Ian Thorpe’s children’s charity, Fountain for Youth, recently collapsed into liquidation.
The Australian Securities Investment Commission reported earlier this month that a total of 1,139 companies and organisations faced external administration in January and February of this year.
With numbers appearing to be steadily increasing, liquidation is becoming an increasing concern for many Australian business and charity owners.
Charities in particular,can struggle because of funding pressure and overheads.Fountain for Youth’s total revenue dropped to $165,512 in 2014, down from $265,048 in the previous year. Donations fell to $113,404 from $170,629. No government grants were received during this time, whereas in the previous year the amount of $60,000 was received.
If your business or organisation is facing the prospect of liquidation, take action immediately and contact our qualified team of experts at Insolvency Services Australia (ISA). ISA’s team of licensed insolvency practitionersis equipped with the resources, experience and expertise to handle your unique financial case.
We have a Registered Liquidator on site, so you can appoint us with the confidence that your case will be handled by respected and trusted professionals.
Call ISA today for a free quote on 1800 003 883.Our advice is completely confidential and obligation-free.