Treasury is considering an increase to the current Statutory Demand Threshold

The impact of the covid-19 pandemic has forced the government to make a huge number of changes to Australia’s insolvency framework. The Treasury is now deliberating about whether or not the current monetary threshold at which a statutory demand can be issued by a creditor should remain at $2,000 or should be permanently raised to […]

Self-Employment and Bankruptcy

Sole Proprietorship businesses (also known as “Sole Traders”) are the simplest and cheapest business structure to create in order to operate a business and that makes them a popular choice for business owners looking for flexibility in operations, management and exit. The Australian Bureau of Statistics (ABS) data shows that Sole Traders account for approximately […]

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 […]

Personal Insolvency and Business Impact

Businesses are launched with the best intentions, but even the most astute plans can be undone by changes in the business environment or competitive landscape, consumer tastes, rising costs, or cash flow problems.

Personal insolvency could also have a big impact, as your personal and business obligations are often closely intertwined.

So I’m bankrupt!

Practical action steps for bouncing back Taking practical action steps is as vital as having a positive mindset. Plan for the future with a realistic budget and start rebuilding your credit history by paying your bills on time. Realise you can bounce back after bankruptcy. Whether you’re dealing with personal bankruptcy or a company insolvency, […]

Informal Restructuring

How can an Informal Restructuring help a company in financial difficulty? An informal restructuring is usually the “least drastic” solution available to a company in financial distress. They are very flexible, and are achieved behind-the-scenes. They can be achieved in a short space of time or can take years to complete. Many restructurings can be […]

Launch of our video platform

We have recently been working through a range of education and information videos to support our partners or to give you some understanding of the issues that arise in the management of taxation or restructure issues. Understanding that some of the issues that arise are complicated and need further explanation, each video tries to cover […]

Making sure you get paid

For your business to survive, you need to have cash flow. This means that it is essential that you get paid by your clients for the work that you do. There are strategies you can use to give you the best chance of making sure you get paid. Written contract setting out terms Having a […]

Understanding the PPSR

Setting up your registrations On the Personal Property and Securities Register (‘PPSR’), you can place a notice that shows that you have enforcement rights over personal property. You should have a security agreement in writing before you register a security interest on the PPSR. Before you register your security interest you will need to know […]