Critical insolvency warning signs for SMEs in 2022 – Is it time to take action?
As Australian businesses face a new normal understanding insolvency and debt options is more important than ever.
Treasury seeking feedback on insolvency law: How to have your say
The Treasury has identified a need to improve creditor schemes of arrangement to help viable businesses in financial distress restructure. Here’s how to have your say.
New insolvency laws: 4 actions small business directors must take
There are four key actions that small business owners should take immediately, to ensure they are well positioned once they, or their suppliers, come off JobKeeper this month.
The changes in insolvency & restructuring rules that could catch out Australian businesses
“COVID Safe Harbour” insolvency rules have been replaced by legislation that includes a new, streamlined SME restructuring process…
Grocon goes into administration, putting subcontractors and suppliers at risk of not being paid
One of Australia’s largest construction companies, Grocon, has gone into administration, leaving subcontractors at risk of unpaid contracts. Grocon is known for developments such as Melbourne’s casino, Eureka Tower and the Rialto Towers. Grocon’s chief executive, Daniel Grollo, blamed its administration on Infrastructure NSW for its handling of the Central Barangaroo project. “It is unfortunate […]
Government announces ‘most significant reforms’ to insolvency laws for small businesses
The Federal Government has announced new insolvency rules that will allow small businesses to stay afloat whilst restructuring debts. This new insolvency regime is proposed to start from 1 January 2021, following the lifting of temporary insolvency measures introduced in March 2020. Related: Government extends temporary insolvency and bankruptcy protections Incorporated businesses with liabilities less […]
Government agencies abandoning company wind-ups could cause insolvency tsunami
Government measures to prop up zombie businesses through the pandemic could actually be harming Australian small businesses, with new data showing company wind-ups have all but ceased in the past quarter. Prushka Fast Debt Recovery revealed through data sourced from court records that the Australian Taxation Office and other government agencies, typically the largest source […]