How Voluntary Administration Can Assist Your Company

How Voluntary Administration Can Assist Your Company   Companies experience financial difficulties all the time and particularly now with COVID 19 business owners need to be aware of their options if they suspect their company may be insolvent. Instead of closing your business permanently and placing it into liquidation, business owners should consider other available options such as a small

READ MORE

Different Types of Company Liquidation

Different Types of Company Liquidation Liquidation of assets is an inevitable part of closing a business’ doors. If you have to liquidate your company, there are important details and steps you need to know to simplify the process and choose the right process for your closing business. What is a Company Liquidation? Company liquidation is the steps made to close

READ MORE

Consequences of Insolvency to a Business

Consequences of Insolvency to a Business Insolvency refers to a state of financial distress which happens when a business cannot pay its debts. A limited company that is insolvent may enter into liquidation, whereas a partnership or sole trader may lose their personal assets, resulting in bankruptcy.   Consequences to Partnerships and Sole Traders Partners and sole traders that are

READ MORE

What’s Insolvency? Here’s a Quick Overview

What’s Insolvency? Here’s a Quick Overview   If you’re insolvent, that means you have to file for bankruptcy, right? Not exactly. Insolvency can be a little confusing. But, we’ve got you covered.   Today, we go over the basics of insolvency and the options you have for financial assistance.   Insolvency v Bankruptcy Insolvency refers to a financial state of

READ MORE

What are the new changes to insolvency laws in 2021?

What are the new changes to insolvency laws in 2021?   The most significant corporate insolvency reform in 30 years came in effect on the 1st of January 2021. New legislation that is applicable to small businesses has been passed by Parliament and given royal assent. With the end of the temporary Covid-19 relief measures, businesses must be familiar with

READ MORE

3 Tips for Managing Your Finances and Getting Out of Debt

3 Tips for Managing Your Finances and Getting Out of Debt   Getting out of debt may be one of the most liberating experiences in your life. The journey is difficult, however with the proper finance strategies and discipline, you will find yourself on the right path.   1. Figure out your current debt situation.   It may be difficult

READ MORE

Which industries were hit the hardest by COVID-19?

You may have heard about Virgin Australia Group being placed into administration back in April 2020, or the many retailers having to shut their bricks and mortar stores. These are just some of the examples of the significant impact the COVID-19 pandemic has had on our economy. Below are some of the industries that were hit the hardest since COVID-19

READ MORE

Alerting Business Owners: The new JobKeeper might cause bankruptices

The JobKeeper program that provides a wage subsidy to workers of up to $1,500 per fortnight is due to end in September. If you would like to more information on JobKeeper click here However, with the surge of cases in Victoria and lockdown in Melbourne city, the Morrison Government has decided to revamp and extend the program beyond September. Once

READ MORE

Staying alert: Director’s liabilities not covered by temporary COVID-19 relief laws (Coronavirus)

With some states in Australia potentially experiencing a second wave of COVID-19, many businesses are still struggling to cope with the financial repercussions since the start of the pandemic. As a director, you may be aware of the temporary relief measures put in place to protect directors temporary from personal liability during insolvent trading, effective 25th March to 25th September

READ MORE