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Insolvency is a situation that no one wants to face. It can be a stressful and overwhelming experience, but there are steps that can be taken to manage the situation and get through it. If you find yourself in a situation of insolvency in Australia, here are some steps you can take to help you […]
The Australian insolvency system is a complex legal system that is designed to protect the interests of creditors and debtors. It is based on a mix of legislation, case law and common law principles. The system is designed to facilitate the orderly resolution of insolvency matters and to provide a fair and equitable outcome for […]
Business insolvency is a situation where a business is unable to pay its debts as they become due. It is a common problem in Australia, with almost 4,000 businesses becoming insolvent in 2018 alone. The most common cause of business insolvency in Australia is inadequate cash flow. Cash flow is the lifeblood of any business, […]
Insolvency is a situation where a person or business is unable to pay their debts when they become due. It’s important to understand the different types of insolvency options available in Australia. Knowing the different options can help you make the best decision for your situation. The most common types of insolvency in Australia are […]
Bankruptcy is a serious financial issue that can have a major negative impact on your credit score. In Australia, there are two types of bankruptcy: voluntary and involuntary. Voluntary bankruptcy occurs when a debtor chooses to give up their assets to pay off their creditors. Involuntary bankruptcy is when a creditor or creditors make an […]
The insolvency landscape in Australia is changing rapidly. With the introduction of new laws and regulations, insolvency trends are shifting to reflect the changing economic environment in the country. Here are some of the latest insolvency trends in Australia. 1. More Small Businesses Entering Voluntary Administration The number of small businesses entering voluntary administration has […]
What Exactly Is Personal Insolvency? Personal insolvency occurs when an individual is unable to generate finances to pay back their pending debts, usually for a long period of time. To come to an agreement with those to whom he owes money, the individual files a Personal Insolvency Agreement (PIA). This agreement involves appointing a trustee, […]
The swift and stark economic downturn experienced during COVID-19 and its adverse effects on business have brought companies on their feet, causing a serious situation where they have to survive on bare-minimum. What Does it Mean For a Business to Go Bankrupt? Bankruptcy refers to a legal process where the business is unable to pay […]
When Is A Company Insolvent? A business can be called ‘insolvent’ when it is unable to pay off its debts due to a negative cash flow or has liabilities that exceed the ratio of its total assets. Under the dictates of the Australian Securities and Investment Commission (ASIC) – the regulatory body for insolvent businesses […]
Why Would A Company Go Bankrupt? Oftentimes, directors, shareholders, and entrepreneurs face a myriad of problems that can threaten their company’s position in the economic world. Under rapidly evolving conditions, directors try to mitigate the negative toll on business by making quick decisions regarding their fiduciary duties – this, sometimes, can take a terrible turn […]