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Statutory Restructure vs Liquidation: Which is right for you?
Statutory Restructure vs Liquidation: Which is right for you? When a business is in financial...
What to Do When You Receive a Director Penalty Notice (DPN)
What to Do When You Receive a Director Penalty Notice (DPN) A letter arrives from the Australian...
How to Protect Personal Assets During Business Restructuring
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…
Expert Guide to Director Dispute Resolution
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…
Preventing an Unfair Preference Payment to Avoid Director Liability
In Australian insolvency law, unfair preference payments are of critical importance. These aim to...
What is Trading While Insolvent?
Australian businesses have significant responsibilities. One of the main aspects of this is...
How Div 7A Loans May Help Your Company
Division 7A, as part of the Income Tax Assessment Act 1936, is a crucial aspect of financial...
10 Things to Prepare Before Seeking Small Business Restructure Advice
Before seeking small business restructuring, you must understand the documents and information you...
Safe Harbour Provisions Financial Advice and Criteria
Although Business Safe Harbour can offer companies like yours a way out of financial distress, it...
How to Gain Small Business Restructure Eligibility With the ATO
Small businesses seeking ATO (Australian Tax Office) approval for restructuring must meet...
Liquidation vs Voluntary Administration: Expert Guide for Australian Businesses
Australian business owners face a challenging economic era, with many SMEs struggling with...
Insolvency Guide to Overcoming Financial Distress in Australia
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…
How to Avoid Business Insolvency
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…
How A Business Restructure Can Keep Your Business Afloat
There are likely to be hundreds of Australian businesses struggling to stay afloat as we attempt to transition to the ‘new normal’ phase of the global pandemic crisis. After lengthy, repeated lockdowns with little, or no, trading and a struggle to find employees, many companies will fold. If your business…
Everything you need to know about NSW garnishees
A Garnishee order, in NSW, or anywhere in Australia, is a mechanism to collect funds to cover an unpaid debt. A garnishee order may be issued to recover debts from an individual. The Australian Taxation Office (ATO) may issue a garnishee order to recover unpaid tax debts against a company. This article will…
Bankruptcy Facts and Myths – Sorting Fiction From Fact
It’s a difficult subject. Making the tough decision to file for bankruptcy certainly isn’t to be...
How to Save a Struggling Business – Five Practical Steps
Running a business in Australia is more difficult than ever—in 2023, ABC revealed that business failure rates have reached a 15-year high (15% of Australian businesses failed in 12 months). Many SMEs now struggle to succeed in fiercely competitive modern markets…
ATO Payment Arrangements
In the challenging world of corporate insolvency, directors often face mounting tax obligations...
Expert Guide to Business Performance Improvement
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…
How Liquidation Affects a Director’s Assets: A Comprehensive Guide
Liquidation is a critical process for any company that finds itself unable to meet its financial...
How Safe Harbour Protects Business Directors in Australia
A company director receives support through safe harbour laws to combat the potential of insolvency (trading while in debt). It’s possible to have a complete turnaround and return to normal trading by restructuring a business…
Essential Guide to Small Business Restructuring in Australia
Navigating financial challenges is a reality for many Australian businesses, especially small to...
The Timeline of a Creditors Voluntary Liquidation (CVL)
Navigating financial difficulties can be challenging for any business, especially when debts...
Steps to Take and What to Expect If You Choose Bankruptcy
Dealing with personal debt can be overwhelming, but taking proactive steps can make a significant...
Types of Personal Insolvency Appointments
Bankruptcy is just one formal option available under the Bankruptcy Act to manage your debt. Other formal options include temporary debt protection for 21 days reprieve from creditors enforcing a judgement against you, a debt agreement or a personal insolvency agreement. Talk to Corporate Lifeline about…
Navigate Director Penalty Notices with Expert Help
Rising Tide: Latest ASIC Data on External Administrations in Australia Recent data from the...
How To Keep Business Afloat Once JobKeeper Ends
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…
Federal Government Set To shake Up Insolvency Laws
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…
How To Recognise Signs That a Business Is Failing
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…
Corporate Receivership vs Liquidation: What’s the Difference?
If you’re a company director and you believe your business is at risk of becoming insolvent, it's...
Creditors Rights In Company Liquidation
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 Across Stakeholders:Directors
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…
When It’s The Right Move And How To Handle It.
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…
Your Company Has Received a Statement of Claim
If your business has received a Statement of Claim then you have been taken to court. The dispute between you (the defendant) and the person or business (the plaintiff, or applicant) filing the statement of claim is in the court’s system. You must respond within 28 days or there could be serious repercussions…
Insolvency & Bankruptcy Protections Extended
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…
How Liquidation Could Help Your Company
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…
What Happens to Unsecured Creditors in Liquidation
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…
Three Key Business Advantages of Voluntary Administration
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…
The Cycle of Sucess In Business
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…
What Happens When The Taps Are Turned Off
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…
How to Navigate Conflciting Business Sentiments
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…
How To Prepare Yourself For Approaching Tax Deadlines
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…
Three Important Survival Tips For Distressed Businesses
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.
How to Build a Business Strategy That Delivers Long-Term Success
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…
Commercial Construction Financing Challenges
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…
Now That JobKeeper Has Finished
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…
What Happens When a Company Goes Into Liquidation in Australia?
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…
How to stop your organisation going the way of Dick Smith
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…
As COVID-19 relief dwindles, the ATO looms over small businesses
The COVID-19 crisis has hit everyone hard, but its effects aren’t just upon the health of the community. The financial repercussions have been severe and they have been widespread. Both individuals and businesses have been hit hard. And this has prompted the government to soften its approach…
Are you prepared to deal with a business crisis?
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…
COVID-19 Business Interuption Claims – All You Need to Know
What happened? In November 2020, Insurance Australia Group Limited (IAG:AU) announced it would raise up to $750 million in new equity capital. The move taken by IAG was in response to the Supreme Court of New South Wales Court of Appeal (NSWCA) 18 November judgment on a business…
Common Recovery Proceedings
Creditors have various means of debt collection they can apply, and the following are the five most common. Statement of Claim A statement of claim is normally the first step in the debt collection process through the court system. The statement of claim will address the elements of the law…
3 tips for managing money problems in your business
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…
Family Law and Insolvency
The Family Law jurisdiction is often characterised by high emotions and delays inherent in the system.This article focuses on the interplay between family law and insolvency. It may assist in identifying mechanisms available in the corporate sphere which may assist in settlement of matrimonial property disputes…
Understanding a Director’s Liability for Insolvent Trading
Financial distress is a stressful time for directors in Australia, but you can navigate your situation successfully by understanding business insolvency and your options. In fact, you have a legal obligation for specific insolvency director’s duties. But if you’re struggling to deal with the pressure, find peace of mind in…
Simplified Liquidation Process
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…
How can liquidation affect a director’s credit rating?
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…
How to Help Your Clients Survive Financial Distress
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…
Asia pacific CEOs face troubled water ahead – report
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…
What Is A Deed Of Company Arrangement And Why Your Business Needs One
In addition to Australia’s competitive marketplace, businesses have had their trade slow down or completely stop, during the various lockdowns and measures taken to reduce the impact of the Coronavirus pandemic on the population. It looks like we are inching towards a “new normal” way of living and…
Deed of Company Arrangement
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…
ATO Garnishee Notice
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…
How Voluntary Administration Could Rescue Your Business
Voluntary Administration offers a lifeline for businesses facing financial distress. It is a process designed to provide breathing space for companies, allowing them to reorganise or restructure their operations for better financial health.
Australian Law of Unfair Competition Guide
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…
Garnishee Notices Explained: A Professional Guide
Garnishee notices are legal instruments used in debt recovery processes. They are directives issued by a court or government agency, compelling an entity or individual to withhold funds from a debtor and redirect them to the creditor. This guide describes garnishee notices and the processes involved.
Lockdowns Are Ending. What Next for Your Business?
Major Australian cities are cautiously emerging from long-term lockdowns, put in place as preventative measures in reaction to the Coronavirus pandemic. None of us knows yet whether we are returning to ‘normal’ or whether the worst of the pandemic is over. For many businesses, these unprecedented…
A Guide to the Voluntary Administration Process
If you believe your business is insolvent and you are considering putting the company into voluntary administration, you’re making a wise decision that may end up saving your business from liquidation. This article will provide an overview of Voluntary Administration. We’ll look at the duties of the administrator…
COVID Safe Harbour Provisions for Australian Businesses
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…
Understanding Business Liquidation Companies in Australia
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…
Latest Business Liquidation Advice for Survival
Almost two years since the global COVID-19 pandemic changed the way we all live and work it is still unclear what the ‘new normal’ will be or if there will ever be a ’normal’ again! It is not surprising a great many businesses have not survived the massive changes to the way we shop and trade now…
All You Need to Know About Bankruptcy
Bankruptcy is a process declaring that a person is insolvent because they are unable to settle their outstanding debts. The process provides legal protection to individuals who are insolvent and unable to agree on a repayment arrangement that is acceptable to their creditors. The bankrupt is no longer…
How the COVID19 Small Business Support Grant Impacts Your Business
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…
Deed of Company Arrangement: What Does It Mean for Your Business?
In the realm of corporate finance, the Deed of Company Arrangement (DOCA) can be viewed as a potential lifeline for companies on the edge of financial difficulties. In this article, we help you to understand what a DOCA entails, it’s significance, and the benefits it can offer to you and your business.
Business Guide to Voluntary Administration
In the world of business, financial turbulence is not an uncommon scenario. Companies, big or small, may face financial difficulties due to various reasons. It’s during these challenging times the concept of voluntary administration comes into play. But what exactly is voluntary administration, and how does it work?…
Understanding Small Business Restructuring
Small business restructuring is an insolvency framework introduced in Australia in 2021, to help smaller businesses handle the impacts of COVID-19 on the economy. This unique framework is the first in Australia allowing the directors of struggling companies to maintain control over their business, rather than relinquishing control…
Business Liquidation Guide
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…
How To Choose The Best Bankruptcy Trustee In Sydney
If you are struggling financially and considering bankruptcy, it is important to understand what this process entails. Bankruptcy is a legal process to help people who can’t pay their debts get a fresh start. In this article, we will discuss the signs indicating you need to file for bankruptcy, ways to improve your financial situation…
Corporate Insolvency Services
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…
Voluntary Administration Advice Business Guide
Voluntary Administration is a valuable tool for businesses in Australia facing financial difficulties. This option can provide an opportunity for companies to stay afloat and improve their financial situation with the help of a qualified administrator. his process allows businesses to restructure and gain greater control over their debt while…
What’s Involved In The Voluntary Administration Process In Australia
When a business is struggling financially, its owners may consider Voluntary Administration as a way to restructure the company and allow it to continue operating. Voluntary Administration is a formal process administered by a licenced, independent administrator. The administrator will take control of the company and work…
Corporate Insolvency Services: Complete Business Guide
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…
Everything That Needs to be Considered in A Tax Debt Evaluation
In Australia, tax debt is a real problem for both individuals and businesses. The Australian Taxation Office (ATO) often responds with harsh penalties for those who owe money. If you are struggling with tax debt, it is important to seek help from a financial expert. This article will explain the causes of tax debt, the response from the ATO…
Business Restructuring Strategies for Company Turnaround
Company directors are often faced with difficult decisions when their company is experiencing financial difficulties. In some cases, it may be necessary to restructure the company in order to turn around the business. This can be a complex process, and there are a number of steps to be taken in order for it to be successful. In this blog post…
Choose an Insolvency Specialist for Your Financial Recovery
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…
Small Business Liquidation Process: Step-by-Step Expert Guide
These are difficult times for Australian businesses, with increasing interest rates, global supply chain issues and continuing uncertainty over COVID-19, and its ongoing variants. Many companies are struggling financially and may face insolvency and liquidation. This article looks into the Small Business Liquidations process for small businesses…
Directors and Shareholders – Your Corporate Insolvency Checklist
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…
Business Advisory Services
Are you a business owner who is struggling to make ends meet? Are you finding it challenging to keep up with the competition? Do you need help understanding the numbers? If so, business advisory services may be what you need! Business advisory services are consulting services designed to help business…
How To Find The Best Bankruptcy Trustee
When you are being chased to pay bills you can’t afford, you can feel stressed and lonely. Bankruptcy may feel like a solution to make your problems go away. However, bankruptcy has major consequences on your life now and into the future. We recommend you get professional financial advice before…
Bankruptcy Legal Advice
There is often confusion regarding the difference between personal insolvency and an insolvent company. If a company director becomes bankrupt there are consequences for the company and if a company is insolvent, there may be consequences for the directors. This article will take a look at both situations…
A Comprehensive Guide To Small Business Liquidation
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…
Breaking Down The Cost Of Voluntary Administration For Your Business
We are, hopefully, approaching the end of two years of uncertainty, lockdowns and other restrictions in response to the global Coronavirus pandemic. However, at the time of writing, a war in Eastern Europe is impacting the price of oil and increasing the cost of living across most of the world. Many…
Where To Start If Your Company Goes Into Liquidation?
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…
Ask Corporate Lifeline – Quick Reference Sheet
The company is insolvent and unable to repay debts. The directors may be guilty of trading while insolvent if the company continues. The company has severe financial difficulties and is under pressure from creditors. There are disputes between directors/other shareholders. An Administrator is appointed…
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