A recent Federal Court case (1) has found that the liquidator of a company after a failed Deed of Company Arrangement (DOCA) [our FAQ’s on DOCA’s can be found here] may recover payments made to the ATO, on tax debts accrued during the DOCA period, as unfair preferences (pursuant to ss 588FA and 588FE(2B) of the Corporations Act 2001 (Cth) (the Act)). Despite not being directly dealt with in this new...
Australians love to travel. We’re an adventurous and resilient lot. COVID-19 has tested that resilience on a number of fronts, including the restraint on exercising our free movement. Global tourism and air travel has effectively been brought to a resounding halt, and the Domestic travel front hasn’t fared much better, with the pandemic causing some State Governments to impose hard border closures, all but surrendering certain state economies to the same...
I am stating the obvious by saying the COVID-19 caused lockdown in Australia will not be remembered by most as the Time of Opportunity in the lucky country, or in any country. Seeing revenue drop for many businesses by amounts no-one (save for those wearing tin-foil hats) would have planned for has caused intense stress amongst business owners. Add to that the concern washing over your face as you see...
There is an old bankruptcy expression called “keeping house” – an act of bankruptcy in fact before a person is made bankrupt. Picture the blinds that are drawn all day, the doorbell and knocks that go unanswered even though the lights are on and the debtor is at home, but unwilling to discuss his/her circumstances or accept service of legal documents. On a small number of files, this behaviour continues...
Melbourne, VIC SV Partners have been appointed Adminstrators of Finetea Pty Ltd ATF Finetea Trust (Administrators Appointed) and are seeking expressions of interest for purchase of the business and assets of the renowned and the unique Melbourne Institution that is the Hopetoun Tea Rooms in the Block Arcade on Collins Street, Melbourne. Should you have an interest in this iconic business and its assets, please contact either Lisa Isaac or Christina Ferraro...
Mortgage Trail Book For Sale - Sydney Trail income currently $15,300pm exc. GST. Mortgage Lane Pty Ltd In Liquidation. Jason Porter, SV Partners was appointed liquidator. Xcllusive Business Brokers have been appointed as exclusive agents and seeking urgent offers from perspective buyers. Trail income currently $15,300pm exc. GST. This well- established loan book is currently aggregated through AFG. Loans number 326 to value of $104M mostly with the major banks. As this is an AFG...
With the release of the latest personal insolvency statistics from the Australian Financial Security Authority in December 2019, annual personal insolvency figures covering bankruptcies, debt agreements and personal insolvency agreements have fallen notably across the board. In 2018-19 there were 27,058 new personal insolvencies, a decrease of 15.1% compared to the previous year. Of these new personal insolvencies, bankruptcies accounted for 15,329 falling by 8.8% year on year, along with a...
Dealing with outstanding tax debt is a situation many businesses find themselves facing and remains an ongoing issue for the ATO. In 2018-19, small business accounted for $16.5 billion in collectable debt at the ATO, an increase of $2.6 billion over 2 years, with many businesses facing short term cash flow problems which prevented them from meeting their obligations. The ATO have a number of solutions in place to assist small...
In November 2019 I authored an article entitled ‘Surviving the Christmas Cash Flow Hangover – A Retail Focus’ It was discussed that the December Business Activity Statement is often the largest one for the year due to the higher sales that Christmas generates, which results in a large GST bill and a suitably high pay-as-you-go instalment for the same reason, given additional staffing required at this time. So, if you wish to...
7 to 14 January 2020 – Aspen, Colorado | 7 to 14 January 2021 – Aspen, Colorado (likely dates) The 2020 AALDC celebrated the 21st year of the conference. Once again it was an outstanding success with approximately seventy delegates attending informative conference sessions by eminent speakers in a number of different legal, financial and business related fields. In addition, enjoyable networking events were held throughout the week at which delegates...
