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[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Welcome to 2021! In our previous update in the December Quarterly Newsletter (read here), we provided an overview on the New Restructuring and Insolvency Processes for Small Business. Roll forward to 1 January 2021 and the changes have come into effect for eligible small businesses. The Australian Government has compiled a useful fact sheet pertaining to Simplified Debt Restructuring which can be found here. Below are some key points for consideration...

[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_text]Too often we encounter non-compliance by a bankrupt while managing their bankrupt estate. The implications for this can be far reaching and financially onerous making the process challenging for both the Bankrupt and the Insolvency Practitioner. The below case study provides an inside look at a recent Bankruptcy matter SV Partners were appointed to where the Bankrupt held an interest...

[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]There is no question that the Federal and State Governments have been assisting businesses with cash flow during the COVID crisis. We also know that many businesses had been struggling to stay afloat prior to COVID. These so called 'Zombie Businesses' have been kept alive by stimulus measures and other government support programs, despite their increased likelihood of failure. With COVID financial Government assistance drying...

[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_text]Inheritances from deceased estates can result in some of the largest funds received by individuals in their lifetime. Usually the major asset in a deceased estate is the real property owned by the deceased at the time of their passing. In some instances life tenancies are provided by the deceased in their Last Will and Testament (Will) which can cause...

[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_text]As we slide into the end of the calendar year, a year that has seen unprecedented events, I thought it prudent to provide an update on matters from the world of insolvency that may have an impact on your clients or someone you might know. This update is provided under the following headings: A. Superannuation Guarantee Amnesty B. Insolvent Trading moratorium...

[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]Upon an individual’s bankruptcy, a Bankrupt’s interest in ‘divisible’ property/assets vests in the Bankruptcy Trustee to recover and sell for the benefit of the bankrupt estate and creditors. Divisible property includes a wide range of assets, such as real estate and the family home. There are some exemptions, which allow a Bankrupt...

[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Non-compliance by a Bankrupt is a common occurrence when managing a Bankrupt Estate. More often than not, a Bankrupt will not respond to written correspondence from their Bankruptcy Trustees (“Trustees”), not return phone calls and simply not cooperate with their Trustees. Two of the most common documents not completed by a Bankrupt when requested, are their Bankruptcy Form and Income Contribution Questionnaire. The majority of non-compliant Bankrupts...

[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...