by Bruce Gleeson Readers may be aware that the Federal Government introduced measures which came into effect on 1 January 2021 to provide incorporated businesses (i.e., companies) with further options to deal with their financial position, particularly those that may […]
By Bruce Gleeson and Mark Marlow If you are ill or suffering pain, you are likely to go and see your doctor. The illness or pain will either not be too serious, and the doctor will prescribe a remedy, or […]
by Bruce Gleeson 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 […]
By Daniel Soire Many individuals, in particular business owners, are now choosing to control the destiny of their superannuation through the use a Self Managed Superannuation Fund (“SMSF”). The Australian Taxation Office (“ATO”) statistics suggest that there are now more […]
by Daniel Soire 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 […]
by Daniel Soire Individuals facing financial difficulties may think that making lump sum payments into their superannuation fund means that those funds will be “protected”’ in the event of the individual subsequently declaring bankruptcy. This misguided belief is because in […]
by Bruce Gleeson 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 […]
by Bruce Gleeson 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 […]
by Bruce Gleeson 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 […]
by Bruce Gleeson 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 […]
by Bruce Gleeson 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 […]
by Bruce Gleeson 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 […]