia and your present job once you are declared bankrupt.

What happens to my assets?

Pursuant to Sections 58 and 132 of the Bankruptcy Act, upon declaring bankruptcy control of your assets automatically vests in the Trustee. Other assets acquired during the period of bankruptcy, such as lottery winnings or inheritance from a deceased estate, also vests in the Trustee.

The law, however, provides that you may retain certain property, including:

• Personal effects, such as necessary clothes and household furniture;
• Property used in earning income, provided the value of the property is less than an indexed amount;
• Property used as a primary means of transportation, provided the value of the property is less than an indexed amount (i.e. car or motorbike);
• Property for educational purposes i.e. TV, DVD etc
• Property held in trust for another person, such as a child’s bank account;
• Life assurance and endowment assurance policies and proceeds thereof;
• Superannuation policies and proceeds thereof;
• Compensation from damages due to personal injury or wrongs to you, your wife, or your family;
• Property purchased through the proceeds of endowment and annuity policies, compensation from damages, or Rural Adjustment Schemes;
• Items of sentimental value, such as sports, military, cultural, or academic awards.

Moreover, if you are earning an income that is more than the value of a threshold amount, you are required to make regular income contributions of 50 cents after every tax dollar above the indexed amount.

What happens to my house?

The Trustee takes any equity you might have in your family home. This means that your house may be sold and the proceeds given to your creditors. If you are a joint-owner, the Trustee may sell your interest to a non-bankrupt joint-owner.

If you are falling behind in your mortgage repayments, a secured creditor can sell your house to make up for the shortfall in your payments. If the sale of your house exceeds the total amount you owe the creditor, the surplus is paid to the Trustee.

What happens to my car?

A vehicle that is used as a primary means of transportation and has a value not exceeding a prescribed limit can be retained during bankruptcy. Examples of this are a car or a motorbike. However, if the value of the vehicle is more than the prescribed amount, the Trustee takes your vehicle and sells it. The Trustee then gives back the value of the prescribed amount to you and retains the balance for your creditors. If two bankrupts own the vehicle, the relevant value is twice the prescribed amount.

What happens to my job?

Bankruptcy does not prevent you from working. Normally, your employer is not provided your personal bankruptcy information, unless you owe him/her money or you fail to pay your regular contributions. You are still required to file tax returns for any income received during bankruptcy.

There are certain professional licensing authorities that impose certain restrictions on members under bankruptcy. You should confirm with your licensing authority whether or not your bankruptcy affects your ability to practice your profession.

Can I travel overseas?

You may leave Australia to travel overseas, provided you obtain written consent from the Trustee. The Trustee may choose to impose certain conditions when giving you permission to travel.

What are my obligations during bankruptcy?

As a bankrupt, you are required to:

1. Inform the Trustee of all changes in name and/or address.
2. Obtain written permission from the Trustee if you wish to travel. You may also have to surrender your passport to your Trustee.
3. Inform the Trustee of all changes in income and assets.
4. Cooperate with the Trustee. You are required to provide all information asked of you, answer questions under examination, and attend meetings.

Failure to fulfil these obligations may lead to an additional two to five years onto the period of your bankruptcy.

For more information on what happens on becoming bankrupt? orhow to get your bankruptcy annuled or terminated?.

We hope this article has answered some of your general questions on bankruptcy in Australia. For further information contact us directly via e-mail or through our Insolvency InfoLine 1800 802 702 for a FREE consultation.

The information in this article was correct at the date of posting and should be relied upon as a guide only.  We urge you to always seek professional advice before taking any further action.

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