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Jones Partners Insolvency And Recovery
 

Bruce Gleeson

Bruce Gleeson

Bruce Gleeson is a Registered Liquidator and Registered Bankruptcy Trustee with 25 years experience in assisting SMEs and individuals in financial crisis. He is a Director of Jones Partners Chartered Accountants. As an Insolvency Practitioner he believes it is vital that stakeholders (particularly directors and individuals) get the right advice from qualified professionals on the options available to them. Bruce is passionate to ensure that directors / individuals throughout the Greater Western Sydney area have access to quality advice and solutions.

 

Published Articles by Bruce Gleeson

 

Are You Struggling To Pay Your Debts? Don’t Take The Easy Way Out?

Recently I wrote about personal insolvency statistics revealing an increase of 5.6% between 30 June 2017 to 30 June 2018 and that the increase should not be easily dismissed given the present and emerging landscape when considering a lack of real wage growth, increasing living costs and increasing mortgage costs. This article will discuss what you should do if you can't pay your debts.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #93 - Nov/Dec 2018
 

Personal Insolvencies on the Rise. Is the Squeeze Starting to Take Effect?

Personal insolvency statistics recently released revealed that there was a 5.6% increase in personal insolvency levels between the period 30 June 2017 to 30 June 2018. Whilst this increase may be swatted away as nothing to worry about by some, to me it is indicative of a general change and a signal of potentially challenging times ahead for many individuals and/or families.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #92 - Sep/Oct 2018
 

Loans versus Gifts - Bankruptcy and Death Why Should a Loan be Documented?

During the twenty-five (25) years experience and counting that I have had in administering bankruptcy matters, the issues in identifying whether monies provided to a bankrupt by a family member or friend are a loan or a gift will largely be determined by the facts and importantly documentation at hand (collectively called the evidence). Much like watching a CSI program, the Bankruptcy Trustee will be guided in making their decision with reference to the evidence.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #91 - July/Aug 2018
 

Franchising – David versus Goliath! Can The System Ever Be Perfect?

Despite reviews of the Franchising Code in 2007, 2010 and 2013, recent Franchisee disquiet regarding high profile retail franchises and indeed Franchisor failure (i.e. Red Lea Chickens) have many parties asking whether or not there should be further amendments to the Code and other legislation. This article will make three (3) observations regarding possible changes. Indeed in late March 2018 the Federal Government has announced another enquirer whereby the Committee appointed is due to report back to Government in September 2018.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #90 - May/Jun 2018
 

Corporate Insolvency Statistics – Does Danger Lie Beneath?

As we get stuck into 2018, a review of the corporate insolvency statistics for 2017 provides some useful insights about the trends in Australian corporate insolvency levels. I have also made some forecasts about how I think 2018 and beyond will play out. Whilst forecasts are simply that, I have taken both a pragmatic and conservative perspective in reaching such conclusions.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #89 - Mar/Apr 2018
 

Drive Thru Bankruptcies - Stop Press - Urgent Update

In the July/August 2016 edition, I wrote about the prospect of 1-year bankruptcies being announced as part of the (1) Productivity Commission's Report to the Federal Government on 7 December 2015. The 1-year proposal was announced as part of the National Science & Innovation Agenda and then subject of a (2) Proposal Paper in April 2016. So, what's the update?

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #88 - Nov/Dec 2017
 

Crowd Source Funding for Retail Investors - Good Idea or the Potential for Them to be a Ponzi Scheme?

The Corporations Amendment (Crowd Source Funding) Bill 2016 is due to come into operation on 29 September 2017. Crowd Source Funding (“CSF”) continues to be a popular way that allows entrepreneurs/start-ups to raise funds from many investors. Until recently CSF in Australia has been aimed at “sophisticated” or “wholesale” investors. The above Bill effectively establishes a regulatory framework to facilitate CSF by small, unlisted public companies aimed at attracting retail investors.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #87 - Sep/Oct 2017
 
 

Bankruptcy and Family Trusts – Are They Still Effective?

Family Trusts have and will continue to be used into the future for a variety of purposes, in particular asset protection. Most Family Trusts notably have a Corporate Trustee. As a Registered Bankruptcy Trustee, I am quite often asked by individuals who may be a Director/Shareholder of the Corporate Trustee and/or a Beneficiary of the Family Trust (or discretionary trust) what happens if the individual goes into bankruptcy (either voluntary [themselves] or involuntarily [via the Federal Court])?

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #85 - May/Jun 2017
 
 

Directors Vulnerable to Untrustworthy Advisors

As both a Registered Liquidator and Registered Bankruptcy Trustee, I quite often hear about the plight of a family company director or individual who is in financial difficulty being seduced by unlicensed or unregistered supposed professionals (also referred to as pre-insolvency firms) about how best to deal with their difficult financial position, yet only to end in a worse position both financially and emotionally after taking such advice.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #82 - Nov/Dec 2016
 

Trading Places – Does It Really Work When a Company is Insolvent?

A talking point that I find is often raised by a director when their company is in financial difficulty and liquidation may be imminent is whether they should change directors. Let me be clear in explaining that the reason the current director is contemplating putting in their spouse or finding someone else as a director (both of whom may know very little about the business or importantly the financial position of the company) is about self preservation.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #81 - Sep/Oct 2016
 

Drive Thru Bankruptcies - Coming Soon to Australia

I hope this headline has got your interest! Yes Drive Thru Bankruptcies or more correctly put 1 year bankruptcy terms were announced as part of the Productivity Commission’s Report to the Federal Government on 7 December 2015 that looked at key drivers of business set-ups, transfers and closures. This proposal and other changes were reforms announced as part of the National Science and Innovation Agenda by the Prime Minister and then the subject of a Proposal Paper in April 2016.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #80 - July/Aug 2016
 
 

SMEs – Are You Aiming to Thrive or Aiming to Survive! Key Challenges

As an Insolvency Practitioner, I get an invaluable insight regarding the key challenges and differences that enables some SMEs to thrive, as opposed to those that are simply aiming to survive. It my experience, those that are aiming to survive will in many occasions not make it. As harsh as such view may seem, a major reason that this occurs is due to not having the right “attitude”. SMEs face challenges that all businesses commonly face, however these challenges at times are not properly considered (by way of a plan – be it formal or informal) and/or responded to in the best manner.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #76 - Nov/Dec 2015
 

Bankruptcy and the Family Home Part 2 - The Doctrine of Exoneration

In the July-August issue I wrote about bankruptcy and the family home and typically what happens when an individual enters into bankruptcy and has an ownership interest in the family home. In such situations, it is a very emotional and real practical consideration when contemplating voluntary bankruptcy. This follow on article considers the position of the co-owner (i.e. the spouse in most instances) and aspects they should consider when taking into account what offer they may put forward (if any) to the bankruptcy trustee regarding the bankrupt’s interest in the family home.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #75 - Sep/Oct 2015
 

Bankruptcy and The Family Home – it’s Mine to Deal with isn’t it?

Undoubtedly one of the most important questions asked by individuals who may be contemplating bankruptcy is what will happen to the family home? It is understandably a question that emotionally occupies the mind of the individual [or couple] as other key aspects centre around it, such as: the impact on children and schooling [including before and after school care]; and concerns regarding the ability to otherwise find somewhere with similar amenities.

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Bruce Gleeson, Jones Partners Insolvency And Recovery

BiziNet Magazine #74 - July/Aug 2015