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....
The small business restructuring scheme was introduced during the COVID-19 pandemic to streamline business debt restructuring and reduce costs. It has been 18 months since it became operational, and many struggling businesses have opted to take advantage of the scheme....
Liquidating your company involves appointing a Liquidator to sell the company's assets and distribute the proceeds to creditors. Shareholders typically resolve to place the company in liquidation, either by unanimous agreement or through a special resolution at a shareholders' meeting. The Liquidator will then handle the liquidation process, with your assistance in providing records and information. Costs vary depending on the company's assets, but upfront fees are usually required if assets are limited. For more information or assistance with liquidation, contact our Brisbane or Gold Coast office....
Directors of building companies are liable for claims by the QBCC and liquidating the companies will not avoid personal liabilities of the directors. They can either voluntarily declare bankruptcy, or be made bankrupt by the QBCC, but this will not necessarily release them them from all QBCC claims....
Liquidations can be a costly affair for directors of companies that are already failing. Voluntarily placing a company without assets into liquidati...
Construction industry insolvencies are unfortunately very common and building company insolvencies usually do not result in any return for subcontractors....
Many businesses in South East Queensland and Northern New South Wales have just started getting back to normal trading after the Covid-19 pandemic. However, some business are again facing are facing major disruption as a result of flooding which occurred in late February and early March 2022. ...
It is no surprise that hospitality businesses have been significantly impacted by the COVID-19 pandemic and the resultant government policies. ...
Collectable tax debt has significantly increase to nearly $40 billion. The ATO is starting to target recovery. ...
Insolvency Practitioners can provide services beyond formal appointments. They can provide invaluable advice to directors. ...
The ATO can make company directors personally liable for unpaid GST, PAYG Tax and superannuation. The ATO does this by issuing directors with Director Penalty Notices....
A former director of Cap Coast Telecoms, Richard Ludwig has recently been jailed for five years with a non-parole period of 20 months. Mr Ludwig had previously pleaded guilty to dealing with proceeds of crime and breaching his duties as a director. ...
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