News

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 of external administration. That volume is already 25% higher than the numbers for the entire 2022-23 FY.

More Details

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 look at some of the benefits of initiating Bankruptcy Voluntarily through a Debtor’s Petition.

More Details

What is a Section 73 Composition? Elly Pantazopoulos, Intern 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 […]

More Details

How to Talk to Your Client About Insolvency – A Guide for Advisers Tadhg Schultz, Accountant 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 […]

More Details

Personal Insolvency and its Effects on Your Personal Credit Kristen Beadle, Associate Director 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 […]

More Details

ATO Increasing Debt Recoveries in 2023-24 Corporate Plan Tadhg Schultz, Accountant 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 […]

More Details

Backs to Basics: Small Business Restructuring Michael Adams, Accountant 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 […]

More Details

Back to Basics: Insolvency Agreements Dylan Stragos, Graduate Accountant In Australia, informal agreements, debt agreements, and personal insolvency agreements are all alternative options to bankruptcy for individuals facing financial difficulties. However, each one operates differently, and has different benefits. Informal agreements are private arrangements between an individual and their creditors to repay debts. They are […]

More Details

Deregistering Your Company: A Warning for Directors Leigh Dudman, Director Before considering making an application to voluntarily deregister your company, you need to ensure that your ATO obligations have been dealt with. You may have a company that serves no useful purpose and you want to get rid of it and avoid the ongoing ASIC […]

More Details

Is this business in trouble? Spotting danger on the horizon Tom Lesnikowski, Associate Director Accountants and bookkeepers often have the first opportunities to observe changes in a business, both positive and unfortunately negative. By getting involved with their clients through asking questions and testing their clients’ knowledge of the business and its key performance indicators, […]

More Details