Insights

In challenging times, Australian businesses may face financial difficulties that seem insurmountable. One viable option to consider during such periods is Voluntary Administration. This process can give your business the breathing space to reorganise or restructure, offering a path back to viability or a more dignified approach to closing down. In this article, we explore… Continue reading Voluntary Administration: A Strategic Move for Australian Businesses in Crisis

Navigating the complex world of insolvency can be intimidating, especially when financial distress looms large. Yet, understanding insolvency and its various aspects is essential for individuals and businesses to effectively address their financial challenges. This comprehensive guide will provide valuable insights into insolvency, its types, legal frameworks, and strategies to prevent and overcome it. So,… Continue reading Understanding Insolvency: A Comprehensive Guide for Navigating Financial Distress 

You may be reading this article because you’ve received a warning letter from the ATO notifying you of their intent to disclose your tax debt to credit reporting bureaus, or they may have already reported your tax debt. The ATO now have powers to disclose your tax debt to CRBs and the aftermath is a… Continue reading ATO now reporting your Tax Debts to Credit Reporting Bureaus (CRBs).

Navigating the complexities of business disputes and insolvency can be daunting. But what if there was a way to protect your interests while the storm rages on? Enter provisional liquidations, a powerful tool that can safeguard your assets and ensure the continuity of your business operations. In this blog post, we’ll dive into the world… Continue reading How Provisional Liquidations Can Help Protect Your Interests in a Dispute

In today’s digital age, cyber threats are an ever-present danger lurking around every corner. Cyber security for small businesses is essential, as small businesses, in particular, face a unique set of challenges. They often lack the resources and expertise to implement robust cybersecurity measures. With that in mind, protecting your business from cyber criminals is… Continue reading Cyber Security for Small Business: Protect Your Business in 2024

The business landscape, particularly in Australia, is experiencing a significant rise in personal insolvencies, affecting many entrepreneurs whose personal finances are intertwined with their business ventures. The latest snapshot by the Australian Financial Security Authority (AFSA) revealed 901 new personal insolvencies recorded in June, with a quarter being business-related.  In some earlier statistics for March… Continue reading Navigating the rising tide of business-related Personal Insolvencies: A Call to Action

All businesses experience turbulent times. It’s a fact of life. Entering into Voluntary Administration stabilises the situation, allowing you to hit pause, reset, and get back on track when your business is undergoing financial distress. What is Voluntary Administration? The Voluntary Administration process is an insolvency procedure giving distressed companies breathing space from creditors and… Continue reading Your Comprehensive Guide to Voluntary Administration in 2024

With interest rates rising and predictions a global recession might be on the cards, many small businesses in Australia are finding it difficult to meet their financial obligations and find themselves wondering what they can do to keep their business operational. It should come as some comfort to know that business distress doesn’t necessarily mean… Continue reading Guide to Small Business Restructure

What are the Safe Harbour provisions? The Safe Harbour provisions under the Corporations Act 2001 provide protections to assist company directors from personal liability for insolvent trading. The provisions enable directors who suspect their company may be insolvent, to find an alternative course of action other than immediately opting for administration or liquidation. To understand… Continue reading How Safe Harbour Can Help Protect Directors From Personal Liability

You may have clicked on this article, unsure if entering liquidation is right for you and your business.  Many people are surprised to discover that even profitable, thriving corporate businesses may choose to enter liquidation. But what does it actually mean when a business is placed into liquidation and why would a thriving business choose… Continue reading Guide to Liquidation

Between floods, supply chain constraints, labour shortages, cool relations with our largest trading partner and rising fuel costs, the agriculture sector is facing significant pressure which could result in serious financial distress for many Australian farmers and agricultural businesses. In my geographic region of Central West NSW,  I am witnessing stresses facing businesses who have… Continue reading How to Limit Business Distress in Agriculture

Perhaps you have clicked on this story because you find yourself owing money and facing debts that you’re unable to pay. Maybe you are looking for solutions or wondering whether bankruptcy is the thing for you, but you aren’t quite sure you fit the definition.  Our guide aims to break down the bankruptcy process and… Continue reading Your Guide to Australian Bankruptcy in 2024

Despite international borders opening in February, the tourism and hospitality industry is still struggling to return to business as usual. Labour shortages are one of the biggest impediments to getting back on their feet.  While domestic visitors are returning and taking holidays, international visitors have been slow to return. According to the Australian Bureau of Statistics,… Continue reading Tourism Industry feels the pinch from lower visitor numbers and staffing shortfalls.

The Australian Tax Office (ATO) has now begun their recovery debt collection by sending Director Penalty Notices and Director Penalty Notice Warnings. We had seen that the ATO recently paused their debt recovery processes due to the pandemic, and it looks like they are now in pursuit of unpaid taxes. A Director Penalty Notice (DPN)… Continue reading What to do if you receive a Director Penalty Notice

As a director you are now required to verify your identity as part of the new director identification number (director ID). Following the agreement of the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020  (Cth) all directors of a registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will… Continue reading What you need to know about Director Identification Numbers

Dealing with creditors can be overwhelming when you don’t know your rights, where to seek help or what to do. When you fall behind on your bills, rent, loan, credit card or debts, your creditor may obtain a debt collector. The debt collector will then be in contact with you to retrieve the debt for the… Continue reading The best way to deal with creditors

Business directors are the wheelhouse of a good organisation. The responsibilities of a director of a company are so diverse and varied that they could be doing a handful of things at any one time. From overseeing the company’s affairs to staying up to date on the business’ finances, a business director holds several key… Continue reading 5 Responsibilities you never knew a business director had

Many people are surprised to discover that even profitable, thriving businesses may choose to enter liquidation. But what does it actually mean when a business goes into liquidation and why would a thriving business choose this as their path?

When a solvent company permanently stops trading and shuts down, it begins the process of Members’ Voluntary Liquidation, a formal process that allows a solvent company to wind up affairs. Many businesses opt for this option, and in this article, we’ll explore the various benefits involved and the steps that company’s need to take in… Continue reading Members’ Voluntary Liquidation Explained

This week we launched MG Academy, a series of in person and online events to assist our clients to be upskilled in areas that affect all business regardless of their geography or industry. We kicked off by inviting James Linton and Continuum Cyber to sit down with CEO Domenic Calabretta to talk all things Cyber.… Continue reading Cyber Security with James Linton

It’s been a hard year for businesses big and small, across sectors.

ASIC warned that the challenges of COVID-19 would require recalibrating aspects of corporate strategy, risk-management framework, and funding and capital management strategy – among other things.

Debt is a normal part of doing business. Every company will have some debts that must be managed on a regular basis, and good debt management is about always being aware of the debts you have and dealing with them in a timely and structured manner.

Voluntary administration is the process whereby a business in financial distress is assessed by an independent administrator to determine the best financial resolution for that company. The administrator could be appointed by the company directors, the creditors of a company, or by the court.

Changing market conditions, shifting consumer trends, and increased competition can all impact your business’s operating environment and make restructuring necessary.

Changing market conditions, shifting consumer trends, and increased competition can all impact your business’s operating environment and make restructuring necessary.

When a business gets into trouble, it has a number of insolvency options. Whether you’re an advisor to a business in financial strife or you’re in charge of such a …

Bankruptcy and liquidation are often confused and used interchangeably, but these two terms are actually very different. While both could involve insolvency – the inability to meet debt obligations – …

As the new year begins, you may have enjoyed good rest over the festive period. And just as it’s important to start fresh personally, it’s also important to refresh your …

Voluntary administration is a type of insolvency process for companies in financial strife. It’s designed to help companies, with the help of an external, independent expert, to resolve their insolvency …

Sometimes, a company bankruptcy or liquidation is simply inevitable. Perhaps the company had a product that exploded in popularity, only to prove to be a fad, and it struggled to …

By Michael Bogue, Joint Head of Advisory at Mackay Goodwin While many businesses have suffered through 2020/21 because of the pandemic, the ICT industry is going through a growth phase …

Hundreds of Aussie companies collapse every year, and most businesses end up in liquidation rather than returning to trading. With disruptive forces like technology and competitive market conditions, companies can …

Business always involves risks, and success requires vision, entrepreneurial instincts and some luck. Often, the risk taken does not provide the expected reward, and this is when you may need …

Businesses are launched with the best intentions, but even the most astute plans can be undone by changes in the business environment or competitive landscape, consumer tastes, rising costs, or …

Fulfilling tax obligations ranks at the top of business compliance priorities, but it’s not always easy to keep on top of your business tax. Business tax debt has serious implications …

Running your own business might seem like a dream come true, however there’s no doubt it comes with major challenges. Finding customers, managing staff, ensuring compliance, dealing with competition, managing …

Owning your own business can be exciting, however it’s also filled with the prospect of making challenging decisions every day. Faced with survive-or-perish choices, business owners need to think for …

Not all debt is bad, and understanding the difference between good and bad debt could enable you to make smarter decisions about how to grow your business. Recognising the impact …

Business can be a funny beast at times. It might seem like everything is going swimmingly one month, only for the doors to come down the next. One thing that …

Voluntary administration is an insolvency procedure that brings in an external voluntary administrator to decide on the company’s next steps. Unlike liquidation, external voluntary administration won’t necessarily result in the company being wound down.

You need a budget for your business. It doesn’t actually matter what size your business is – whether it’s a sole proprietor right through to a large corporation, if you’re looking to make your business a sustainable success, the budget will be the cornerstone of what you do.

If you’re in survival mode right now, you’re not alone. Thousands of Australian businesses are being tested by the fallout from COVID-19. But no business director can afford to neglect …