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Are you interested in a rewarding career in Insolvency? We are looking for energetic people to join our growing in team in Brisbane and the Gold Coast. Read on for more details...

The new Small Business Restructure (SBR) process has been introduced to the Australian corporate landscape, and we blogged on the topic back in February 2021.

A bit of water has passed under the bridge, and the facts are, despite a few problems areas, SBR’s are now being done in increasing volumes and are successfully helping small businesses negotiate with their creditors and offer a lifeline to allow business survival.

So it is worth remembering, what is an SBR? and when are they a viable option to deal with financial distress for small business…?

The ATO is currently firing up its recovery tools to collect over $55 Billion in unpaid taxes that have accumulated over the period of the pandemic! What should an individual or director of a company do if you have accumulated a debt and now can't repay it? 

One of the most powerful tools in the ATO debt collection arsenal - a DPN. Will make a company Director personally liable for the company's PAYG, GST and Super debts.
What are they and what to do if you receive one....

A new Insolvency regime and related laws are now in place to supposedly help deal with the crisis resulting from the financial impact of Covid-19. So what is this new Small Business Restructuring option? and will it work...??

Director(s) may not be able to rely on the safe harbour for temporary relief for financially distressed businesses (insolvent trading) if the company had been trading insolvent pre 24 March 2020

ASIC has reminded Directors and other stakeholders faced with COVID-19 that the safe harbour granting temporary relief for financially distressed businesses (Insolvent Trading provisions) does not extend to relief from statutory and common law directors duties (duty to act with care and diligence, act in good faith, not to use a director’s position or information obtained as a director to gain an advantage or cause detriment to the company)

Handy release from AFSA on simple PPSR tips for tradies (and indeed any small business). Highlights the critical need to use PPSR to secure a Retention of Title claim!

The introduction of a 12 Month Bankruptcy term is part of a Bill which remains before Federal Parliament. 12 Month Bankruptcy is expected to have a significant impact on the current personal insolvency mix and best options available to individuals suffering from financial distress, with a decrease in appeal of Part IX Debt Agreements to be expected, if implemented. The Bill currently remains stalled however and doesn't seem likely to move too far until after the May 2019 Federal election. 

As mentioned in our previous Blog Post, here is our "20/20 Business Health Check" and Decision Chart.
We hope you will find this of value in your end of financial year review processes, and planning for success and prosperity in the coming year.
Dont hesitate to contact Robson Cotter on 07 3270 8500 if you would like to discuss any aspect of the Review, or your business circumstances generally.

Ready to Make a Change?

 07 3270 8500