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Director Penalties (DPN's) and Deregistered Companies
A warning highlighting some particular problems relating to Director personal liability for unpaid taxes and Superannuation in cases where a Company has been deregistered. Read More…
Frequently Asked Questions - Small Business Restructuring ("SBR")
Answers to some FAQ's about the Small Business Restructuring ("SBR") process - an increasingly effective and popular way of dealing with small business in distress... Read More…
Troubled times for the Construction Industry
More and more construction related business are entering into Insolvency. What is going on and what can you do to protect yourself...? Read More…
Are you interested in a rewarding career in Insolvency? We are looking for energetic people to join our growing in team in Brisbane and the Gold Coast. Read on for more details... Read More…
Falling Bankruptcy Numbers – Is this the era for “Doing Deals” to solve financial distress..?
Bankruptcy numbers are at record lows and less than half of the 10-year average level! What does this mean and how might this impact individuals currently suffering financial distress at a time of high debt, high inflation and rising interest rates...? Read More…
Small Business Restructuring - How is the process going...?
The new Small Business Restructure (SBR) process has been introduced to the Australian corporate landscape, and we blogged on the topic back
in February 2021.
A bit of water has passed under the bridge, and the facts are, despite a few problems areas, SBR’s are now being done in increasing volumes
and are successfully helping small businesses negotiate with their creditors and offer a lifeline to allow business survival.
So it is worth remembering, what is an SBR? and when are they a viable option to deal with financial distress for small business…?
Read More…
What is wrong with allowing the deregistration of your defunct company...?
Deregistration (whether by ASIC or voluntary by Directors) of a company which still has a debt to the ATO can be a very risky step for the Company Directors... Read More…
What should I do about overdue ATO debts…?
The ATO is currently firing up its recovery tools to collect over $55 Billion in unpaid taxes that have accumulated over the period of the pandemic! What should an individual or director of a company do if you have accumulated a debt and now can't repay it? Read More…
Director Alert – Director ID’s are here…
Hear about the new Director Identification Number regime now introduced into Law. Deadlines are now in place for all directors to become registered... Read More…
Beware the ATO DPN! (Director Penalty Notice)
One of the most powerful tools in the ATO debt collection arsenal - a DPN. Will make a company Director personally liable for the company's
PAYG, GST and Super debts.
What are they and what to do if you receive one....
Read More…
Small Business Restructuring. What the...?
A new Insolvency regime and related laws are now in place to supposedly help deal with the crisis resulting from the financial impact of Covid-19. So what is this new Small Business Restructuring option? and will it work...?? Read More…
Covid Crisis – A need for Personal Insolvency Reform…?
Has the current Covid Crisis created a need for Personal Insolvency Reform to help individuals in small business likely to fail as the economic crunch bites....? Read More…
Business Reconstruction Post Covid-19
Read on to hear how the insolvency reconstruction regimes can be used to help viable businesses survive through the Covid-19 crisis and during the downturn to follow. Read More…
Insolvent Trading Pre and Post COVID-19
Director(s) may not be able to rely on the safe harbour for temporary relief for financially distressed businesses (insolvent trading) if the company had been trading insolvent pre 24 March 2020 Read More…
ASIC Reminds Director’s Duties Still Apply Despite COVID-19
ASIC has reminded Directors and other stakeholders faced with COVID-19 that the safe harbour granting temporary relief for financially distressed businesses (Insolvent Trading provisions) does not extend to relief from statutory and common law directors duties (duty to act with care and diligence, act in good faith, not to use a director’s position or information obtained as a director to gain an advantage or cause detriment to the company) Read More…
Corona-virus health crisis introduces flexibility in insolvency laws
As you may already know, a number of announcements were made by the Prime Minister, Scott Morrison, including some important temporary changes in insolvency laws that are aimed to assist individuals and business to survive during the current Coronavirus Crisis. Read More…
Coping with Business Impacts of the Coronavirus Pandemic
Tips for dealing with the substantial impacts of the Covid-19 Coronavirus on financial well being. Read More…
Top Tips for dealing with out-of-control personal debt!
Check out our Top Tips for dealing with unmanageable personal debts. Read More…
Handy release from AFSA on simple PPSR tips for tradies (and indeed any small business). Highlights the critical need to use PPSR to secure a
Retention of Title claim!
Read More…
Will I Lose My Home/Property If I Go Bankrupt?
How can you go Bankrupt and save your property from being sold by the Trustee. There are certain avenues which your property can be dealt with by your Trustee. Read More…
What are Income Contributions in a Bankruptcy?
How and Why does the Income Contribution Regime operate in a bankruptcy? Read More…
The introduction of a 12 Month Bankruptcy term is part of a Bill which remains before Federal Parliament. 12 Month Bankruptcy is expected to have a significant impact on the current personal insolvency mix and best options available to individuals suffering from financial distress, with a decrease in appeal of Part IX Debt Agreements to be expected, if implemented. The Bill currently remains stalled however and doesn't seem likely to move too far until after the May 2019 Federal election. Read More…
Handy benchmarking tools offered by the ATO Read More…
As mentioned in our previous Blog Post, here is our "20/20 Business Health Check" and Decision Chart.
We hope you will find this of value in your end of financial year review processes, and planning for success and prosperity in the coming year.
Dont hesitate to contact Robson Cotter on 07 3270 8500 if you would like to discuss any aspect of the Review, or your business circumstances generally.
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Tax isn't the only thing that should be on director's minds at 30 June!
In this Blog post we highlight the value of taking stock at the end of financial year, not just to review historical performance (you can't change that now!), but more importantly, planning for future success and long term viability of your business. Read More…
We have a new website and with it comes the facility to post the occasional article or other item we think might be of interest to our network of clients, referrers and occasional visitor to our site. We hope you find them of interest!
As a boutique insolvency practice, we strive to assist people experiencing financial pressures (either personally or in a corporate entity or business), and to provide pathways to deal with those circumstances, for the best possible outcome for everyone involved, from the insolvent individual or director, to the creditors who are owed money. Clearly insolvency can be a distressing time, and we will always endeavour to make the process uncomplicated and minimise stress on all concerned. We think our hands-on, open, and easy-to-deal-with approach is unique in the insolvency landscape and are confident we can assist you to achieve optimal outcomes, for less cost, than you will find anywhere else.
Feel free to Bookmark our website (www.rcinsol.com.au) and share any article or post with your online networks.
Should you have an enquiry about any Blog post, or about insolvency generally, contact Roland (m 0412 982 859) or Bill (m 0413 885 888) at any time, with no cost and no obligation.
Happy reading!
Roland and Bill
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07 3270 8500