Directors who are dealing with financial difficulties of their company often bury their head in the sand. That is however, the last thing a director should be doing. As we have previously written, directors can be personally liable for company debts as a result of:...
When a company is placed in liquidation a Liquidator is required to sell or recover that company’s assets. The company’s assets can include things like cash at bank, motor vehicles and stock. However, a company’s assets also includes debts or loans owed to a company. Where a debt or loan is owed by a related party, such as a loan to a director the loan is an asset which a Liquidator will seek to recover. ...
As we have set out in previous articles the ATO can make company directors personally liable for unpaid PAYG Tax, GST and superannuation by issuing a Director Penalty Notice. If a director receives a 21-Day Director Penalty Notice they can avoid liability by using Small Business Restructuring (SBR). But how does this work? ...
The Australian inflation rate has been soaring as a result of the pandemic, supply chain disruptions and the war in Ukraine. Economists are predicting continued increase in inflation rates and the Reserve Bank of Australia has been quick to act. The RBA has so far increased the cash rate (at September 2022) to 4.35% meaning many mortgage rates are 5% or more. ...
If you are in the building industry in Queensland, chances are you or your company holds a license issued by the Queensland Building and Construction Commission (“QBCC”). The QBCC is a statutory body set up to regulate the construction or building industry. ...
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. ...
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