Insolvency Reforms to Support Small Business – Will You Be Eligible?

The Federal Government announced reforms in October 2020 aimed at assisting small business to restructure when they are in financial distress, which has been particularly evident during the Covid 19 … Read More

It doesn’t need to always end in bankruptcy?

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 Read More

Bankruptcy & Self Managed Superannuation Funds – will you be able to continue to manage it?

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”) … Read More

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

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Bankruptcy & Superannuation: Look Before You Leap

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 Read More

Temporary Relief for Directors Personal Liability for Trading Whilst Insolvent

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 … Read More

Temporary Relief Measures for Financially Distressed Businesses Extended – Proceed with Caution

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, … Read More

Why strong emotional cashflow is critical for success

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 … Read More

Beware of Zombie Companies Post Covid-19

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 Read More

Directors Personally Liable for GST

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 Read More