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agreed. apparantly it seems there is no need for bankruptcy protection because all loss can be foreseen and mitigated by insurance and anything else is just your own deliberate doings

yeh know the feeling - one of my sites cost me $2.1m and I burnt over $200k in interest holding it and is now worth about $1.3m. Got a few such gems but apparantly there has been no recession and property has only gone down 5% at most so that's a relief!

FWIW, insolvency practiioners adopt a ruthless view when assessing a company's position... there is diddlies worth of consideration for who will get hurt or ethics. it's clear cut: what can the business not pay by going into an insolvency arrangement and is it commercially better off therefore...

actually here's one that i am not sure if many people consider... you drive a car and have an at fault accident, you kill the other person and break your own back and can never work again. you have compulsory 3rd party personal injury insurance. what's the wash up? (ignore motor damage as it...

let's not focus on this specific example - I have no idea if the govt will bail out owners of destoyed land in NZ (the owners probably dont either)... think of coastal inundation from global warming. Who will pay my bank out if half my beachhouse becomes a tidal inlet? Or... a 200 year old...

I have only ever heard of insuring buildings, not the land itself. I doubt many SSers have insurance against the destruction of their land. anybody?

very much so. the 'solidness' of property has been brought into question. what would the value of that block I saw in christchurch be - premium block, top suburb, ocean views, now uninhabitable as it os on the edge of a cliff and half of it has given way. Which insurance polciy do you turn to...

each to their own - I find rags to riches admirable. lack of risk taking is part of the fundamental problem in this country. it's why we have sold out to foreign mining companies and speculate on real estate...nothin' much else to do. I reckon if you can make a million in business in this...

he invested in a business and did his dough and is now virtually worth nothing... what do you want from the guy?

sure, but it's misplaced emotion. without the clean slate they would have been condemned forever and therefore the creditors no better off.

I can think of several disharged bankrupts that are now multimillionaires and a lot of them consider it a badge of honour

the insolvency profession are a breed of their own. they dont give a stuff about creditors or anybody else, it's a simple business case of how much fees can be generated for themselves within the confines of the law (and paid for). sadly most things are - the best example being the medical...

what is the nature of the ATO debt? you owe it personally or is thru an entity? is it PAYG or GST or...?

you would think so, but most banks have it as a term of their mortgage that you need their consent. This same issue caused me huge dramas a couple of years ago and without going into detail this stupidity by one of the big 4 cost me $170k

ok, so a 2nd mortgage - in the unlikley event that the CBA would allow it - would be quite effective

hang on wunderbar -isn't it only voidable if not conducted at fair market value? if the sale is done at a fair price then I thought it would be ok. then you have to do somethimg with the $40k.... like make it disappear by paying future expenses. the loan from this uncle - the $70k would...