Current Insolvency provisions under the Australian Corporations Act impose a duty on Directors not to trade while insolvent, but also not to trade in a manner that will lead it to insolvency. Although this may not appear too onerous an obligation, it can actually be trickier than it seems. Some companies regularly flirt with insolvency, […]
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.
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.
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.
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.
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.
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.
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.
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 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 […]
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