Even though you would obviously love absolute control of everything as a business owner, uncertainty is unfortunately a fact of life. Operating a business – where you’re moving at a fast pace in a competitive, ever-changing environment – can mean even more uncertainty, especially financial uncertainty. So, what exactly is financial uncertainty and why is [...]
Company directors in Australia have a statutory duty to prevent insolvent trading. With the introduction of Safe Harbour rules in 2017, the nature of this duty has been slightly changed. So, what are the Safe Harbour rules and how do they impact company directors? We explore this in detail below. Understanding the Safe Harbour law [...]
Major Turnaround Case Study How do you come to a liquidator’s den assuming the worst, thinking it’s all over and 6 months later be in control of that same business with more promise and better financial foundations than you had ever experienced previously? Yea…it sounds fanciful but that’s the position for one client who was [...]
What a business owner can do if their business is struggling? Referring from an article from Grant Field for Smart Company Summarising this article, it is often easier to look back after a business has failed and identify why, than it is to save a business from failing in the first place. Business founders usually have not [...]
PPSR and PMSI combined for better creditors protection (from Gregor Heard for Fairfax Agricultural Media) A proponent of the personal property security register (PPSR) and purchase money security interests (PMSIs) as means of managing counter party risk in the grains industry has defended the products from claims they are not worth the effort. Chris Heinjus, director with [...]
ATO Crack down on Phoenix activities The Australian Tax Office (ATO) and the Australian Securities and Investments Commission (ASIC) have conducted raids on 13 businesses and residences across the country in a bid to crack down on “pre-insolvency” firms that advise clients on how to avoid tax. Some 120 ATO officers teamed up with their [...]
Creditors have waived through debt restructuring deals for two of music-streaming service Guvera’s subsidiaries. A hit for taxpayers even as the Gold Coast-based parent awaits a research and development grant. Guvera placed subsidiaries Guvera Australia and Guv Services into administration in June. The company is owing almost $18 million to creditors including Tennis Australia, the Victoria Racing [...]
Woolworths is announcing a restructure to face Aldi Competition. It's time for this giant to become more competitive. Woolworths is cutting 500 jobs and closing 30 stores. The group is also looking to sell the struggling supermarket chain, EziBuy. The moves to make the supermarket chain more efficient will mean restructuring costs of $959 million. Woolworths [...]
Talk to your clients before the ATO goes after them The Australian Taxation Office (ATO) is “concerned” by people making income from sites such as Uber, Airbnb and Airtasker. And are unaware they have to declare these amounts on their tax return. The warning comes after the ATO recently collated information from banks to find [...]
ASIC released its quarterly insolvency statistics for the third quarter of the 2015/16 financial year. It shows a decrease of 15.7% for companies entering external administration (EXAD). Liquidation appointments totalled 2,106 compared to 2,499 in the previous quarter. - Court liquidations were down 28.4%, except for South Australia (up 31%). - Creditors' Voluntary Liquidations were [...]
