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 pandemic. The reforms have been designed to reduce the complexity […]
Recently the Federal Government announced a review of the Insolvency Legislation. On 24th September 2020, the Government announced proposed changes to Australia’s insolvency framework designed to introduce new processes for small businesses, to reduce complexity and streamline the time and costs involved. […]
There are some very common tell-tale signs of when a business is under financial distress and heading for trouble. As a business owner there are some key aspects to running your business that you must proactively manage. Bruce Gleeson from […]
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 […]
Recently, the Federal Government extended the temporary relief measure for insolvent trading until 31 December 2020 to provide businesses with further support during COVID-19. What does not appear to be well understood is exactly how such temporary relief has been […]
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.
On 22 March 2020 the Government announced temporary relief for financially distressed companies, to help businesses get to the other side of the Coronavirus crisis. These provided a regulatory shield for businesses as part of the hibernation strategy.
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 […]