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Cash Flow and COVID
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 up, there are major concerns as...
December 14, 2020
Case Study – Bankruptcy: Interest in a Deceased Estate and Annulment
Reading Time: 3 minutes 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 in a deceased estate. The Situation...
Deceased Estates and Bankruptcy
Reading Time: 6 minutes 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 some deceased estates to last for...
What Happens to the Family Home in Bankruptcy?
Reading Time: 8 minutes 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 to retain certain assets (which we will traverse in a separate newsletter article). Sounds...
State of Play – Insolvency Update
Reading Time: 7 minutes 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 comes to an end C....
Business and Assets For Sale – Smart City Solutions Pty Ltd
For an Information Memorandum, please contact Stuart Starr from our Adelaide office on (08) 7077 2444 or email [email protected]
October 22, 2020
Insolvency Law Reforms 2020
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 protection measures for company directors. What...
September 24, 2020
Director’s Duties in the COVID Environment
Reading Time: 4 minutes 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 several measures to assist individuals and businesses, including stimulus packages, loans and other...
December 14, 2020
Zombie Businesses Set to Continue with JobKeeper 2.0
Reading Time: 4 minutes 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 businesses which included the extension of the temporary insolvency and bankruptcy protections until...
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