Readers may possibly recall that the Federal Government announced a raft of temporary relief measures in late March 2020, some of which were aimed at giving directors of companies’ confidence to trade through Covid-19. One such important measure was that […]
The Federal Government announced on 7 September 2020 a further extension to 31 December 2020 of temporary relief measures that were previously set to expire on 24 September 2020. Curiously, such measures were announced within 24 hours after the Victorian […]
Covid 19 was first confirmed in late January 2020. Subsequently on 20 March 2020 restrictions such as the closing of our borders and social distancing were introduced. Since these restrictions were introduced, I have read and listened to webinars regarding […]
The proliferation of zombie companies pre Covid-19 has largely been fuelled by reduced financial pressure. Examples being financial institutions continuing to offer (or not otherwise call in) finance to non-viable companies and also the impact of lower interest rates particularly […]
Directors can already be held personally liable for Pay-As-You-Go [“PAYG”] and Superannuation Guarantee Charge [“SGC”] liabilities of a company in certain circumstances via the Director Penalty Notice [“DPN”] regime. 2020 is very likely to see legislation passed in the Senate […]
Bankruptcy is a concept that is frequently misunderstood, particularly given that in Australia it relates to the affairs of an individual as opposed to a company (noting in America the term is used for both). It can also conjure up […]
Over the twenty-five (25) years that I have been advising individuals who have been in some form of financial difficulty, I believe between 15-20% of those bankruptcies to which I have been appointed could have been avoided if the individual […]
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 […]
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 […]
As Bankruptcy Trustees, we are often asked to assist individuals of many and varied ages on personal insolvency options available to them. Individuals generally have differing financial circumstances and the advice provided needs to be considered on a case by […]
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 […]
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 […]