The COVID-19 (Coronavirus) pandemic has caused a range of unforeseen challenges and jeopardised the survival of many businesses. To ensure the survival of your business, below are some actions you should take: Revising strategy and reviewing financial statements With the pandemic impacting many businesses and the economy as whole, your business strategy, forecasts and budgets will be impacted. To
On March 25 2020 the Coronavirus Economic Response Package Omnibus Act 2020 came into effect in response to the economic impact of COVID-19 (coronavirus). The Act makes significant changes to both insolvent trading laws and creditor statutory demands. These changes will remain in effect for six months, until 25 September 2020. Creditor’s statutory demands A creditor’s statutory demand is
Sometimes as a company director things don’t go as planned and you realise you are at risk of insolvency. Under Section 588G of the Corporations Act 2001 directors have the duty to prevent insolvent trading. Failing to comply can make yourself personally liable for debts not if they cannot be repaid. The good news is that there is a ‘safe
Have you ever come across the term Deed of Company Arrangement (DOCA) when looking at options to lessen the burden of debt for your company? You may have wondered what is a DOCA and how it will help your company avoid liquidation if you are faced with insolvency. A DOCA can be used when the company is in danger
When companies are facing financial distress or solvency problems there are three main options available – voluntary administration, receivership, and liquidation. It is important to choose the remedy most suited to your desired outcome. Voluntary administration is the most suitable option when wanting to rescue the company and improve its financial position with the assistance of a qualified administrator.
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