Is Superannuation at Risk in Bankruptcy?
In Australia, there’s one class of assets that typically gets protection from creditors – and that is superannuation. This safeguard is part of a government initiative designed to ensure that even those who face financial hardship and end up a bankrupt can still afford to provide for their retirement. It’s a safety net that allows […]
Could Your Business Be at Risk?
Navigating Financial Reporting & Compliance for Foreign-Controlled Companies! Overview of the Corporations Act 2001 The Corporations Act 2001 outlines the financial reporting and auditing requirements for companies in Australia, including small companies controlled by foreign entities. These requirements promote transparency and accountability, providing crucial information to investors, creditors, and regulators. Financial Reporting and Minimum Officeholder […]
Protecting Your Finances When Bankruptcy Meets Non-Compliant SMSFs
As individuals in Australia seek to secure their retirement savings, understanding the complex relationship between personal bankruptcy and Self-Managed Superannuation Funds (SMSFs) becomes crucial. This interplay presents unique challenges for both individuals navigating their financial futures and the financial advisors guiding them. This article explores the implications of bankruptcy on SMSFs and highlights the importance […]
Does Bankruptcy discharge you from all your debts?
For those struggling to pay off unsecured debts, becoming a Bankrupt can offer insolvent debtors a sense of relief from financial burdens. However, will becoming a Bankrupt truly free you from all the financial obligations you can’t afford to pay? The short answer is NO. While personal insolvencies across Australia have increased by 17.6% in […]
Debunking Insolvency Myths: Why It’s Not the End, But a New Opportunity
Insolvency is often misunderstood, leading many business owners to see it as the ultimate failure. However, a 2022 report by ASIC found that over 35% of Australian businesses entering voluntary administration successfully restructure, survive and return to profitability. Some of Australia’s largest corporations, including Virgin Australia, have faced insolvency, only to emerge stronger and more […]
Navigating Bankruptcy in Australia: What You Need to Know About Property Revesting
Bankruptcy is a legal process designed to serve a dual purpose. On the one hand, it provides relief to individuals who are unable to pay their debts. On the other hand, it creates a legal framework for creditors to recover debts owing to them by recalcitrant debtors. Key Provisions of the Bankruptcy Act 1996 Under […]
Securing Business Loans: Essential Strategies for Protecting Clients’ Investments
This is Part 2 of a 2-part series, exploring the importance of safeguarding your client’s investments by registering loans to provide the necessary protection and control, particularly during insolvency. In today’s unpredictable business environment, it’s more essential than ever to ensure your clients protect the personal investments they make or have made in their businesses. […]
The Impact of Vape Bans on Business Owners in Australia
Effective 1 July 2024, the sale, supply, manufacture, importation, and commercial possession of non-therapeutic vapes in Australia is prohibited under the Therapeutic Goods and Other Legislation Amendment (Vaping Reforms) Bill 2024. Following a Senate meeting on 24 June, the Federal Senate voted in favour of this Bill, making the sale of all vaping products illegal […]
Unravelling the Personal Property Securities Register (PPSR)
This is Part 1 of a 2-part series. When safeguarding security interests in personal property, the reality is that relying solely on a written agreement may not suffice. Registering on the Personal Property Securities Register (PPSR) ensures the necessary protection and transparency, minimising the risk of financial loss if the business you’re dealing with goes out […]
Top 8 Common Mistakes in Managing Employees During Insolvency
When a business encounters insolvency, it can be a daunting and stressful experience with numerous challenges and repercussions for all stakeholders, particularly its employees. Insolvency can threaten job security and create significant uncertainty and stress among employees. Business leaders need to understand the profound impact insolvency can have on their workforce and take thoughtful, strategic […]
