Are your debts piling up? Not sure where to turn to? One of the options available is entering into a personal insolvency agreement (PIA). Australian Financial Security Authority (AFSA) defines personal insolvency agreement as “a flexible way for a debtor to come to an agreement with their creditors to settle debts without becoming bankrupt. A debtor must be insolvent to
How Do I Identify Corporate Insolvency?
Knowing how to spot the signs of corporate insolvency and receiving the correct professional advice is critical. It could very well be the ‘make or break’ of your business or company. In order to prevent insolvent trading and limit the number of Australian company liquidations, Insolvency Services Australia (ISA) have outlined the typical situations experienced by companies when they have
Is Bankruptcy the Right Choice for You?
Declaring bankruptcy is a double-edged sword. While it may offer you a clean slate to rid yourself of your debts and prepare for a more efficient financial afterlife, it also has some major drawbacks that may affect you in the future. There are certain things to keep in mind when contemplating whether or not bankruptcy is the right choice for
Small Business’ Futures in Question as Inland NSW Collapses into Voluntary Administration
Inland NSW Regional Tourism Organisation Incorporated has collapsed into voluntary administration, leaving many small businesses’ future in question. On March 31, the NSW tourism body appointed Bradd Morelli and Andrew Spring from Jirsch Sutherland as joint appointed voluntary administrators. The reason being, according to Inland NSW, was that it was not able to get enough funding. A statement from the
The Registered Liquidators
If your business is heading down the path of voluntary liquidation, it helps to do your research so that you can appoint a licensed and registered liquidator with the skills and qualifications to take on your case. Insolvency Services Australia (ISA) is a professional team of registered liquidators and insolvency specialists with a track record in helping Australian businesses through
Australian CEOs Concerned About Corporate Insolvency in 2016
A new survey has revealed that Australian CEOs are gloomy about 2016 and fearing corporate insolvency as the world economy is set back by $200 trillion in debt that will not get paid back. According to ASX chief executive, Elmer Funke Kupper, these lost trillions of dollars will destroy emerging market economies and global growth altogether. The PwC 19th Annual
ASIC Forces Australian Companies into Liquidation to Recover $1.4 million
The Australian Securities and Investment Commission (ASIC) exerted their power to force 32 Australian companies into liquidation in 2014. This was in order to help 99 of their employees recover more than $1.4 million in entitlements. While many company liquidations are entered into by their directors on their own accord, it can also be forced upon them by an outside
What is a Debt Agreement?
A Debt Agreement is a legal alternative to bankruptcy, and involves an arrangement between a debtor and their creditors which allows them to pay back an agreed amount of their outstanding debts over a period of time. After a Debt Agreement Administrator is appointed to an individual case, this representative works closely with the debtor to understand their financial situation.
Personal Insolvencies Rise as Wind-Ups Soar
The number of debtors across the nation is on the rise, echoing the increase in the number of SME wind-ups in recent months as reported by the Australian Securities and Investments Commission (ASIC). An increase in the number of companies in debt ASIC statistics for the end of the last financial year reveal a significant increase in the number
The Bankruptcy Alternatives Available to Australians
Bankruptcy is a potential debt solution for individuals struggling with their finances and looking for financial relief. However, Insolvency Services Australia recommends that bankruptcy should always be seen as the last resort, as it has serious long-term financial and personal repercussions. For example, declaring bankruptcy will place a default on your credit file for seven years. Your name will also