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Subrogation occurs when a person or a creditor agrees to pay creditors of the insolvent company in consideration for the right to subrogate into the position of that creditor. An example of subrogation in insolvency is, when a creditor (typically, a related party) elects to pay employee entitlements owed by the company in consideration for […]

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Effective November 2021, the Federal Government has introduced a requirement for Directors to apply for a unique identification number (Director ID). The Director ID will be attached to a director permanently, even if they cease to be a director, change their name, or move interstate or overseas. All Directors will be issued with a unique […]

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The ATO will begin sending letters to businesses with over $ 100,000 in tax debt, warning them of the agency’s intention to disclose tax debt information to credit bureaus if they fail to manage their debt within 28 days. In late 2019 the government passed a law stating businesses that have one or more tax […]

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Attempting to salvage a company on the brink of collapse through restructuring efforts is something that is cautiously approached by directors or those acting as shadow directors due to the risk and threat of an insolvent trading liability. This risk is particularly concerning because the ability to determine a company’s solvency at a specific point […]

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The 2021-22 Federal Budget was presented this week and as expected health, aged care and our economic recoveryplan were the main focus.Australia has bounced back from the COVID-19 pandemic faster than expected and this has given the governmentmore money to play with than originally expected.Australia’s unemployment rate has dropped to 5.6% from 7.5% since the […]

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With the end of Jobkeeper and a growing $53 billion debt book, the ATO has announced that from the end of March 2021 it will be focussing on recovering taxation debts, including “taking debt and lodgement compliance action”. Now is the time for Directors and their advisors to ensure they fully understand the tax laws […]

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Hamilton Murphy has had incredible success in the first half of the financial year 2020/2021, according to Sivaa Consulting’s Report. Hamilton Murphy are listed as the Number 1 Firm in Victoria We are ranked 13th in the Nationally Stephen Dixon is listed as the number 1 liquidator Nationally and in Victoria. To learn more, download […]

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Hamilton Murphy Advisory encounters many situations where long established “asset rich” company structures continue to be maintained where it may be preferable and more beneficial that that the assets now be in the hands of the shareholders. Members Voluntary Liquidation enables the company assets to be distributed (transferred) to the shareholders with the following potential […]

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In 2017 new laws were passed to allow directors of companies in financial distress to access Safe Harbour protection from personal liability for insolvent trading while implementing a turnaround strategy for their business. Attempting to salvage a company on the brink of collapse through restructuring efforts is something that is cautiously approached by directors or […]

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Insolvency Reforms to Support Small Business – More Options for SMEs On 23 September 2020, the Federal Treasurer announced proposed reforms to the Australian insolvency regime with an implementation date of 1 January 2021. This Bill has now been passed both Houses of Parliament, effective 10 December. The proposed reforms provide business owners in financial […]

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