Small business restructuring: What are the problems and risks
If you are considering the small business restructuring process, ensure that you consider the issues discussed in this article....
PAST ARTICLES
Construction insolvencies to rise in 2021
It is anticipated that from mid-2021 onwards there will be a significant increase in insolvency appointments as various government stimulus packages come to a close....
Business tax debts increase because of Covid-19
As a result of Covid-19 there has been a significant increase in the level of tax debt owed to the ATO. This has seen unpaid tax debt nearly double in the last four years. ...
What Happens to Debts of a Deceased Estate?
The executor or administrator of a deceased estate will have the duty to deal with the deceased’s debts and pay them where possible from the deceased’s assets. The remainder of the estate after the payment of these debts will be distributed to the deceased’s beneficiaries. Some estates, howev...
New rules to stop backdating of directors’ resignations
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020. This law includes provisions to stop directors backdating their resignation as director or at all if it would leave the company without a director....
21-Day Director Penalty Notices – You Can No Longer Avoid Liability by Entering into A Payment Arrangement
The ATO had hit the brakes in collecting tax debts since the start of the COVID-19 pandemic. The ATO however has since the start of 2022 gradually increased its efforts to collect monies owed. ...
What can businesses do now that JobKeeper has ended?
In March, there were still over 370,000 business and 1 million employees taking advantage of JobKeeper. So now that JobKeeper has ended what will happen to those businesses who relied on it?...
AFSA Warns of Dodgy Insolvency Advisors
The Australian Financial and Security Authority (AFSA) has warned the public of potential dodgy insolvency advisors targeting individuals who are...
How voluntary administration saved a Covid-19 impacted business
Voluntary administration can sometimes be the best option for a company in financial difficulty. Especially if a business has been severely impacted by Covid-19. ...
Possible Increase to Statutory Demand Threshold
Statutory demands can currently be issued by creditors who are owed a debt of at least $2,000 by a company. The Federal Government is considering increasing the threshold to $10,000....
When Is Liquidation The Best Option For Your Company?
Is liquidation necessarily bad? Should you avoid liquidation at all costs? Or can liquidation actually be the best thing for your company? This article looks at the key issues of company liquidation....
Bankruptcy threshold now $10,000
The Federal Government has announced the cessation of the temporary protections and fixed a new threshold at which a creditor can issue of bankruptcy notice at $10,000....
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