South Australian small businesses are facing a choice between calling in the liquidators or bringing in restructuring firms to go on payment plans amid mounting tax debts owed to the Australian Tax Office (ATO). At an information night held three weeks ago by licensed small business restructuring (SMB) firm Small Business Restructuring Specialists, five clients…
What is the Small Business Restructuring process? Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner. The SBR process involves a…
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In short: Student debts will be lowered for more than three million Australians under reforms designed to stop HECS loans growing faster than wages. Loan indexation will now match whichever is lower out of the Consumer Price Index or the Wage Price Index which the government says will prevent another shock increase like last year’s 7.1 per cent…
Brett McGrath, President of the Law Society of NSW, has renewed calls for a debt relief scheme to incentivise lawyers to practice in rural, regional, and remote (RRR) areas. During a visit to Lismore, which experienced a significant exodus of lawyers following the devastating floods in 2022, McGrath highlighted the urgent need for legal services…
Australia will see a raft of reforms to the national bankruptcy system introduced so that debtors involved in personal insolvency matters receive fairer outcomes. On Monday, Attorney-General (A-G) Mark Dreyfus said key changes would lift the stigma associated with filing for bankruptcy. The changes include increasing the timeframe in which a debtor may respond to…
It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
Manchester-based company believed to be offering insolvency practitioner services when it was not authorised to do so is wound-up in court. Save Consultants Ltd claimed to provide insolvency practitioner services when none of its current or former directors were licensed Its actions risked undermining the insolvency regime and the companys directors refused to explain its…
Attorney-General Mark Dreyfus said the amendments would ensure a fairer outcome for debtors in the personal insolvency system. Subscribe Subscribe to Regulation Asia to gain access to APACs leading platform for news, analysis, research and verified data on financial regulation. Select subscribe below to view our subscription packages or you can email us at [email protected]…
The involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing room before their creditors can launch court action. On Monday, Attorney-General Dreyfus said the federal government will introduce a suite of reforms to the bankruptcy system, bringing it up to speed with the contemporary economic landscape. In…