WHEN IT’S NO LONGER BUSINESS AS USUAL,

Business Insolvency
News & Advice

How Voluntary Administration Could Rescue Your Business

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.

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Garnishee Notices Explained: A Professional Guide

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.

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Your Guide to Corporate Insolvency Services in the Australian Market

Your Guide to Corporate Insolvency Services in the Australian Market

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…

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Understanding Business Liquidation Companies in Australia

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…

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Deed of Company Arrangement: What Does It Mean for Your Business?

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.

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Understanding Voluntary Administration: A Comprehensive Guide

Understanding Voluntary Administration: A Comprehensive Guide

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?…

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Understanding Small Business Restructuring

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…

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Business Liquidation Guide

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…

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How To Choose The Best Bankruptcy Trustee In Sydney

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…

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Corporate Insolvency Services

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…

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How Voluntary Administration can reveal options for your business

How Voluntary Administration can reveal options for your business

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…

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What’s Involved In The Voluntary Administration Process In Australia

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…

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Everything That Needs to be Considered in A Tax Debt Evaluation

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…

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How Do You Choose A Business Insolvency Specialist You Can Trust

How Do You Choose A Business Insolvency Specialist You Can Trust

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…

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Small Business Liquidation. Simplifying The Process & What You Need To Know

Small Business Liquidation. Simplifying The Process & What You Need To Know

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…

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Directors and Shareholders – Your Corporate  Insolvency Checklist

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…

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Business Advisory Services

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…

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How To Find The Best Bankruptcy Trustee

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…

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Bankruptcy Legal Advice

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…

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A Comprehensive Guide To Small Business Liquidation

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…

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Breaking Down The Cost Of Voluntary Administration For Your Business

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…

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Where To Start If Your Company Goes Into Liquidation?

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…

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Ask Corporate Lifeline – Quick Reference Sheet

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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What Is A Deed Of Company Arrangement And Why Your Business Needs One

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…

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How A Business Restructure Can Keep Your Business Afloat

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…

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Retain

Retain

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…

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Lockdowns Are Ending. What Next for Your Business?

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…

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Everything You Need To Know About Voluntary Administration in Australia

Everything You Need To Know About Voluntary Administration in Australia

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…

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The Latest Business Liquidation Advice You Need To Survive

The Latest Business Liquidation Advice You Need To Survive

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…

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All You Need to Know About Bankruptcy

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…

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Nsw Lockdown – Small Business Support Grants Announced

Nsw Lockdown – Small Business Support Grants Announced

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…

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What Are Some Types of Personal Insolvency Appointments?

What Are Some 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…

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How to Recognise When a Company Is Suffering

How to Recognise When a Company Is Suffering

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…

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What Are Creditors Entitled To When A Business Goes Into Liquidation?

What Are Creditors Entitled To When A Business Goes Into 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…

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Your Company Has Received a Statement of Claim

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…

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What To Do If You’re An Unsecured Creditor

What To Do If You’re An Unsecured Creditor

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…

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Three Important Survival Tips For Distressed Businesses

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.

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Now That JobKeeper Has Finished

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…

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All You Need To Know About Business Liquidation

All You Need To Know About Business Liquidation

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…

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As COVID-19 relief dwindles, the ATO looms over small businesses

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…

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COVID-19 and business interruption claims

COVID-19 and business interruption claims

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…

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Common Recovery Proceedings

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…

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Family Law and Insolvency

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…

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Simplified Liquidation Process

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…

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How to Help Your Clients Survive Financial Distress

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…

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Deed of Company Arrangement

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…

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ATO Garnishee

ATO Garnishee

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…

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Worried About Insolvent Trading?

Worried About Insolvent Trading?

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…

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Insolvency & Bankruptcy Protections Extended

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…

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What Happens When The Taps Are Turned Off

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…

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So, What Happens When You Are No Longer Eligible for JobKeeper?

So, What Happens When You Are No Longer Eligible for JobKeeper?

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…

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Honest Small Businesses Can Face Unfair Competition

Honest Small Businesses Can Face Unfair Competition

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…

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Fired To Fired Up! Success Is A Cycle Of Ups And Downs

Fired To Fired Up! Success Is A Cycle Of Ups And Downs

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…

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How To Prepare Yourself For Approaching Tax Deadlines

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…

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How To Improve Your Business Performance

How To Improve Your Business Performance

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…

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Federal Government Set To shake Up Insolvency Laws

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…

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Insolvency Across Stakeholders:Directors

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…

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When It’s The Right Move And How To Handle It.

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…

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How liquidation might help with your company’s money problems

How liquidation might help with your company’s money problems

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…

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3 advantages of voluntary administration

3 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…

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Conflicting business sentiment – a cause for concern?

Conflicting business sentiment – a cause for concern?

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…

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Failing to plan is harming newer australian SMEs

Failing to plan is harming newer australian SMEs

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…

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Financial challenges for the construction industry

Financial challenges for the construction industry

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…

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How to stop your organisation going the way of Dick Smith

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…

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Are you prepared to deal with a business crisis?

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…

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3 tips for managing money problems in your business

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…

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How can liquidation affect a director’s credit rating?

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…

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Asia pacific CEOs face troubled water ahead – report

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…

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How the insolvency process works for directors

How the insolvency process works for directors

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…

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