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Stay up to date with the latest news and information in the insolvency, forensic, turnaround and advisory industry. Looking for further information regarding insolvency, turnaround and forensic advice? Contact a member of our team today.

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Directors in the ATO Sights


In recent years, there has been a public policy push towards greater accountability from (particularly) directors in the corporate space. The perception that unscrupulous directors are abusing the legislative framework to avoid having to pay both employee entitlements and taxation liabilities, or are using the Australian Taxation Office (ATO) as a quasi-financier has resulted in a raft of new measures to deter this behaviour. A necessary outcome of this push…

Tags: 2020

March 25, 2020


Australian Accountants, Lawyers & Directors Conference™ – 21 Years


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…

Tags: 2020


Managing Cash Flow following a Disaster – A Regional Focus


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…

Tags: 2020


Tax Debt and Consequences of Failure to Pay


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…

Tags: 2020


AFSA – Personal Insolvency Statistics in Review


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…

Tags: 2020


Treasury Law Amendments (Combating Illegal Phoenixing) Bill 2020


The Treasury Law Amendments (Combating Illegal Phoenixing) Bill 2020, was passed on 5 February and received Royal Assent on 17 February. The Explanatory Memorandum released with the Bill, helps summarise the four measures introduced to combat illegal phoenix activity, detailed as follows: Schedule 1 – New Phoenix Offences (commenced on 18 February 2020) Introduces new phoenix offences to prohibit creditor-defeating dispositions of company property, penalise those who engage in or…

Tags: 2020

February 21, 2020


Register your Security on Time!


As you may know the Personal Property Securities Act 2009 (“the PPS Act”), which established the Personal Property Security Register (“PPSR”), came into effect on 30 January 2012. What is surprising is that some seven years later, companies and individuals are still failing to validly register their PPSR interest, resulting in the loss of hundreds of thousands, if not millions of dollars in security. The purpose of the PPSR was…

Tags: 2019

December 10, 2019


Insolvency – Recognising the Warning Signs


As accountants, there are a number of financial warning signs you would see your clients experiencing that need further attention.  There are also a number of non-financial signs which may be less apparent but are equally as important.  Accountants are at the forefront of being able to identify financial warning signs of distressed companies and are in a good position to assist clients obtaining professional advice and mitigating their risks…

Tags: 2019 Christine Stead


Surviving the Christmas Cash Flow Hangover – A Retail Focus


Fast forward to February 2020, to a time when Christmas Day has been long forgotten and the New Year has come and gone.  January has been slow and spent recovering, or battling your competitors for your slice of the January sales. You are sitting down enjoying your morning coffee going through your emails, when you are reminded that your December Business Activity Statement is due in a matter of days….

Tags: 2019 Darren Vardy


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