Open AccessSuperannuation and Bankruptcy: Is there a Mid-Life Crisis Looming?
Author(s) -
Jennifer Dickfos,
Catherine Brown,
Jason Bettles
Publication year - 2017
Publication title -
qut law review
Language(s) - English
Resource type - Journals
eISSN - 2205-0507
pISSN - 2201-7275
DOI - 10.5204/qutlr.v17i1.708
Subject(s) - creditor , bankruptcy , asset (computer security) , debt , balance (ability) , context (archaeology) , looming , balance sheet , business , property (philosophy) , insolvency , economics , finance , medicine , paleontology , physics , computer security , computer science , optics , physical medicine and rehabilitation , biology , philosophy , epistemology
Research suggests that Australian bankrupts are increasingly older, have professional backgrounds and generally enjoy higher levels of income than has previously been the case. Significantly, available data also indicates that the numbers of persons entering into bankruptcy hold greater levels of real property, and associated mortgage debt, than in previous decades. Given these trends, the importance of protecting superannuation funds becomes paramount to a bankrupt. However, this paper argues that there is a need to balance the protected asset status of superannuation funds with other objectives, such as achieving a fair distribution of the bankrupt’s assets among creditors. This paper examines the extent to which this balance is achieved, particularly in the context of self-managed superannuation funds.Griffith Business School, Department of Accounting, Finance and EconomicsFull Tex