by John Kukulovski | Apr 12, 2023 | Business, Insolvency, Recovery, Restructuring, Tax & Accounting
When a company in Australia becomes insolvent, one of the key decisions that the director(s) must make is the choice of a liquidator. A liquidator is a licensed professional who is responsible for winding up the affairs of the company and distributing its assets to...
by John Kukulovski | Feb 3, 2023 | Business, Finance, Insolvency, Tax & Accounting
As Insolvency practitioners, one of the most common and costly mistakes we see directors make is continuing to trade their business whilst insolvent. Whilst noticing some of the warning signs of insolvency can be difficult, it is nonetheless an important obligation of...
by Liam Bellamy | Dec 16, 2022 | Business, Finance, Insolvency, Restructuring, Tax & Accounting
With things getting back to normal post the lockdowns of 2020 and 2021 and the new normal becoming evident, 2022 presented most businesses with a set of complex circumstances that impacted many businesses at their core including labour force shortages, supply chain...
by Liam Bellamy | Nov 22, 2022 | Business, Insolvency, Tax & Accounting
Trading trusts are a popular business structure for SMEs, with the number of trading trusts nearing parity with the limited liability company in many entities nationwide (Australian Taxation Office Taxation Statistics 2016-17). This popularity is due to the greater...
by Liam Bellamy | Sep 28, 2022 | Business, Insolvency, Tax & Accounting
An Introduction to Safe Harbour Safe harbour provisions were introduced into the Corporations Act 2001 (the Act) in 2017 as a means of protecting those directors making legitimate efforts to turn their company around from financial distress. Under the Act, directors...
by Liam Bellamy | Jul 29, 2022 | Business, Finance, Insolvency, Restructuring, Tax & Accounting
What is a Director Penalty Notice? Director Penalty Notices (DPN) is a way in which the liability of a company can be passed on to the director personally by the ATO. Back in March the ATO recommenced issuing DPNs and has indicated that they intend to ramp up the...