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…
In their last major policy announcement of 2015, the federal government announced the establishment of the National Innovation and Science Agenda (NISA), designed to support innovation in Australian companies and assist the nation’s businesses head into the future. As part of the agenda…
Businesses are struggling with financial problems. Find out how to identify problems and ask for financial advice early It’s very likely that your business has been hit hard by the impact of the global slowdown as a result of the ongoing Coronavirus crisis. Many companies will have had cash flow problems…
If you are a creditor of a business that has gone into liquidation, you need to understand your rights. There are certain duties, or processes, that the liquidator must follow. As a creditor, you should ensure that you get as much of the money owed to you as possible. It is important that you understand…
Insolvency can affect a whole range of stakeholders, as when running a business there is a whole a list of people to pay, this is especially the case when a business breaks apart. According to the Australian Securities and Investments Commission (ASIC), the three most common corporate insolvency…
While everyone has dreams of starting up a business and achieving high levels of success, the truth is that it sometimes isn’t meant to be. Not every startup founder can strike it rich – in fact, the majority don’t even make it. Recent data from the Australian Bureau of Statistics indicated that over 60 per…
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…
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…
Great leaders are not those who always succeed, but instead those who rise up, like a phoenix from the ashes of adversity, to recapture success from the clutches of fate and mismanaged finances. Bankruptcy, liquidation, personal illness and even back-stabbing adversaries can come between the final…
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…
Making sense of the regular analyses into the Australian economy can be a challenge at the best of times, but when two high-profile information releases seem to run counter to one another, it’s easy to quickly become confused. Whether or not your organisation identifies with one opinion or the other…
There’s a general sense in the Australian economy right now that not a lot is happening, and businesses around the nation are in something of a holding pattern. Perhaps it’s the spectre of an early election contributing to a more risk-averse environment, as any decisions made now could be interrupted or…
Business conditions are not expected to improve in the short term and companies will need to continue navigating through difficult waters. We have selected 3 management tips that we feel will provide a significant impact for a business to survive these difficult times.
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…
With construction one of the most lucrative and important industries in the Australian economy, in times of difficulty there can be impacts on the entire nation. Figures from the Australian Industry Group (Ai Group) help give a sense of just how critical the sector is, noting that direct construction industry…
The JobKeeper payment was introduced by the Australian government in March 2020 to assist businesses impacted by the Coronavirus pandemic. JobKeeper provided a wage subsidy for employers so they could keep staff in their jobs when business income slowed or stopped completely. This was expected to enable…
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…
There’s no denying that small businesses are a vital part of the Australian economy, and society as a whole. From a purely statistical point of view, the Treasury Department found that almost half of all private sector employment came from the country’s over two million SMEs. Those are huge numbers…
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…
There is a strong chance businesses today are navigating through difficult waters with continued uncertainty in both the global and local economy.
Financial and operational restructuring is vital for many businesses in distress if they are to implement recovery measures while remaining viable and competitive…
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…
It is important for business leaders to understand there are alternative options to simply liquidating their company. In many cases, these avenues can ensure that the business is able to remain profitable and provide a better return to creditors than winding up operations. One of these examples is a Deed of Company…
Despite the hard work of business leaders, there are always examples of companies running into financial distress and experiencing poor cash flow.
Many businesses find alternative ways to pay these bills and other finances, yet some aren’t so lucky and could find themselves facing an Australian Taxation…
Small business can face many hurdles and challenges internal to the running of everyday tasks and the pursuit of goals, but when these threats come from external forces it can be hard to know what to do or how to prepare. While the following threats may be impossible to avoid or control, it is always…
IFor companies in Australia, navigating Corporate insolvency relies on the selection of proficient corporate insolvency services. Company directors or other stakeholders should seek an experienced service provider who comprehends the legalities and also understands the profound impact insolvency…
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…
The NSW Government has announced new COVID-19 Small Business Relief Packages. The relief measures are intended to assist businesses and their owners impacted by the current COVID-19 restrictions The idea is to reduce cash flow constraints so that money can be utilised to pay for things like rent…
Corporate insolvency is a situation where a company cannot pay its debts, and the creditors are unable to recover their money. This can be an incredibly difficult time for businesses of all sizes in Australia as financial pressures mount. However, there are options available to help companies through this period and possibly…
If your business is experiencing financial difficulties, you need to understand the corporate insolvency services available to you. In this article, we’ll tell you how to identify the signs a company is in financial trouble and what options are available to businesses in this situation. We’ll provide an overview of corporate insolvency services and…
When a business is struggling, it can be difficult to know where to turn for help. Business insolvency specialists are experts in helping businesses at risk of becoming insolvent. They can provide guidance and support to companies who are struggling financially and may be able to help them avoid bankruptcy. If you are looking for advice on…
Making any form of insolvency or restructuring appointment is a stressful time for directors and shareholders. Whilst embarrassment and fear of the unknown are common emotions, it is important to realise there is no shame in a business failing or experiencing liquidity issues as these things happen all the time…
If you find yourself in a situation where you need financial advice for your business, let us help you.