Bankruptcy – gambling, excessive use of credit cards and blowing proceeds from sale of property – a dangerous cocktail!!

A recent Media Release by AFSA see link https://www.afsa.gov.au/resources/media-kit/media-archive/media-release-nsw-mcelwaine-nine-month-bond-for-offence-against-the-bankruptcy-act highlights the addiction of gambling and additionally that if forced into bankruptcy as a result of such gambling, then, in certain circumstances the individual may have committed an offence under Section 271 of the Bankruptcy Act. In this case, the individual went into bankruptcy voluntarily owing her creditors almost $440,000 using 22 credit cards. In the 12 months prior to her bankruptcy she sold property owned by her and claims to have blown almost $100,000 on gambling.
The individual was found guilty and placed on a 9 month good behaviour bond, as well as having other restrictions imposed.

As a Bankruptcy Trustee I have administered estates where gambling has been a cause of the bankruptcy. Whilst it has an impact of unsecured creditors via the high chance of there being no return to them, the other critical issue is discussing and establishing whether the individual (and possibly family members) has sought proper counselling. Otherwise the cycle may repeat itself in time. Whilst there are many organisations that do offer assistance and counselling, one service is the NSW Government Gambling Help Service or http://www.gamblinghelp.nsw.gov.au/ . It is a free gambling help counselling services for gamblers, family members and friends. It includes face-to-face counselling, financial counselling, a 24-hour Gambling Helpline (1800 858 858) and a 24-hour online Gambling Help service. Counselling and help are available in five community languages as well as English and there are also specialist Aboriginal programs.

Gambling can not only cause or result in significant financial hardship for the individual and their family, but critically it can lead to other extensions or behaviours as the financial crisis worsens. It is absolutely vital that if you are aware that a family member, friend or colleague may have such a problem you actively encourage them to get proper help.

As a Bankruptcy Trustee I am cognisant that individuals may find themselves in this precarious position and I believe that apart from assisting the individual in dealing with the financial crisis, they need to be pointed in the right direction to get help.

Reinventing the ATO – More Insolvencies & Bankruptcies Possible!

Tax Commissioner Mr Chris Jordan has said in a speech to the Tax Institute on 19 March 2015 that the Australian Taxation Office (“ATO”) is bringing forward the point at which it takes legal action to recover debts from both individuals and companies.
Is this a good thing or bad news?

As a Registered Liquidator and Registered Bankruptcy Trustee, I see too often the impact of when family business owners (or SMEs) and individuals don’t treat the ATO with the same priority as other creditors. Left unresolved it typically means the forced liquidation of a company or bankruptcy of the individual. Consequently, I believe the recent announcement is a good thing for a couple of main reasons:

  1.  It provides other businesses that are tax compliant with a level of confidence in knowing that the ATO is taking more of a pro-active stance in recovering businesses taxes; and importantly
  2. Any effort that causes business owners or individuals to seek professional advice from insolvency and business recovery specialists at an early stage, thus with a greater chance of avoiding liquidation or bankruptcy is a good thing. Isn’t it!

Mr Jordan also indicated that “despite our increased efforts, the amount of debt we have to collect has continued to rise in recent years”. This is concerning at a time when the budget position is deteriorating. Of significance is that the value of collectible debt was almost $19.5 billion at the end of June 2014 – up almost 10% on the previous year.

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He also went on to indicate that “we will be taking legal action earlier when warranted. This means initiating bankruptcy and wind-up action where there is evidence that a tax payer is insolvent, and looking to use other statutory powers where businesses have failed to pay employee superannuation entitlements or pay amounts held in trust. In the past, we have waited for taxpayer’s debt to escalate to an average over $300,000 before initiating bankruptcy proceedings, compared to other creditors who often take action at around an average of $35,000. For corporates, we wait for their debt to be more than $340,000 compared to other creditors who initiate action at an average of $93,000.”

The above statement indicates that the ATO is likely to look at recovery action along similar lines of a corporate. Further, the ATO has long held a view that PAYG withheld from an employee’s pay is in effect “money being held on trust for the ATO” and should not be generally used by the company as working capital indefinitely. This is a common misconception by a number of SMEs and not well understood.

Whilst the above comments were only one part of Mr Jordan’s speech titled “Reinventing the ATO” which is available from the ATO website www.ato.gov.au it does highlight the focus the ATO is putting into this area and others to improve outcomes and engagement with specific stakeholders.

The ATO already has significant tools at its disposal to aid in the collection process, for example Garnishee Notice and Director Penalty Notices, as well as the formal recovery actions such as Bankruptcy Notices and Statutory Demands – but importantly it needs to use these with reference to the above targets in mind and to act like a typical creditor seeking to recover amounts outstanding. It must however be transparent, talk in plain English and be fair in its recovery efforts. Such things are mentioned in the speech and the blueprint document available from the ATO website.

Only time will tell if all the talk amounts to anything real. Hopefully it does for the sake of all taxpayers.

If you find yourselves overburdened with tax debt and you are unsure how to approach dealing with it, give me a call and we can evaluate the options and devise a plan to deal with it. More information about options is available from our website jonespartners.net.au .

Why is risk-taking and entrepreneurship important to the Australian economy?


Risk is essential to the business environment. Entrepreneurship relies on creativity and imagination but with every new endeavour comes risk. The usual paradigm is that there is a direct relationship between the level of risk and return or profit attributed to that activity.

The Jones Partners’ economic research project into small to medium business (SME) Insolvencies in the Australian economy looked at the impact of risk and risk-taking on entrepreneurship. The attached video excerpt tries to answer the question -why is risk-taking and entrepreneurship important to the Australian economy? And provides an interesting narrative commentary on this issue

Most new ventures carry with them an elevated level of risk. Furthermore it is the small to medium (SME) sector that carries most of the risk burden within the Australian economic environment. It is therefore no surprise that this sector necessarily has the highest levels of insolvencies. Company Liquidations and Administrations including Voluntary Administrations and Deeds of Company Arrangement are disproportionately represented in small to medium (SME) sector. This however should not be necessarily be seen in a negative light

If we accept the value of entrepreneurship and risk-taking to the Australian economy then we must accept the consequences in terms of potential business failure.

At the present time however there appears to be a much greater cloud on the horizon. Recent observations indicate that Australian small to medium (SME) sector business leaders are becoming increasingly risk averse. Moreover it is becoming apparent that consumers themselves are becoming more cautious. In relation to consumers in particular we are observing and increased conservatism in the use of consumer credit as a consequence (having regard to the fact the Personal Bankruptcies have a direct relationship to the volume of consumer credit) Bankruptcies are for the first time in a decade levelling off and there is some indication that they may be in decline. This is not as a result of a more favourable Australian economic environment but rather the reluctance of consumers to borrow money.

In relation to the business investment there is a similar level of conservatism. Banks are reporting difficulties in finding suitable prospects and there has even been some recent evidence that in relation to the public company sector corporations are adopting a more generous dividend policy and in some cases even returning significant amounts of capital to shareholders. In short the corporate sector is saying to investors “we can’t find enough investment opportunity to use your money”

Jones partners have embarked on an economic research project that will see an annual report on the state of the Australian economy with respect to the level of insolvencies. The initial report was launched in July 2014 and made a number of key observations in relation in particular to the small business sector of the market

One relevant, if not obvious, observation is that the level of insolvencies does have an inverse relationship to Australian economic activity however there appears to be an important complicating factor. The number of SME insolvencies also has a direct relationship to the overall number of small to medium (SME) sector businesses that exist in the economy. When the economic mood is one of caution and when investors are reluctant to take risks economic activity will slow. There will be fewer new ventures. As a consequence it is possible to observe a reduction in the SME insolvency numbers whilst at the same time economic activity is subdued

These Australian economic indicators are being further research is part of the Jones Partners Economic research project which is aimed at enlightening the professions and business leaders on the impact of insolvencies have on the broader economic environment.

Jones Partners is keenly interested in investigating these issues .Jones partners specialises in providing professional advice and practical solutions. We can advise on a range of solutions that assists companies in difficulty Including Voluntary Administration, Receivership and various forms of Liquidation. In relation to personal insolvencies Jones partners has 4 registered Bankruptcy Trustees who are extremely active in assisting individuals resolve their personal financial difficulties using various parts of the Bankruptcy Act including Part 10 (Personal Insolvency Agreements) and Annulments pursuant to section 73 Of the Bankruptcy Act.

The effect of the environmental movement on Insolvencies in Australia


There are three major contributors to Australian insolvency statistics

Obviously the overall health of the Australian Economy is important and this was clearly demonstrated in the Jones Partners Report on Insolvencies in the Australian Economy launched in July 2014. In that report it was clearly demonstrated that there is an inverse relationship between the level of GDP and the number of Insolvencies. This was more pronounced with respect to Company Liquidations, Voluntary Administrations and Receiverships than with Personal Bankruptcies.

It’s important however to realise that the management of individual businesses is more important. In fact the major reason for Australian company failures as articulated in a report by the ASIC is lack of strategic management. In fact of the top 4 reasons for Australian companies going into Liquidation, Administration or Receivership – the state of the economy does not even appear.

The third major contributor to the level of insolvencies in Australia relates to structural changes within the Australian economy itself

Advancing technology is a good example of these structural changes and wherever structural changes do occur there will be winners and losers. Think of what happened to the businesses that made buggy whips when the horse and cart was replaced by the automobile.

At present one of the major structural changes happening within the Australian economy and indeed the World is the impact of the environmental movement. The attached video excerpt on the effect of the environmental movement on insolvencies in Australia provides an interesting narrative on this topic.

Specifically there is some uncertainty about the future of energy. There is robust debate about climate change and in Australia previous governments with a more leftist leaning have been more inclined to provide subsidies for Australian industries developing alternative forms of energy. At present policy seems to have shifted away from subsidising any form of inefficient industry. A good example of this is the impending closure of the car industry. Those industries such as solar and wind generation that have relied heavily on government subsidies are also clearly at risk.

Not with standing foregoing and whether or not Australia has a Carbon Tax or some form of Emissions Trading Scheme it is clear that in the medium to longer term energy prices will continue to rise. Accordingly Australian companies that are high energy users must seek efficiencies or they too will be at risk. It is therefore likely that company insolvencies in Australia including Liquidations, Administrations and Receiverships will have a much greater representation statistically from industries that are not able to adapt to this changing energy environment.

Irrespective of government policies Australia and the World are becoming far more respectful of the environment .It is also evident that things like energy efficiency is much greater driver for business changes than any form of government policy. This is an example of how free market forces can and will have a positive effect on the environment.

One example of this relates to light globe technology. New LED lighting provides light globes that last for several thousand hours as opposed to the old incandescent technology which last less than 100 hours. In addition the energy usage of the new technology is a fraction of the old .Clearly any company retailing or wholesaling old technology will find it difficult to survive and Australian businesses that don’t move relatively quickly to reduce their energy usage by adopting this kind of technology will be at a major disadvantage.

Australian companies not able to address these structural changes are at risk of closing altogether. Whilst it is difficult to implement a turnaround program using Voluntary Administration or any other procedures for that matter if the underlying business model is not addressed , if the underlying business model is sound then turnaround is a viable option notwithstanding the level of debt or the extent or previous losses.

Jones Partners is expert at investigating these issues and providing professional advice and practical solutions. We can advise on a range of solutions that assists companies in difficulty Including Voluntary Administration, Receivership and various forms of Liquidation. In relation to personal insolvencies Jones partners has 4 registered Bankruptcy Trustees who are extremely active in assisting individuals resolve their personal financial difficulties using various parts of the Bankruptcy Act including Part 10 (Personal Insolvency Agreements) and Annulments pursuant to section 73 Of the Bankruptcy Act.

Is Small Medium Enterprises — the heartland of the Australian economy?


It is clear that SMEs are the back bone of the Australian economy and at a recent function launching the Jones Partners Report into insolvency administrations in Australia Craig James, chief economist of the Commonwealth Bank said that 97% of Australian businesses employ less than 20 employees. It is therefore not surprising that over 80% of companies that fail are in this category. The businesses that dominate the corporate failure statistics roughly parallel the businesses in the SME sector and are very highly represented amongst construction, retail and professional services.

The Jones Partners Report looked in some detail at the effect on the Australian economy of the failure of companies in the Australian SME space. The report demonstrates the remarkable fact that this sector contributes substantially more to unemployment than the failure in relation to large companies which often gets much more media attention. The attached video excerpt on the significance of small medium enterprises (SMEs) provides an interesting narrative on the role they play both in respect to the Australian economy and corporate and personal insolvencies.

In the SME sector it is impossible to separate the ownership of the business from the management. Having regard to the fact that we now know that management failure is the major cause of company liquidations it is clear that these issues need to be addressed before any effective turn around program can be implemented.—Turnaround is nevertheless still achievable—

One method used in the turnaround management of companies is the Voluntary Administration process found in part 5.3 A of the Corporations Act

This process usually involves creditors accepting a compromise in relation to the outstanding debt potentially including extended payment terms

Voluntary Administrations are a formal process involving the appointment of an Administrator who prepares a report to creditors and convenes meetings the purpose of discussing the future of the company

Creditors then vote on whether or not to accept the proposal and this vote is based on numbers and value so clearly not all creditors are required to agree for the proposal to be binding

The procedure is very effective in the Australian SME sector but it does require a clear and accurate identification of the underlying problem together with a credible argument that the problem has been rectified or that the very least there is a convincing plan to achieve that end

If this cannot be done liquidation may be the only alternative

This of course does not always mean that the business is closed. It is possible in some situations of the business to be sold as a going concern to new owners. This preserves the goodwill of the business and can have the effect of saving jobs

Jones partners handle many turnaround assignments particularly using the voluntary administration process. Jones Partners is expert at investigating these issues and providing professional advice and practical solutions. We can advise on a range of solutions that assists companies in difficulty Including Voluntary Administration, Receivership and various forms of Liquidation. In relation to personal insolvencies Jones partners has 4 registered Bankruptcy Trustees who are extremely active in assisting individuals resolve their personal financial difficulties using various parts of the Bankruptcy Act including Part 10 (Personal Insolvency Agreements) and Annulments pursuant to section 73 Of the Bankruptcy Act.

Should I transfer the family home – Beware!!

We are continually surprised by individuals who transfer ownership of their property (usually the family home) to a co-owner or family member for no consideration or for consideration of less than market value who when they subsequently become bankrupt think that such transaction may not be void (or recoverable). What sometimes concerns us more is that such advice may be given to them by consultants / advisors that are inappropriately skilled to properly advise the individual of the consequences, particularly in circumstances where their financial position is perilous.
We have recently been involved in a matter where this occurred and it provides a very useful instruction regarding the application of Sections 120 and 139ZQ of the Bankruptcy Act (“the Act”). Importantly Section 120(1) of the Act provides:

“A transfer of property by a person who later becomes a bankrupt (the transferor) to another person (the transferee) is void against the trustee in the transferor’s bankruptcy if:

(a) The transfer took place in the period beginning 5 years before the commencement of the bankruptcy and ending on the date of bankruptcy; and(b) The transferee gave no consideration for the transfer or gave consideration of less value than the market value of the property.”
In the case of a related entity (ie spouse, brother, sister, children etc), Section 120(3)(a) indicates that a transfer is not void against the trustee if:

(i) the transfer took place more than 4 years before the commencement of the bankruptcy; and (ii) the transferee proves that, at the time of the transfer, the transferor was solvent.”
So in essence if you are going to transfer within the five (5) years to a related entity then they have to pay market value for the property to the bankrupt. And regrettably love and affection afforded to the transferor doesn’t constitute consideration!!

It typically comes unstuck because the property is simply transferred by the transferor (who later becomes bankrupt) to their related entity and no consideration is paid. Importantly, that is not the end of the story. There is also a very useful Section of the Act, being 139ZQ(1)(d) which enables the bankruptcy trustee to cost effectively make recoveries for creditors. This is done by making an application to the Official Receiver to give written Notice to a person who has received the benefit of such a transaction to pay to the bankruptcy trustee an amount equal to the value of the property received. In essence, once such Notice is given, the property is charged with the liability of the person to make payments to the bankruptcy trustee as required by the Notice.

In a recent bankruptcy we were administering, a Section 139ZQ Notice was used very effectively to recover monies for creditors. We identified from our initial investigations of the bankrupt that he and his non-bankrupt spouse transferred their interests in two (2) residential properties to a related entity in the years leading up to our appointment for no consideration.

We considered that such transfers were void under Section 120(1) of the Act. Other than these transactions, we had not identified any other assets recoverable. Thus we were not in funds to become embroiled in some kind of protracted and costly litigation in the Courts.

Accordingly, we made an application to the Official Receiver to issue a Section 139 ZQ Notice to the related entity requiring payment for the bankrupt’s share of the transfers. Whilst the related entity initially did not appear to fully understand the strength of such Notice, they did seek professional advice whereupon subsequently both properties were sold and the amounts required in the Notices were paid in full – about $200,000 in all.

It is important that individuals who may be facing financial difficulty get the right professional advice before entering into these types of transactions which will not only potentially enable better solutions to be identified, but also minimise the emotional stress that is then caused when a bankruptcy trustee seeks to recovers these types of transactions.

Insolvent Builders & Home Warranty Insurance (“HWI”)

For many individuals or couples one of the biggest purchases in their lives will be the construction of a new home. Unfortunately over the years there have been many residential home builders that have gone into some form of insolvency administration and ceased to trade, leaving home owners with an incomplete home and lots of worries.
We are frequently appointed as Voluntary Administrators or Liquidators to residential home builders where they are insolvent. In one recent matter, there has been an instance where the HWI policies were not adequate to cover all costs incurred in completing the homes. We highlight in this article some important considerations customers should give if such an event occurs.

HWI is taken out by the residential home builder and is designed to cover customers. From 1 July 2010, the NSW Self Insurance Corporation, trading as the NSW Home Warranty Insurance Fund, took over as the sole provider of home warranty insurance in NSW. QBE Insurance (Australia) Limited and Calliden Insurance Limited were appointed as insurance agents of the NSW Self Insurance Corporation, through a contractual arrangement.

Importantly HWI provides a set period of cover for loss caused by defective or incomplete work in the event of the death, disappearance or insolvency of the residential home builder.

From 1 July 2002 a key element of a HWI policy is that it must indemnify beneficiaries (i.e. the customer) for non-completion of work due to early termination of the building contract. Insolvency of the residential home builder typically results in the termination of the building contract.

Critically from 1 February 2012, a HWI policy:

  • is required to be obtained where the contract price is over $20,000 or, if the contract price is not known, the reasonable market cost of the labour and materials involve is over $20,000; and
  • must provide cover of at least $340,000.

Relevantly claims for incomplete work are limited to 20% of the contract price (up to a maximum of the cover provided under the policy). It is this aspect that we believe is not always well understood by customers and indeed the residential home builder when insolvency occurs. We have set out below a recent matter we were appointed to highlight how HWI works when an insolvency event occurs resulting in the termination of the building contract.

Facts

  • Contract value for construction of home $300,000;
  • Costs paid as at insolvency event by home owner for first stages of construction $100,000;
  • Invoice issued by residential home builder for work completed but unpaid $25,000; and
  • Balance outstanding under contract at time of insolvency event / Liquidation: $200,000.

At the date of insolvency, the Insolvency Practitioner is often provided with a debtors listing relating to progress claims made by the residential builder. The recovery of each debtor is not always straight-forward and an accurate position regarding what the customer may owe (if any) can only be determined once the HWI is finalised. This can take many months to determine.

Given the above facts, the HWI and customer position unfolded as follows:

  • Following the liquidation of the residential builder, the customer lodged a claim under the HWI policy.
  • The Home Warranty Insurer arranged for an external consultant to inspect the dwelling to confirm / quantify the amount of works required to complete the contract.
  • The customer also had to prove to the Home Warranty Insurer the quantum of payments made to the residential home builder under the contract. In this case no “cash” payments had been made, but in circumstances where this occurs, this can create issues.
  • Three (3) quotes were obtained from different builders to complete the works. The Home Warranty Insurer then approved one of the builders to complete the works.
  • The certified costs to complete the dwelling were $250,000. Therefore, the customer paid the balance of the original contract price being $200,000 and made a claim for the additional $50,000 under the HWI policy.
  • In this case as the additional cost to complete the dwelling was less than 20% of the original contract price, the HWI covered the additional $50,000 that was required to complete the construction of the dwelling. Therefore there were no monies collectible under the outstanding progress claim in the Liquidation.
  • HOWEVER, if the certified costs had been for example, $285,000 (thus meaning the additional costs were greater than 20% of the contract price), then the customer would have had an uninsured loss to the extent of $25,000 that would have to be met from their own funds. In the particular insolvency administration concerned, there were 3 customers who ultimately had uninsured losses ranging from $25,000 to $60,000 per customer. Not insignificant!!

Unfortunately when an insolvency of a residential home builder occurs, it may take several months to work through this process and it will only be at the conclusion of the building contract once all of the costs are known, that the Liquidator would be in a position to determine if there is actually any debt owning by the customer.

It is important that customers get the right advice as to their position when their builder has been placed into some form of insolvency administration. We caution customers who want to go off miss-informed and complete the dwelling themselves as once this occurs they are likely to jeopardise any ability to claim on HWI.

 

Insolvency and Bankruptcy Numbers – Not What You Might Expect!

Welcome to our first Newsletter for 2014. A subject we are frequently asked about is what are the insolvency and bankruptcy statistics doing and what inferences can be gleaned from them. During the course of the calendar year we will be providing a regular commentary on movements. Set out in this article are graphs for NSW and Australia for corporate insolvencies and personal bankruptcies / personal insolvency agreements (“PIAs”) during the period 2010 to 2013 inclusive. Some key observations are:
Corporate Insolvencies

  • In both NSW and Australia appointments decreased by approximately 2% in the 2013 December quarter on the previous corresponding period (“PCP”).
  • In NSW there was a negligible change in insolvency appointments in 2013 on the PCP. However, nationally insolvencies increased approximately 1.8% in 2013 on the PCP.
  • In 2013 NSW maintained its average 39% of the national corporate insolvency market.
  • In 2013 creditors voluntary liquidations accounted for approximately 47% of all corporate insolvencies. Whilst some may express surprise about this, our own statistics broadly confirm this and given the relative ease via which this type of liquidation can be initiated by directors we believe it will continue to be widely used particularly by smaller corporates who no longer wish to continue in business.

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Personal Bankruptcies / PIAs

  • In both NSW and Australia appointments decreased by approximately 9% and 8% respectively in the 2013 December quarter on the PCP.
  • In NSW there was a decrease in bankruptcies / PIAs of approximately 12% in 2013 on the PCP. Nationally appointments decreased by 10% in 2013 on the PCP.
  • In 2013 NSW maintained its average 33% of the national personal insolvency market for bankruptcies and PIAs.
  • The three (3) postcodes with the highest number of bankrupts in 2012/2013 were:
  • 2770: Mt Druitt and surrounding suburbs;
  • 2560: Campbelltown and surrounding suburbs; and
  • 2170: Liverpool and surrounding suburbs.

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It will be interesting to monitor the numbers as the year unfolds as to where they may head and what inferences can be taken from them about correlations with the overall state of the national economy. Whilst there appear to be several economic challenges ahead (for example a notable decline in business capex spending) we generally feel that insolvency and bankruptcies levels are likely to remain flat throughout 2014.

Strengthening Our Presence in Greater Western Sydney – Narellan Office

We are excited and pleased to announce the opening of our new South West Sydney Office at Narellan. Daniel Soire, a Principal of Jones Partners and a Registered Liquidator, is a local Macarthur resident and will be supervising the Narellan office.
For many years now, Jones Partners has truly valued the importance of being accessible to professional advisors and business owners and individuals throughout Greater Western Sydney (“GWS”). The GWS region is a very significant contributor to the States GDP and has a huge diversity in the range of businesses that operate within it. Our continued presence (via our Norwest Business Park Office) has enabled us to develop strong relationships with other professionals such as accountants, lawyers and financiers, as well as and importantly assist business owners and individuals in this region who may get into financial difficulty. Having a very strong and keen interest in what happens in the region also helps us to understand the factors that can affect SME businesses as well as individuals.

The new Narellan office puts us closer to fellow professionals and SME businesses and individuals when they need expert insolvency, restructuring or bankruptcy advice in South West Sydney. We believe this proximity and not “the ivory tower” approach is what such stakeholders are seeking when looking for specialist advice in corporate and personal insolvency and restructuring.

Our continued and sincere focus throughout the GWS region reflects the importance we place on ensuring that SME businesses and individuals in this region get the “right advice” when they may be in financial difficulty. Jones Partners are a Chartered Accounting Firm that specialises in the provision of corporate and personal insolvency and restructuring services. For more information go to jonespartners.net.au

Strengthening our Presence in Greater Western Sydney

For many years now, Jones Partners has truly valued that importance of being accessible to professional advisors and business owners and individuals throughout Greater Western Sydney (“GWS”). The GWS  region is a very significant contributor to the States GDP and has a huge diversity in the range of businesses that operate within it. Our continued presence (via our Norwest Business Park Office) has enabled us to develop strong relationships with other professionals such as accountants, lawyers and financiers, as well as and importantly assist business owners and individuals in this region who may get into financial difficulty. Having a very strong and keen interest in what happens in the region also helps us to understand the factors that can affect SME businesses as well as individuals.
To further build on our presence and focus in the GWS region, we are excited and pleased to announce the opening of our South West Sydney Office at Narellan. As with our Norwest Business Park Office, the new Narellan office puts us closer to fellow professionals and SME businesses and individuals when they need expert insolvency, restructuring or bankruptcy advice in South West Sydney. We believe this proximity and not “the ivory tower” approach is what such stakeholders are seeking when looking for specialist advice in corporate and personal insolvency and restructuring.

Our continued and sincere focus throughout the GWS region reflects the importance we place on ensuring that SME businesses and individuals in this region get the “right advice” when they may be in financial difficulty. Jones Partners are a Chartered Accounting Firm that specialises in the provision of corporate and personal insolvency and restructuring services. For more information go to jonespartners.net.au