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[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]For an Information Memorandum, please contact Stuart Starr from our Adelaide office on (08) 7077 2444 or email [email protected][/vc_column_text][vc_empty_space][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_single_image image="10787" img_size="large" qode_css_animation=""][/vc_column][/vc_row]...

[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Voluntary Administration (VA) is an insolvency process that can allow an otherwise likely insolvent company and its director(s) the opportunity to freeze all creditor recovery actions, and put forward a formal offer to creditors to compromise or settle their debts. This process can be quick, typically lasting between 25 and 30 business days, and must be undertaken through the appointment of an independent Voluntary Administrator. A company...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]As the economy continues to recover from the Coronavirus pandemic and the associated lockdown measures across the country, the Morrison Government has announced changes to Insolvency laws to aid businesses in the recovery process.  These changes are to commence on the 1st January 2020. The Australian Restructuring Insolvency & Turnaround Association (ARITA) has released an announcement today (29/09/2020) regarding the COVID-19 temporary insolvent trading...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] [/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]A lien is defined typically as “a right to keep possession of property belonging to another person until a debt owed by that person is discharged” or, in other words, it is a form of unregistered security that we need to be aware of. A recent case highlights how a lawyers lien was...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] [/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]Coronavirus has had a significant impact on many aspects of our lives. Businesses around the world have been heavily hit, which has resulted in Australia’s economy entering its first recession in nearly 30 years. To help combat the impact the virus will have on our economy, the State and Federal governments have introduced...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] [/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]In March 2020, the Government’s early response to the economic consequences of COVID-19 included temporarily suspending Australia’s Insolvency Laws under the Coronavirus Economic Response Package Omnibus Act 2020, with an expiration date of 25 September 2020. On 7 September 2020, the Federal Government announced the extension of the temporary relief for financially distressed...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] [/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]In Australia one the most common assets held by individuals is real estate, and in particular the family home. As a result, when administering bankrupt estates it is common that Trustees are required to deal with real property and the competing interests in the property held by the bankrupt and other parties,...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] [/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text] Practitioners strike a balance between legal obligations, interests of stakeholders and commercial considerations when selling assets and pursuing legal claims. If a decision is not taken with care to get the best possible price or to claim only for the amount that fairly represents the interest in or value of the asset or...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] [/vc_column_text][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]Retention of Title (RoT) clauses are a common method by which suppliers of goods seek to protect their interests in the event that a customer is subject to an insolvency event. RoT clauses may fall into one of the following categories: Simple RoT clauses – the supplier is entitled to recover specific...

[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Whilst Australia continues to manage “the curve”, this has come at a significant cost to business and the economy as a whole. No one knows when it will end and what the outcome will be economically. Now is the time for business owners to be making post-pandemic plans to deal with the looming  “debt bubble”. The business survival tips provided below is aimed at assisting accountants and...