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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? 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

Reading:

Behaviour lands bankrupt Victorian with criminal record

By Grace Ormsby · February 20 2020

Reading:

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.