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  • Will You Add? - Superannuation Claw Backs Possible For Bankrupts In Australia

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    The proposed changes

    The Australian Federal Government intends to amend the Bankruptcy Act 1966 Act so that a creditor can claw-back superannuation contributions made by a person for the purpose of defeating creditors' claims if that person later becomes bankrupt. The change is the government’s response to the Cook vs. Benson High Court case.

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    The proposed changes

    The Australian Federal Government intends to amend the Bankruptcy Act 1966 Act so that a creditor can claw-back superannuation contributions made by a person for the purpose of defeating creditors' claims if that person later becomes bankrupt. The change is the government’s response to the Cook vs. Benson High Court case.

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    contributions made by a person for the purpose of defeating creditors' claims if that person later becomes bankrupt. The change is the government’s response to the Cook vs. Benson High Court case.

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    es bankrupt. The change is the government’s response to the Cook vs. Benson High Court case.

    The changes are yet to be finalised, but they will take effect on the 27th July 2007.

    Currently, transfers of property by a person who later becomes bankrupt can be set aside if the transfer was not supported by valuable or sufficient consideration, or the transfer was made to prevent the property from being available to meet debts due to the bankrupt's creditors.

    The aim of these changes is to prevent people

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