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 pandemic. The reforms have been designed to reduce the complexity […]
Update on New Insolvency Reforms
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. […]
Bruce Gleeson Podcast: Signs You Need to Monitor to Avoid Financial Distress
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 […]
It doesn’t need to always end in bankruptcy?
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 […]
Bankruptcy & Self Managed Superannuation Funds – will you be able to continue to manage it?
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 […]
Should I transfer the family home – Beware!!
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 […]
Bankruptcy & Superannuation: Look Before You Leap
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 […]
Changes to Temporary Insolvency Relief for Directors
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 […]
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 to trade through Covid-19.
COVID-19 – TEMPORARY RELIEF MEASURES
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.
Temporary Relief for Directors Personal Liability for Trading Whilst Insolvent
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 […]