Set of color credit cards on wooden table

Credit card crackdown in 2019

The Australian government has introduced four reforms designed to protect consumers and promote responsible credit card lending. The first reform was implemented on 1 July 2018 and the remaining three came into effect on 1 January 2019. The four reforms are: 1. Ban on credit card limit increase invitations – This includes all forms of communication […]

New Year’s resolutions

A tradition, when a person resolves to change undesired behaviour, accomplish a goal or otherwise improve their life. Babylonians made promises to their gods at the start of each year that they would return borrowed objects and pay their debts. Knights in the Medieval era took the “peacock vow” at the end of the Christmas […]

Voidable transaction recoveries and set-off don’t mix

“There is no reason in logic or principle to exclude statutory debts from the compass of provisions such as s 553C” as quoted in Smith v Boné  (2015) FCA 319 (at 418) was relied upon in Stone v Melrose Cranes & Rigging Pty Ltd [2018] FCA 530 (at 282) although it appears to have its […]

Insolvency Tidbits

Personal insolvencies drop 9.7% nationally in September 2018 quarter Personal insolvencies = bankruptcies, debt agreements & personal insolvency agreements Personal insolvencies dropped in all states except NSW (rise of 0.4% due to a rise in debt agreements). Bankruptcies fell in all states except WA. Bankruptcies at record quarterly low in South Australia. Bankruptcies in Tasmania […]