Extract from Press release and interview on Sky News
Business Edition on Thursday 1st June 2006
There have been some recent changes to laws in Australia
that now arguably make it ineffective to protect your family
home from a Trustee in Bankruptcy. You can no longer put the
family home in the name of your spouse and expect to keep it if
you go broke.
The community, including leaders such as Accountants, should
never loose sight of the fact that bankruptcy can happen
through no fault of the bankrupt, such as fraud by an employee,
or the failure by an important customer to pay their debt.
One of the most extraordinary aspects of new Bankruptcy
legislation is that it ignores the contribution of a wife, who
stays home and looks after the children, to the finances of the
family. The law has been passed by Parliament, despite a number
of objections noted below, and commenced on 31 May 2006.
