#Insolvency
CreditorWatch’s tips to avoid insolvency risks
New CreditorWatch paper addresses how businesses can identify early warning signs to protect against insolvent customers
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“COVID Safe Harbour” insolvency rules have been replaced by legislation that includes a new, streamlined SME restructuring process…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 […]
Laura Ashley falls victim to administration again
Retailer falls into administration.
How to survive the Christmas blackout period
The Christmas Blackout period can bring Australian small businesses to a halt as wage bills take priority and payments begin to dry up. With everybody looking to preserve the cash they have available, business to business transactions begin to slow down from November through to February, leaving some business owners scrambling or tying themselves up […]
Headed for financial trouble? Spotting the warning signs could make all the difference
Business insolvency is a very real risk for many small businesses but countless business owners are not spotting warning signs early enough. The reality is that around 60% of businesses don’t make it past the first three years, which is why business owners should seek help early on to ensure their financial health. But first, […]
How blockchain will change the way small- to medium-sized enterprises carry out business
The increased use and application of blockchain technology is set to disrupt companies of all sizes, across all industries, and in almost every area, from payments and transactions to contracts and identity verification. Small- to medium-sized enterprises (SMEs) will not be immune to the disruption. Blockchain technology was created to facilitate online payments via a […]
Late payment research from Amex and Xero highlights the cashflow burden for SMEs
Coinciding with the anticipated release of the Small Business Ombudsman’s report on its inquiry into payment times and practices, American Express has released research showing mid-sized Australian businesses owe $8 billion in outstanding payments to suppliers, with more than $2 billion currently overdue. According to Martin Seward, VP, Small & Medium Enterprises at American Express Australia, […]
Insolvencies set to increase in Australia in 2017
Australian businesses are set to experience an increase in insolvencies this year as a result of another difficult economic year, according to the recently-published Atradius Economic Outlook. The likely 2% increase in insolvencies puts Australia in step with the UK and Canada. The improving trend in the business environment across Australia and other advanced economies is […]
Ensuring cash flow during good times and bad
Monitoring cash flow should be your number one priority if you are a business owner. After all, cash is king. Part of this process involves having careful control of debtors. For anyone that has experienced periods of tight monetary control, you know how critical this is in tough times. Outlined below are key points on how to ensure […]
Lending competition opens up opportunities for business owners
Increased competition between the major banks on new lending following the global financial crisis is opening up a new opportunity for stable businesses seeking access to finance.
SME insolvency figures reveal areas for concern
An ASIC report has been analysed by commercial credit reporting bureau CreditorWatch, and the findings have identified key learnings that may benefit SMEs and business owners.
Strategic planning failures underpin insolvency figures
A lack of clear strategic planning and execution is behind the failure of too many SMEs with the latest ASIC figures showing it is the leading cause of insolvency for 42 per cent of businesses in the last financial year.
Cash flow tips for fast growth SMEs
With insolvency rates at a record high, how SMEs manage their cash flow will have a major impact on their business survival. Here are 4 tips on improving your cash flow.
SMEs in risk of financial loss due to lack of PPSR awareness
Australian SMEs are encouraged to use the Personal Property Securities Register (PPSR) database to search for and register security interests and avoid running into financial difficulty.
How to deal with financially troubled businesses
With administrations and liquidations steadily on the rise, more businesses are finding themselves having to deal with the fact that their trading partner has fallen into potentially fatal financial strife.
Diligence key to avoiding bad debt
A jump in the number of businesses entering external administration should serve as a warning to SMBs to do research before taking on new customers, says a leading credit management expert.
SME insolvency on the up: ASIC
The number of businesses entering external administration jumped almost 6 percent in the last financial year, with insolvency practitioners reporting more activity in the SME sector as a result of tighter Australian Taxation Office debt recovery.
Small businesses seek financial advice in crisis
Small businesses are increasingly turning to suburban accounting and legal firms for advice on insolvency and bankruptcy issues as the economic crisis takes hold. A survey conducted by Deloitte of Black Inc. Members (network providing specialist accounting and financial service advice) has found that 80 percent of clients of suburban accounting and legal firms are […]