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Can the ATO make a tax debt invisible to you?

For both individuals and small business owners, the idea of tax debt with unseen consequences is worrisome. It can impact future financial operations without clear signals or the usual pathways to address it. Usually when you owe a tax debt,…

Winding up: Simplifying small business insolvency

On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business. Drawing on key features of the Chapter 11 bankruptcy model in the United States, the new system…

Preventing a Tsunami of Insolvencies

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to…

Recognising the signs of potential insolvency

Australia’s economy is growing at a slower pace than many would like, with small businesses in some sectors doing it tough. Recognising the warning signs of potential insolvency is key to trading through difficult times. Basically,…

Safe harbour for directors of struggling companies

Australia’s insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent. Criminal and civil penalties can apply personally including…