From worrells.net.au: Common mistakes in managing company tax debt can lead to overpayments and personal liability for directors.
Looking out for specific traps, such as lodging inaccurate BAS, mismanaging payments related to the Superannuation Guarantee Charge, and improperly handling Director Penalty Notices, directors can mitigate risks and ensure compliance.… read more
From worrells.net.au: Businesses facing financial difficulties might consider abandoning their company, but this can lead to serious consequences, including personal liability for directors due to Director Penalty Notices (DPNs) issued for unpaid taxes.… read more
From sladen.com.au: On December 6, 2024, ASIC updated its Regulatory Guide 217, which advises directors on preventing insolvent trading by actively monitoring a company’s financial position, investigating potential financial difficulties, and obtaining professional advice when necessary.… read more
From www.claytonutz.com: The New South Wales Supreme Court has ruled that parties asserting ownership rights against a company under administration must obtain consent from the administrators or seek leave from the Court to avoid violating section 440B of the Corporations Act 2001.… read more
From www.claytonutz.com: The Federal Court of Australia recognized a US Chapter 11 bankruptcy for Exactech, Inc. as a foreign main proceeding under the UNCITRAL Model Law, which included granting interim stay orders to protect the assets of the company and the interests of creditors.… read more
From www.themandarin.com.au: KordaMentha has established a new defence and national security practice by hiring two prominent partners from KPMG.
This strategic move comes amid a period of scrutiny on the Big Four consultancies and a federal ban on rehiring former Defence staffers.… read more
From worrells.net.au: Worrells has noted a rise in liquidations within the Australian transport industry due to factors such as competitive pricing, the mining downturn, and poor management.… read more
From www.salea.com.au: Businesses struggling with financial challenges should recognize the warning signs, conduct thorough financial health checks, and proactively manage debts to initiate recovery.
Seeking professional advice and leveraging formal restructuring tools like Small Business Restructuring or Voluntary Administration may provide critical support during difficult times.… read more
From michaelwest.com.au: The federal government purchased $50 million of Rex Airlines’ debt to support the embattled regional airline and ensure the continuation of essential services.… read more
From cathropartners.com.au: A discussion of private tax ruling regarding the tax obligations under section 254 of the Income Tax Assessment Act (ITAA 1936) following the sale of a property by Mr.… read more
From taxbanter.com.au: Tax Yak podcast series, focusing on small business restructures in 2024.
The discussion covers eligibility criteria, strategic steps for maximizing restructuring benefits, and common pitfalls to avoid.… read more
From www.moneymag.com.au: The construction industry in Australia has seen a surge in insolvencies, with 2,977 cases reported in the 2024 financial year, nearly double the 10-year average, largely due to pandemic-related supply chain issues and rising costs.… read more
From www.smartcompany.com.au: Incy Interiors continues to operate despite previously announcing a closure after a ‘final’ sale in August 2024, as the owner, Tom Fitzpatrick, seeks to fulfill supplier contracts and reduce inventory.… read more
From cathropartners.com.au: Discussion of insolvency litigation and public examinations, highlighting the complexities of insolvency proceedings.
Covering key topics such as voidable transactions, the funding process for liquidator claims, and various types of claims liquidators can pursue, including insolvent trading.… read more
From cathropartners.com.au: In 2024, insolvency appointments in Australia reached record highs, with over 40,000 cases, primarily driven by the construction sector and increasing pressures in the accommodation and food services industry.… read more