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17 Nov

Posted at 14:54h in Insolvency News, Recent Posts by
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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][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] An official statement by the Australian Taxation Office (ATO) today indicates debt recovery actions will recommence in New South Wales, Victoria and ACT “after a general pause during lockdowns”. The ATO’s initial focus will be on taxpayers with higher debts and superannuation guarantee debts, and that all other taxpayer debts (smaller non-super guarantee debts) will be pursued in the new...

24 Nov

Posted at 08:00h in All, Blog Post by
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[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] The native North American Grizzly bear and the ATO. Can there be similarities between an animal and a sovereign regime? Let’s compare the two and find out: [table id=17 /][vc_column_text]So there you have it, 5 similarities to 2, the Grizzly Bear and the ATO are almost identical, in a way. Who would have thought? Focusing on hibernation, when it comes to the ATO’s debt collection practices during the COVID-19...

24 Sep

Posted at 11:44h in Insolvency News, Newsletters, Recent Posts by
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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][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]A Trustees’ decision whether a person is a dependant or not can affect the ability of a bankrupt to reduce their income contributions liability. From a trustee perspective, assessing the liability is sometimes challenging, particularly with consideration as to whether a person is a full dependant of the bankrupt or not at all during a contributions period.   Is the Person a...

19 Oct

Posted at 09:35h in Blog Post, Recent Posts by
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[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] The sale of a family business is usually an exciting time for all involved. This is particularly true for those who started out with a business idea and after many years of toil, are now finally “exiting their business” - looking forward to retirement or their next adventure. Despite the excitement, it can be a bitter pill to swallow when their accountant does the numbers and tells...

24 Sep

Posted at 11:45h in Insolvency News, Newsletters, Recent Posts by
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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][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]Sometimes an individual (Debtor) finds themselves “in over their heads” with debt – we consider this to be unmanageable debt. In an effort to avoid bankruptcy (or have the restrictions of bankruptcy removed), a Debtor can seek to settle / compromise their debt by paying some of the debt they owe. There are a number of ways this can...

24 Sep

Posted at 11:45h in All by
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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][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]When a company is placed into liquidation, many people make an assumption about the company’s affairs and the ability to make any realisations from the company’s business. This assumption is typically that there is no prospect the liquidator could achieve a sale of business. Because of this assumption, directors of companies often continue trading businesses (frequently at a loss) until...

24 Sep

Posted at 11:44h in Insolvency News, Newsletters, Recent Posts by
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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][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]Personal Insolvency Agreements (PIAs) are an alternative to bankruptcy. They are designed to bring about a better return to creditors of an individual who is insolvent than would result if the individual was to be declared bankrupt.   Benefits of a Personal Insolvency Agreement Flexible – there is freedom as to the terms of the proposal that may be put...

24 Sep

Posted at 11:44h in Insolvency News, Newsletters, Recent Posts by
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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][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]Illegal phoenix activity is a process whereby directors of a company transfer an ongoing business and assets to another entity and then leave the old company to be liquidated. A report commissioned by the Australian Taxation Office (ATO), Australian Securities and Investments Commission (ASIC) and the Fair Work Ombudsman in July 2018 estimated that the annual cost to the...

24 Sep

Posted at 11:44h in Insolvency News, Newsletters, Recent Posts by
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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][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]As reported in a previous article, in late 2019 the Australian Taxation Office (ATO) was given the power to release information to credit reporting agencies concerning the tax debts of a business in certain circumstances. Those circumstances are: The business has an Australian Business Number (ABN), and is not an excluded entity; The business has one or more...

04 Aug

Posted at 09:00h in Blog Post by
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[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Provisional Liquidation can be an effective process to protect your interest in a Company and may be available to directors, shareholders, creditors and other eligible aggrieved parties.  A Provisional Liquidator can step in as a caretaker of the Company.  The role of a Provisional Liquidator includes the preservation and protection of the assets of the Company and maintaining the status quo, during the interim period prior...