Some Important Responsibilities/Obligations of Directors: Does any director have a contract with the company? And does this give rise to any conflicts of interest between any director and the company? Are all registers kept and maintained up to date? General offences Particulars of registered office to be kept current Register of Directors to be kept current […]
The ATO has a number of ways to recover debts from companies and directors, one being via a director penalty notice whereby the Tax Office can issue these notices to directors to make them personally liable for two types of company tax debts, namely: Pay-As-You-Go Withholding Tax (PAYG) Superannuation Guarantee Charge (SGC) There are two types of […]
Generally speaking, and in the first instance, only a drastic reduction in overheads or a substantial injection of capital can return a business to profitability assuming that this is achievable, otherwise some formal treatment will be required. If a return to profitability is possible, the directors of a company should immediately stop trading and appoint […]
A company that should consider a Voluntary Administration is one that is insolvent and needs a deal with creditors in a formal way. A Voluntary Administrator is the person appointed by the directors and must be a Registered Liquidator who can assess all the options available, and recommend the best outcome for the company and […]
“Be aware of unsolicited and unqualified so called Business Advisers” Providing good business advice is a highly specialised area that requires experience, skill and judgement. Too often, the wrong advice is provided by ‘a friend of a friend’ or a so called “mate” often seeking a personal benefit. They are unqualified people, posing […]
A company that should consider a Voluntary Administration is one that is insolvent and needs a deal with creditors in a formal way. A Voluntary Administrator is the person appointed by the directors and must be a Registered Liquidator who can assess all the options available, and recommend the best outcome for the company and […]
There be alternatives. Once you have been declared bankrupt you give up control of your finances and assets to a Trustee in exchange for protection from legal action being taken against. Depending on your financial situation, there may be alternatives to bankruptcy such as formal arrangements. Bankruptcy has consequences which you should know about, as […]
If Government were to embark on a capital expenditure program (Good Debt), developing a system for the movement of water from the North of Australia where there is in more abundant supply for a sizeable part of the year, down through and into Western and Central Queensland and Western and Central NSW, there would be […]
“Be aware of unsolicited and unqualified so called Business Advisers” Providing good business advice is a highly specialised area that requires experience, skill and judgement. Too often, the wrong advice is provided by ‘a friend of a friend’ or a so called “mate” often seeking a personal benefit. They are unqualified people, posing as ’solution […]
There are two types of mediation available under Farm Debt Mediation Act 1994 (NSW) (“the Act”). The first is creditor initiated mediation, which results from a creditor issuing a notice under the Act. The second type of mediation is farmer-initiated mediation. This is mediation where a farmer, rather than the creditor, takes the initiative to […]
It is not a good idea to hold off taking action to redress an insolvency. It is all very well that, if worst comes to worst, the business can place a company into administration or a sole trader or partnership under Part X of the Bankruptcy Act but delay brings with it a set of […]
Australian Privacy Law Changes in 2014 On 12 March 2014 there will be some changes to the way that agencies and organisations can collect and deal with personal information. Thirteen ‘Australian Privacy Principles’ will replace the National Privacy Principles and Information Privacy Principles in the current legislation. The Australian Privacy Principles (APPs) will apply to […]
