WHEN IT’S NO LONGER BUSINESS AS USUAL,
Improving business performance is something that most Australian companies strive for at all stages of their life span. For those experiencing a period of financial distress, it can mean the difference between survival and failure. Carrying out a regular assessment of your company’s financial health is a…
September 2020 will be a critical month for many businesses and the economy in general. This means when Covid support ceases for your business, business owners will once again need to rely solely on their own turnover as well as deal with creditors seeking to recover debts. Some of which could’ve…
On 7 September 2020, the Federal Government announced that the temporary changes to the creditors’ statutory demand and insolvent trading laws have been extended to 31 December 2020. Regulations will be made to extend the changes originally announced in March, from 25 September to…
As a general rule, your goal when running a small business is to reach an equilibrium point where the revenue you take in matches the expenses you pay out each month. If you can get to this “sweet spot” where your cash flowing in and out are equal, you just might have a chance at running a business…
Do you suspect that one of your customers is having financial difficulties? Are they at risk of becoming insolvent? In the event of a financial crisis, it is likely that your customer will go into liquidation or begin Voluntary Administration. You will be considered an unsecured creditor. This means that your…
Let’s face it – running a business can be tough. Due to the shifting economy, changes in government policies or evolving consumer tastes and technologies, all companies will occasionally find themselves in times of financial distress. Whatever the reason behind the trouble, If your company is experiencing…
2020 has thrown us hurdle after hurdle and many businesses have taken a big hit. While everyone is trying to make the best of a bad situation, many business owners may find themselves thinking, “Will we actually make it through this period and be able to get our business back on track?” The Government…
There is no debate that owning a small-to-medium business is a popular career option for many Australians, with the number of people employed in SMEs dwarfing those working in other sectors. In fact, research from the SME Association of Australia (SMEA) has found that a staggering 99.7 per cent of all…
What is a business liquidation? Liquidation is a legislated process by which the assets of a registered company are realised, its financial affairs finalised and the company is deregistered meaning it ceases to exist. In nearly every case, liquidation boils down to a cash flow issue. When it is no longer…
The end of an era has come for one of Australia’s most iconic businesses, with electronics retailer Dick Smith set to close the doors of every single one of its 363 stores on both sides of the Tasman in the coming weeks. Following the appointment of administrators in January, the chain has entered an…
In times of financial difficulty, it’s important to know that those in positions of importance are capable of doing what is in the best interests of the company. This can mean making some tough decisions, choosing to liquidate or appoint a voluntary administrator, for example, or put a strategy in place to…
No matter how big an entity gets, no-one is immune to occasional financial problems. You could be considered one of the true leaders in your particular field, and the go-to reference when people think about success in your industry, but true success is dependent on careful, smart money management…
On 10 December 2020, the Federal Government made changes to Australia’s insolvency framework. As a part of these changes, a new, Simplified Liquidation Process was introduced on 1 January 2021. The new Simplified Liquidation Process is a streamlined creditors voluntary winding up for Companies that have…
If you are the director of a company facing the prospect of liquidation, chances are your attention may not be immediately focused on your personal finances. Once all is said and done however, whatever the final position of your business, eventually you will have to take stock of your individual position…
Australian business leaders, along with their Asia Pacific counterparts, are continuing to face many challenges. As well as issues of cyber security and natural disasters, regional geopolitical tensions remain high on their agenda. In fact, according to PricewaterhouseCoopers’ (PwC) fifth annual APEC CEO Survey…
One of the lifelines that was thrown to businesses from the Government during the pandemic was a blanket form of “Covid Safe Harbour”. This temporary version of Safe Harbour was introduced by the Federal Government, offering protection to Directors against personal liability for debts incurred by a company…
In this article, we aim to shed light on the role and importance of business liquidation companies, tailored specifically for professionals and executives in Australia. We explore business liquidation, including how it can impact different types of businesses. We discuss the role of company management…
In the uncertain world of business, it’s not uncommon for companies to find themselves facing financial difficulties. One possible outcome of these circumstances is business liquidation. This article will help with understanding what this means. The causes, the process, and any alternatives can be crucial for decision-makers…
When a company becomes insolvent and enters the liquidation process, this can be a stressful and confusing time for those directly involved. This article is a guide to the process and what your role may involve. We will end with advice on how to recover from financial difficulties and avoid insolvency…
Liquidation in Australia is the process of winding up a business. The business will often have been insolvent and the liquidation process will distribute any business assets to creditors to pay off outstanding debts. This guide is in three sections. We examine the role of the liquidator and the end-to-end…
If you find yourself in a situation where you need financial advice for your business, let us help you.