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Debt Settlement; how we settled a $1 million lease debt for $20,000

Debt Settlement; how we settled a $1 million lease debt for $20,000

We were recently referred a client which had a business in financial difficulty.  The business was about to cease trading and only had two material debts, a large debt to a related party and a lease debt.  The company’s premises lease had 7 years to run and rent for the premises was around $800,000 a year.  The directors of the company had not signed personal guarantees for the lease however, there was a rental bond of three months’ rent....

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Can you be a company director after liquidation or bankruptcy?

Can you be a company director after liquidation or bankruptcy?

Directors who have had a company go into liquidation, or individuals who have become bankrupt, frequently assume their days of running a business are over.  In most cases, that assumption is wrong — but the rules differ significantly depending on whether you're talking about company liquidation or personal bankruptcy, and both come with important exceptions....

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Small Business Restructuring; what happens to related creditor debts

Small Business Restructuring; what happens to related creditor debts

Small Business Restructuring (SBR) was introduced in 2021 to assist small business in financial difficulty settle debts which they owe. SBR allows a small business to propose a Plan to creditors to restructure its debts while the directors remain in control of the business....

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Changes to Director Penalty Notices – Payday Super

Changes to Director Penalty Notices – Payday Super

The ATO can issue a Director Penalty Notice (DPN) to recover a company’s unpaid PAYG Tax, GST and superannuation from a company’s directors. These DPN provisions have been around for years....

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Restructuring Personal Debt: Understanding the Role of Part IX Debt Agreements

Restructuring Personal Debt: Understanding the Role of Part IX Debt Agreements

If you are facing financial difficulty and don’t want to go bankrupt, you may wish to consider a compromise with your creditors under Part IX of the Bankruptcy Act 1966. Such a compromise is commonly referred to as a Debt Agreement....

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What Debts Are Not Released by Bankruptcy

What Debts Are Not Released by Bankruptcy

Bankruptcy releases you from most unsecured debts. The release actually occurs when you are discharged from bankruptcy, that is at the end of your bankruptcy, which is usually after three years and one day....

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ATO’s Approach to GIC Remission; It is Now Tougher than Ever

ATO’s Approach to GIC Remission; It is Now Tougher than Ever

In early 2026 the Taxation Ombudsman released a review into the ATO’s decision making process in relation to the remission of General Interest Charge (GIC) to taxpayers....

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ATO Departure Prohibition Orders: How the ATO Can Stop You Travelling

ATO Departure Prohibition Orders: How the ATO Can Stop You Travelling

The Australian Tax Office (ATO) has broad powers to stop individuals from leaving Australia using Departure Prohibition Orders (DPOs). These orders are a strong enforcement tool used to compel payment of outstanding tax debts or force engagement with the ATO....

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Options Available For Individuals to Deal with Tax Debts

Options Available For Individuals to Deal with Tax Debts

The most common options for individuals to deal with tax debts are: Pay the debts in full, Bankruptcy, A Personal Insolvency Agreement (PIA)...

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Options for Companies to Deal with Tax Debts

Options for Companies to Deal with Tax Debts

The most common options for companies to deal with tax debts are: Pay the debts in full, Small Business Restructuring (SBR), Liquidation...

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9 Things to know about bankruptcy and tax debts

9 Things to know about bankruptcy and tax debts

For individuals struggling with unmanageable debts to the Australian Taxation Office (ATO) personal bankruptcy is an option to enable the individual to obtain a release from those debts and make a fresh financial start in life....

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Small Business Restructuring; What is the ATO’s Current Position

Small Business Restructuring; What is the ATO’s Current Position

Small Business Restructuring (SBR) is a method for companies to settle debts they owe to creditors, while allowing the directors to remain in control of the company. The Small Business Restructuring process was introduced in 2021 and can be used by a company to avoid liquidation so that the company can continue trading....

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