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 […]
The Benefits of an Advisory Board
Succeeding in business isn’t merely about having a groundbreaking idea; it’s about cultivating a support system to fuel your journey along the way. Just as a car’s engine requires more than just power to operate smoothly, a business needs the collective wisdom and guidance of experienced professionals. This is where an Advisory Board becomes beneficial […]
Presumption of Insolvency – a warning for directors!
In 2023, media reports highlighted a significant surge in formal insolvency appointments, marking a sharp contrast from the COVID-19 pandemic days of 2020 to 2022. Voluntary administrations witnessed a notable 42% increase, while receiver and manager appointments skyrocketed by 56% compared to the preceding year. There were 10,366 corporate insolvencies in FY22/23, the highest level […]
Change Management: A Vital Strategy for Business Sustainability and Growth
In today’s dynamic business environment, change is both constant and inevitable. Organisations must adapt to survive and thrive, whether prompted by market shifts, technological advancements or internal restructuring. Effective change management is not only crucial for optimising business processes but also for ensuring the well-being and productivity of employees. When implemented correctly, it can be […]
