The number of companies entering external administration has hit a ten-year record high last month, illustrating the mounting pressures on businesses. John Park, senior managing director at FTI Consulting, outlines why and how businesses of all sorts and sizes should be taking sensible precautions. For the nine-month period from 1 July 2023 to 31 March 2024,…
There has been an increase in company insolvencies in Australia. Startups and early-stage technology companies have not been shielded from this, with recent high-profile collapses including Tritium and Milkrun. In this article we discuss insolvent trading risks, the state of the startup market, unique risks to startups and the protections offered by the “safe harbour”…
A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…
A15LE E battery-electric bus (Photo: Van Hool) Belgian bus OEM Van Hool has been declared bankrupt by the Commercial Court of Mechelen, a court in Belgium which deals with commercial litigation. According to media reports the company had accumulated a debt of 400 million. This was further compounded by a family inheritance dispute over shares…
Key Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…
The widow of underworld figure Carl Williams has been declared bankrupt by the Federal Court, after it was reportedly revealed there was almost $300,000 owing in unpaid taxes. The court on Tuesday ordered that the estate of Roberta Merieca Williams be sequestrated, following an application by the deputy commissioner of taxation. Carl Williams widow Roberta…
A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…
A15LE E battery-electric bus (Photo: Van Hool) Belgian bus OEM Van Hool has been declared bankrupt by the Commercial Court of Mechelen, a court in Belgium which deals with commercial litigation. According to media reports the company had accumulated a debt of 400 million. This was further compounded by a family inheritance dispute over shares…
Key Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…
The widow of underworld figure Carl Williams has been declared bankrupt by the Federal Court, after it was reportedly revealed there was almost $300,000 owing in unpaid taxes. The court on Tuesday ordered that the estate of Roberta Merieca Williams be sequestrated, following an application by the deputy commissioner of taxation. Carl Williams widow Roberta…