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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Andrew Wily - Guide To Declaring Yourself Bankrupt

There are two ways to become bankrupt. A creditor can petition the Court to declare you bankrupt by providing evidence that you have committed an act of bankruptcy, or you can declare yourself bankrupt – voluntary bankruptcy. If you are considering the latter option, it is recommended that you seek professional advice before taking this step. This article provides some helpful information on the process involved in declaring yourself bankrupt.

Voluntary Bankruptcy
There is no minimum amount of debt you have to owe before you can file for voluntary bankruptcy. Declaring yourself bankrupt follows a certain procedure proscribed by the Bankruptcy Act of 1966 (‘the Act’). Once you have considered all your options and decided that declaring bankruptcy is your best course of action, the following are the specific steps to take:

Step 1
You first need to complete a Debtor’s Petition and Statement of Affairs. The Statement of Affairs must disclose all personal information and full details of your financial affairs, including the following:

• Your name and address;• All personal and business debts for which you are liable;• The amount you owe to each of your creditors; and• Full details of your income and assets, such as a house, a car, a bank account, shares and stocks, or any money owed to you.

You must disclose all property in the Statement of Affairs.  Failure to do so by hiding or unlawfully disposing of a property or any item of value is considered a breach of the law. Severe penalties, including imprisonment and extension of your bankruptcy can be imposed.

All forms are available from the Insolvency and Trustee Services Australia (ITSA), the government body that officially handles all cases of bankruptcy.

Step 2
The Debtor’s Petition, and the completed Statement of Affairs must be lodged with ITSA. You may post or hand-deliver these documents.  If you wish to have a private Trustee administer the bankruptcy then the documents need to be provided to the Trustee.

Step 3You need to wait for ITSA to process your forms. It normally takes around 24 to 48 hours for your forms to be accepted by the Official Receiver in Bankruptcy and for you to be declared bankrupt. A letter confirming your bankruptcy number will be sent to you.  It is important that you keep this number nearby as you will need it in all correspondence with ITSA all throughout the period of your bankruptcy. The letter will also contain all your duties and obligations as a bankrupt.

What Happens Upon Declaring Bankruptcy?
ITSA takes over all cases of bankruptcy filed voluntarily and they may delegate them to private Trustees to administer. However, you may appoint a Registered Trustee to administer your estate, provided you have obtained the Trustee’s written consent.

What are my obligations under voluntary bankruptcy?As an undischarged bankrupt you are legally required to meet certain obligations.  Your obligations restrict you from travelling, unless you have your Trustee’s permission, obtaining credit over a prescribed amount, managing a corporation or running a business.  You must also advise your Trustee, if you change your name or principal place of residence and cooperate with all the Trustees requests.

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. Any assets acquired during the period of bankruptcy, such as lottery winnings or inheritance from a deceased estate, also vests in the Trustee. For more detailed information on what happens to specific assets i.e. car and family home.

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 of every tax dollar above the indexed amount.

Can my bankruptcy be annulled?Yes. Section 153A of the Act provides that your bankruptcy is annulled at any time during the three-year period if all your debts are paid in full. For a further explanation on annulling or terminating of your bankruptcy.

You may also make a Section 73 proposal, which is an offer to settle all your debts by using monies not available to your creditors in your bankruptcy, such as money from relatives or friends. The Trustee convenes a meeting of the creditors to vote on your proposal. If a majority in number and 75% in value of all creditors who participate in voting on your proposal accept the offer, a special resolution is passed to annul your bankruptcy.

We hope this article has satisfactorily answered your questions on declaring yourself bankrupt. For further information on voluntary bankruptcy, please 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 - Debt Solutions and Options

If you are facing financial problems due to whatever reason, there are several debt solutions that can bring about an effective and immediate outcome.  The key is knowing which solution would best suit you and your circumstances.

What debt solutions are available to me?
There are several solutions to deal with unmanageable debt. These solutions are classified into two: informal and formal solutions. Informal solutions are not subject to government legislations. They are based on agreements made by you and your creditor/s. Formal solutions, on the other hand, are arrangements regulated by specific laws.

A. Informal Solutions 
You may contact your creditors directly to make arrangements for paying your debts. Some creditors may agree to extend your payment period, renegotiate your payments, or accept a smaller amount to clear the debt.

Before taking this option it would be advisable to seek advice from a professional, i.e. Registered Trustee or accountant who can help you look at your options and/or negotiate with your creditors on your behalf.

B. Formal Solutions
Under the Bankruptcy Act of 1966, there are four options you can take to deal with unmanageable debts. These are: to declare an intention to present a debtor’s petition, to propose a debt agreement, to execute a Personal Insolvency Agreement (PIA), or to declare voluntary bankruptcy. We will discuss each of these debt solutions one by one.

1.                 Declaration of Intention to Present a Debtor’s Petition
Once a declaration of intention to present a debtor’s petition is lodged, your unsecured creditors are prevented from garnisheeing your wages and/or the sheriff or bailiff from taking hold of your assets and selling them for a period of seven days. This provides you with more time to speak to your creditors and seek professional assistance regarding the formal actions you can take to deal with unmanageable debts.

This however is only a temporary solution and if agreement cannot be reached with creditors it will normally lead to the following three options. Only one declaration can be lodged every 12 months.

2. Debt Agreement
A debt agreement may be made between you and your creditors. This debt solution is a binding agreement, where your creditors agree to receive a sum of money that you can afford, to settle your debts. Payments are based on your capacity to pay, after considering your income and household expenses. You are released from your debts when all payments and obligations are completed. For information on proposing and the consequences of a Debt Agreement.

3. Personal Insolvency Agreement (PIA)
Part X of the Bankruptcy Act of 1966 provides a flexible debt solution that allows you to reach an agreement with creditors to settle unsecured debts. For you to be eligible to propose a PIA, you must be insolvent and must be in Australia or must have an Australian connection at the time of proposal. A PIA most likely involves the payment of less than 100 cents in the dollar. Payments can be made in the form of:
• A lump sum payment from your own money or money from sources not usually available to creditors, such as your family and friends;
• Instalment payment arrangement with creditors; and/or
• Transfer of assets to your creditors or payment of sale proceeds of assets to your creditors.

4. Voluntary Bankruptcy
If you fail to reach an agreement with your creditors, you may file for voluntary bankruptcy. This period is for a minimum of three years and may be extended by your trustee to up to five or eight years, depending on your ability to fulfil your obligations as a bankrupt.

During bankruptcy, the trustee takes your divisible assets and sells them. The proceeds of the sales are paid to your creditors in compensation for your debts. If you are employed and earning an after-tax income that is above a set limit, you are required to pay half of the excess amount to your creditors. Subject to your compliance of requests made of you during your bankruptcy, you are automatically discharged from bankruptcy three years after the day you have filed your Statement of Affairs.

How do I choose the right solution?
It is important that you seek professional assistance when deciding on an option that suits your circumstance. Be careful to manage your expectations realistically. For example, if you are proposing to make payments in instalments, then you must be sure that you can afford it. If not, you may consider other options.

We hope this article has answered your questions about debt solutions and options. For further information, please contact us directly via e-mail or through our Insolvency InfoLine Hotline 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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