Limitations of Bankruptcy
What is bankruptcy? Bankruptcy is a legal process in which you are declared unable to pay your debts. Bankruptcy can impose many limitations on you and your business. Before you think the sky is going to fall in, read our posts on dealing with bankruptcy. The limitations of bankruptcy are: On your income Bankruptcy can […]
Preparing for liquidation
Liquidation Liquidation is the process of winding up a company and bringing the business to an end. Liquidation typically occurs when a company is insolvent. When a company is placed into liquidation, a liquidator is appointed. The liquidator’s role is to protect the assets of the company, realise the assets of the company, investigate the […]
Basics of Debt Collection
What is Debt Collection? Debt collection is the process of collecting payments of debts that are owed by individuals or businesses. Creditors and collectors seek to secure payment from individuals or businesses who are legally bound to pay money that they owe. Debts can either be recovered through the courts or by using a debt […]
Basics of the PPSR
What is the PPSR? The Australian Financial Security Authority (“AFSA“) administers the Personal Property Securities Register (“PPSR“). The PPSR is a national online register that can provide information to help protect consumers when they are buying personal property such as cars, boats or artworks. It doesn’t include land or buildings. The PPSR is an Australian […]
Cash-Flow Management and the Health of a Business
Here at C&D we deal with businesses of all shapes and sizes. Many of the issues these businesses face can come down to one crucial facet within their operation: cash flow management. If you are a start-up, we understand the excitement involved with getting your business up and running and growing your sales. You are […]
Pre-Christmas Planning
Each year the team notices an uptick in businesses suffering financial difficulties prior to the Christmas break. For some businesses there is an attempt to hold on, to try and see if the new year will bring the necessary change to be able to break a financial problem. If your business is under pressure, now (and […]
Using your super for business
Can I borrow against my Super to buy or support my business? Unfortunately the answer is probably ‘No’. Super funds pay a discounted/concessional rate of tax on earnings (15%). To keep getting the discounted rate they have to comply with Superannuation legislation. One of the rules is that the ‘sole purpose’ for the fund is […]
Best decision of my life
We received a letter recently from a client we assisted move into bankruptcy, as background he had been unsuccessfully running a franchised business for five year, paying $2,500 a month in franchise fees to be a handyman, he had not made any money for three years and not drawn a salary since 2016. “Hi Craig, […]
Delusions of Recovery or Turnaround
An oft heard statement is “things are just about to turnaround”. For some business owners this is just an attempt to stave off the inevitable or to buy some more time, but for what end? If there is an expectation of things turning around what is the basis for this, we assisted a hospitality owner […]
Managing Staff Expectations
We recently were involved in a small business that needed to close down, the staff found out about financial issues when the Director received a wind up notice. The business owner had been dealing with significant financial issues for a number of years and had been constantly struggling to keep the business afloat. Staff were […]