Small Business Restructuring Case Study Crane Labour Hire Company
Stephen Dixon of Hamilton Murphy Advisory was appointed as the restructuring practitioner for a Victorian based crane and crane labour hire company.
Common Insolvency Warning Signs
The Corporations Act 2001 defines insolvency as a state of being “not solvent” or, more accurately, as the incapacity of a person or entity to be able to pay their debts as and when they become due and payable. Realistically, insolvency is often preceded by various warning signs well before the technical definition. However, many […]
Personal Exposure in a Small Business Restructure
As anyone keeping up with the news will know, insolvencies over the past two quarters have repeatedly reached record highs across various industries. Whilst this trend is likely to persist in the near future, we at Hamilton Murphy Advisory have found a silver lining in the growing number of clients opting to engage our services […]
Insolvency Outlook for FY 2025
Tadhg Schultz, Accountant It’s no secret that Australia is experiencing an increasingly precarious economic outlook. Headlines throughout the last financial year (“FY”) have been filled with reports of increasing rates of corporate insolvencies. The Australian Securities & Investments Commission (“ASIC”) has reported that as of 2 June 2024 nearly 10,000 companies had entered a form […]
Back to Basics: Personal Insolvency
With the rising cost of living and increased rates of insolvency across Australia, it’s come as no surprise that we have seen more enquiries with respect to Personal Insolvency options for their clients. To assist, we thought we’d go back to basics and provide you with an overview of Personal Insolvency options as well as […]
What is a Section 73 Composition?
People commonly misconceive that once filing for Bankruptcy, there is nothing more they can do about improving their financial position until they have been discharged from bankruptcy. However, Bankrupt’s can consider annulling their bankruptcy by putting forward a Section 73 proposal to their creditors. A typical Bankruptcy period lasts for three (3) years and one […]
How to Talk to Your Client About Insolvency
How to Talk to Your Client About Insolvency – A Guide for Advisers As Insolvency practitioners, one question we are often asked by advisers is: “How do I discuss insolvency options with a client who is in financial trouble?”. As any registered liquidator will tell you, acting early, at the first sign of financial trouble, […]
Personal Insolvency and its Effects on Your Personal Credit
Personal insolvency can result when an individual is unable to pay their debts as and when they fall due. Personal insolvency comes in many forms and has differing consequences for your credit record. Generally, the types of Personal Insolvency are: The above types of personal insolvency are formal processes under the Bankruptcy Act 1966 that […]
ATO Increasing Debt Recoveries in 2023-24 Corporate Plan
The ATO have recently released their 2023-24 Corporate Plan (Plan), which sets out several strategic objectives for the regulator over the next 4 years. Of particular note, for insolvency and accounting industries, there is a strong focus on debt recovery with a view to collect over $45 billion dollars, two thirds of which are owed […]
Backs to Basics: Small Business Restructuring
Under the guidance and assistance of a restructuring practitioner, an eligible incorporated company with creditor consent can compromise its debts to achieve future profitability and viability. A Small Business Restructure (“SBR”) permits directors to retain control of the business while a restructuring plan is developed over the 20-business-day period following commencement. Reprieve from existing (pre […]