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The Power of the Expert Solvency Report

Reading Time: 4 minutes Expert solvency reports are typically used by Parties to a proceeding in a court, to resolve the question of whether a company or individual was insolvent at a particular point in time. They are handy in all matter of circumstances, including those in the infographic at the bottom of this article. Solvency reports can be prepared by accountants or lawyers, but a decade of experience doing...


June 14, 2017

The DPN and GST have been going steady for 1 year!

Reading Time: 4 minutes Can you believe it has been 1 year (give or take a few days) since GST* finally hooked up with the Director Penalty Notice (DPN) Regime? It was a relationship we all saw coming for years, but as timing has it, it did not attract as much attention as it ought to have, thanks to a certain virus you may have heard of (I acknowledge that...


What do you do when the Merry-Go-Round stops?

Reading Time: 5 minutes With the stimulus and protection measures introduced by the Federal Government coming to an end, companies may face pressure from creditors once again. Any prudent director of a company facing financial difficulties should seek the advice of their accountant or solicitor before taking any steps to address financial difficulty. Where appropriate, the expertise of a suitably qualified insolvency professional may be required. When experiencing financial difficulties,...


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...


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]

Tags: 2020

October 22, 2020

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