Dealing with an insolvency practitioner For an accountant, an insolvent client is far from the ideal scenario. Many directors overlook the severity of their financial problems, even when the warning signs are staring them in the face. Accountants are usually […]
During the pandemic, many directors struggled to generate a stable income from the salary and dividends paid by their company. Consequentially, many drew funds from the company to supplement cash flow, using a director debit loan account. The ATO and […]
Overview On 8 July 2024, The Attorney-General’s Department announced a series of proposed amendments to the Bankruptcy Act 1966 (Cth) to ensure fairer outcomes for all Australians. These proposed reforms to Australia’s bankruptcy laws were drafted after extensive roundtable consultation […]
An alternative to bankruptcy Personal insolvency agreements (PIA) are outlined in Part X (Part 10) of the Bankruptcy Act 1966 (Cth), offering distressed individuals a flexible way to manage their debt and regain control of their finances. A PIA proposal […]
The role of voluntary administrations When a company encounters financial difficulty, it can be placed into voluntary administration, to provide the required breathing space to assess its future financial viability. In this situation, the interests of the company and employees […]
The past few years have brought significant challenges to the construction industry. Supply chain issues, rising costs, fixed price contracts and increased activity from the ATO have created a perfect storm of conditions, that (as expected) has led to a […]
Pre insolvency advisors can pose a significant risk to distressed individuals and companies. In Australia, pre-insolvency advisors are largely unregulated. Unlike a qualified insolvency practitioner, an advisor is not trained to actively manage insolvency processes. They can be expensive and […]
As parents get older, concern for the financial future of their children becomes an increasingly pressing worry. These anxieties are exacerbated when a child has a history of financial mismanagement, addiction or mental health struggle. There are many ways to […]
Small businesses have been doing it tough these past few years, particularly post-pandemic. It is more important than ever before for directors to remain alert and pragmatic when facing financial difficulties. The following article contains 3 critical signs that a […]
China’s economy has prospered under strong economic growth for decades. The recent contraction of the Chinese economy post-pandemic has stoked domestic concern for the Australian economy, derived from Australian reliance on Chinese purchasing power. Chinese GDP growth currently sits at […]
More than four years since the covid pandemic first begun, the term “Insolvency Armageddon” is once again splattered across news headlines. But what is the reality? Corporate insolvencies have finally bounced back and are exceeding pre-covid levels. This is better […]
A court-appointed receivership is the process of a court appointing a neutral third party (a registered liquidator) to deal with property or assets. The appointment is usually made during litigation, where relationships have deteriorated, or where a company encounters financial […]