Transferring Property Prior to Bankruptcy
Often, people with financial difficulties facing pressure from creditors will try to protect their property by transferring it to a spouse or family member to avoid the property forming part of the asset pool if the person later becomes bankrupt. The following options are available to bankruptcy trustees to recover property that was transferred by […]
Distinct Lack of COVID-19 Support for Sole Traders
Distinct Lack of COVID-19 Support for Sole Traders Grants to keep small businesses operating amid COVID-19 restrictions have been welcomed, but concerns remain about how the $17.6 billion stimulus package might help Australia’s 1.5 million sole traders. So far there has been a distinct lack of support available to sole traders, as most stimulus measures […]
The Power of the ATO During an Insolvency
Approximately 8,048 Australian companies experienced external administration (EXAD) in the 12 months ended March 2019. During the same period there were 27,058 new personal insolvencies, including 15,329 bankruptcies, 11,549 debt agreements and 180 personal insolvency agreements. In the year prior, the ATO was the initiator of 20% of all company liquidations and 4% of all […]
Putting Your Business into Hibernation
Putting Your Business into Hibernation New Federal Government Business Support Measures The government has announced further business support measures in the form of a $1500/fortnight wage subsidy, with the aim of keeping people employed in their current roles. Much of the government’s focus on business support has been on helping businesses to survive a period […]
Top 5 Reasons to Strengthen Strategic Business Partnerships
There are many reasons why businesses form strategic partnerships, and mutual advantages can be substantial when the right partnership synergy is achieved. 1. Enter new markets With Australia and New Zealand accounting for only two per cent of the world’s GDP, geographic expansion to new markets and customers can deliver lucrative results. With the right […]
Queensland COVID-19 Jobs Support Loans
Applications open Queensland COVID-19 Jobs Support Loans Applications are now open for the Queensland Government’s $500 million COVID-19 Jobs Support Loan scheme. This scheme is for Queensland businesses and non-profit organisations financially affected by COVID-19 to retain employees and maintain their operations. Low interest loans of up to $250,000 are available to assist with carry-on […]
Insolvency Amnesty Provides Breathing Room
The Australian Federal Government announced Sunday (22 March 2020) that it intends to make temporary amendments to insolvency and corporations laws in light of the challenges COVID-19 poses to many otherwise profitable and viable businesses. In particular, the government intends to relieve directors from the risk of personal liability for insolvent trading, where the debts […]
QLD Government COVID-19 economic relief package
The initial roll-out of the package has been somewhat vague, with more emphasis on how much the government will be giving, and less about the practical realities of eligibility and application processes. The following is a summary of where the Queensland Government’s $4 billion Covid-19 business support package will be going. $2.5 billion for workers […]
Fact Vs Fiction: Four Insolvency Case Studies
1. Do Bankruptcies lasts 3 years? Not for one unlucky person, who did everything right (or so everyone thought). John knew he was about to be made bankrupt in court in September 2016, so he took it upon himself to fill out his statement of affairs (“SOA”) and sign it a few days before he […]
How Buy Now Pay Later is Affecting is Affecting Businesses and Consumers
While many people are still unaware of the buy-now-pay-later industry or how it works, the prevalence in the economy is going from strength to strength. The premise of these buy-now-pay-later arrangements allows consumers to obtain goods/services immediately and pay for them over time. Predominantly the industry makes its money from two sources: merchant fees, and […]
