19.09.23
The Australian Taxation Office (ATO) recently unveiled its Corporate Plan for 2023-2027, placing a magnifying glass over areas like small business tax, multinational tax performance, and more. Amid a rise in insolvencies, the ATO is vigorously pursuing overdue small business tax, with a noticeable shift from the leniency observed during the pandemic. Their message is unequivocal: "Pay up or pack up." This shift mandates a heightened vigilance from taxpayers. The risk of added scrutiny is real whether you're a landlord, work-from-home employee, or investor. It's an urgent call for individuals and businesses to reassess their tax strategies, seek expert counsel, and ensure full compliance to avoid dire consequences. Read More.
12.09.23
Dodging the Debt Dilemma: Ramsden Lawyers Illuminate Insolvent Trading" delves into the complexities of insolvent trading. Over recent months, with business insolvencies making headlines, the term 'insolvent trading' has become pivotal. Many remain unclear about its intricacies. This article, penned by experts at Ramsden Lawyers, unpacks the nuances of insolvency, highlighting the legal obligations directors face. From understanding balance sheets and cash flow tests to recognizing potential insolvency signs, the piece offers invaluable insights. Plus, it details possible defences against insolvent trading claims. Whether you're a director or stakeholder, this is your essential guide to navigating the maze of corporate insolvency. Read More.
17.08.23
Australia's leading home builder, Metricon Homes, stands on the brink of a financial crisis, with mounting concerns that it may join the likes of Privium, Condev, and Porter Davis Homes in recent industry collapse. Homeowners are reeling as the company has given them a harsh ultimatum: either face substantial price hikes for the remaining construction or forgo their deposits. This results from rising inflation, labour and material costs, and global supply constraints. Shockingly, some face an extra $266,000 under a new contract. Amidst these upheavals, the NSW Fair Trading has initiated an investigation following a surge in customer grievances. This has given rise to speculations about Metricon's potential insolvency, with dispute lawyers gearing up to intervene. Read More.
07.08.23
Aerison's recent voluntary administration, spurred by a $47.5 million commercial dispute with Roy Hill's iron ore mine, unveils the complex dynamics of mining industry commercial relationships. With over 250 jobs at risk and an intricate web of negotiations, COVID-19 pandemic challenges, and legal procedures, the mining giant's fall casts a shadow on corporate insolvency options. The Aerison-Roy Hill case is a cautionary tale, underscoring the fragility and potential pitfalls in today's rapidly deteriorating commercial environment. Read More.
14.07.23
With the number of insolvencies reaching unprecedented all-time highs, now is the time to assess your business’s financial position. This article guides you through the current economic climate of corporate Australia and what you can do to safeguard your business’s future. Read More.
05.05.23
The recent collapse of major banks like Silicon Valley Bank, Signature Bank, and Credit Suisse has created a crisis in the global banking sector. This situation has far-reaching implications for the financial system, causing investors to brace for share market turmoil and international fallout. Despite policymakers' reassurances, ambiguity and uncertainty remain, calling into question tighter banking restrictions implemented after the 2008 Global Financial Crisis. The Council of Financial Regulators in Australia has advised that the Australian banking sector is well-capitalized, but experts predict a weaker opening in the Australian share market. Businesses may need to consider insolvency options, and Ramsden Lawyers can provide expert legal advice to navigate these complex processes. Read More.
06.04.23
Have you been issued a bankruptcy notice? You may be running out of time. This article explores the bankruptcy process and what you must do if a notice has landed in your inbox. Read More.
20.03.23
The High Court of Australia has put to rest a long-standing controversy in insolvency law by unanimously deciding that the defence of set-off cannot be used against an unfair preference claim under s 588FA of the Corporations Act 2001 (Cth). The decision was made on 8 February 2023 in Gavin Morton As Liquidator Of MJ Woodman Electrical Contractors Pty Ltd & Anor v Metal Manufacturers Pty Limited, and has significant implications for those working in the insolvency industry. Read More.
20.03.23
Scott's Refrigerated Logistics collapse puts over 1500 jobs at risk due to COVID-19 and recent floods affecting key routes in Queensland and New South Wales. Learn about the impact on workers and the search for a new long-term owner in this article. Read More.
20.02.23
Is your business in financial trouble? This article guides you through the voluntary administration process and why it may be the best action for struggling businesses. Read More.
11.01.23
Are you seeking to annul your bankruptcy? A Section 73 Proposal may be your solution. This article discusses the ins and outs of Section 73 Proposals and what can be done to assist you. Read More.
05.12.22
Do you have outstanding tax obligations in light of the COVID-19 pandemic? The Australia Taxation Office is resuming its debt recovery regime – and you may be at risk. Click the below link to read more about the ATO’s debt recovery strategy post-pandemic, and what can be done to assist you. Read More.
