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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
Restructuring Case Study: Civil Engineering Business Michael Shabani, Senior Manager On 5 August 2022, Stephen Dixon and Trent Hancock were appointed as Joint and Several Administrators of two (2) entities operating within the civil engineering industry. The entities’ business operations extended across Victoria and Queensland and were respectively managed by the Companies joint directors. The […]
IN FOCUSDPNs – What you need to know and avoiding personal liability Joshua Peters, Assistant Manager A director penalty notice, or DPN for short, is one of the favourite tools of the Australian Taxation Office (“ATO”) when it comes to pursuing directors. However, DPNs often come as a surprise to directors trying to maintain their […]
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