Before we crack open the champagne, we need to put these statistics into perspective rather than looking at them in isolation – specifically let’s look at what appears to have been happening in the economy over the past few years to get a deeper sense of what might be in store down the track and […]
Author Archive for: Bruce
About Bruce Gleeson
Bruce joined the Firm in 1992 and holds a Bachelor of Commerce Degree from the University of Western Sydney, NSW. He has also completed a Diploma of Financial Planning with the Financial Planning Association of Australia (“FPA”). Bruce is both a Fellow of the Chartered Accountants Australia & New Zealand (“CAANZ”) and CPA Australia, as well as being a member of the Australian Restructuring Insolvency & Turnaround Association (“ARITA”).
He is a Registered Liquidator, Registered Trustee in Bankruptcy and a Justice of the Peace (NSW).
Entries by Bruce Gleeson
As an employee how often do you check that your employer is paying your superannuation on time? Would you know how many months your employer might be in arrears? What if you knew that your employer was using your superannuation guarantee (“SG”) contributions (being 9.5% of your relevant remuneration) to assist in the cash flow […]
The Corporations Amendment (Crowd Source Funding) Bill 2016 is due to come into operation on 29 September 2017. Crowd Source Funding (“CSF”) continues to be a popular way that allows entrepreneurs/start-ups to raise funds from many investors. Until recently CSF in Australia has been aimed at “sophisticated” or “wholesale” investors. The above Bill effectively establishes […]
Whilst it is difficult to accurately determine the true cost of “phoenix activity” primarily due to a lack of relevant data, it has been estimated to cost the Australian economy in the vicinity of $3.2 billion per annum. (1) What is phoenix activity? It essentially involves one company taking over the business of another company […]
Family Trusts have and will continue to be used into the future for a variety of purposes, in particular asset protection. Most Family Trusts notably have a Corporate Trustee. As a Registered Bankruptcy Trustee, I am quite often asked by individuals who may be a Director/Shareholder of the Corporate Trustee and/or a Beneficiary of the […]
One of my favourite Winston Churchill’s quotes is so relevant to directors and owners in Micro, Small and Medium Enterprises (“MSME”). That is: “attitude is a little thing that makes a big difference”. In December 2016, ASIC released its annual overview of corporate insolvencies based on statutory reports lodged by external administrators (i.e. predominantly voluntary […]
As both a Registered Liquidator and Registered Bankruptcy Trustee, I quite often hear about the plight of a family company director or individual who is in financial difficulty being seduced by unlicensed or unregistered supposed professionals (also referred to as pre-insolvency firms) about how best to deal with their difficult financial position, yet only to […]
Article as featured in the Acuity October 2016 CA Magazine – Aaron Watson It’s time people understood the value insolvency professionals add to the economy, say industry representatives. “You weren’t allowed to be bankrupt or insane.” That’s how Brendon Gibson FCA describes a proposed register of New Zealand insolvency practitioners. A partner at KordaMentha since […]
A talking point that I find is often raised by a director when their company is in financial difficulty and liquidation may be imminent is whether they should change directors. Let me be clear in explaining that the reason the current director is contemplating putting in their spouse or finding someone else as a director […]
The month of July 2016 marks the 50th birthday since the Bankruptcy Act 1966 commenced. Much has happened over that period in terms of changes to Australia’s bankruptcy laws and whilst the writer was not even thought about when the Bankruptcy Act first commenced, in my time as an Insolvency Practitioner I have seen a […]