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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Behaviour lands bankrupt Victorian with criminal record

By Grace Ormsby

February 20 2020
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Behaviour lands bankrupt Victorian with criminal record

By Grace Ormsby
February 20 2020

A Victorian man has been convicted of disposing property and making a false declaration to authorities about his financial circumstances prior to filing for bankruptcy.

Behaviour lands bankrupt Victorian with criminal record

By Grace Ormsby

February 20 2020
Share

A Victorian man has been convicted of disposing property and making a false declaration to authorities about his financial circumstances prior to filing for bankruptcy.

In a statement outlining the conviction that doubled as a warning to all Australians, the Australian Financial Security Authority (AFSA) has highlighted that “disposing of property within 12 months of going bankrupt and making a false declaration are offences under Commonwealth bankruptcy law”.

James Brendan Nash was sentenced to a 12-month community corrections order that includes 120 hours of community service after he pleaded guilty to disposing of more than 30,000 shares held in a private company six months before he declared bankruptcy in April 2015.

He also disposed of five ordinary shares from a separate company “that would have potentially yielded a significant dividend” in January 2015.

AFSA said Mr Nash failed to declare that he had sold, transferred or given away shares in a private company in his statement of affairs.

He also did not declare his previous holding of a company directorship position.

The “serious nature of the charges warranted action”, according to the magistrate presiding over the matter, despite Mr Nash’s low risk of reoffending and guilty pleas.

AFSA’s deputy chief executive, Gavin McCosker, has reiterated the serious nature of any and all efforts to defraud Australia’s personal insolvency system, considering the authority as “a firm and fair regulator”.

“We take enforcement action against those who have broken the law to maintain the public’s confidence in the personal insolvency system,” he commented.

Taking alleged breaches of bankruptcy law seriously, the deputy chief executive noted that AFSA will investigate any issues and work with the Commonwealth Director of Public Prosecutors to seek convictions where evidence of wrongdoing is found.

“It is important that people entering into bankruptcy are honest with their trustee and provide accurate information about their financial circumstances,” he warned.

Mr McCosker said a failure to declare the sale or disposal of shares prior to bankruptcy disadvantages genuine creditors.

“Not only is it unfair, it is also illegal,” he said.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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