With businesses collapsing at levels not seen since 2012, Grant Thornton Australias John McInerney suggested that the small business restructuring scheme could be a more favourable option than a payment plan. He made the comments ahead of his session at the ACE24 Accounting Conference and Expo 2024, where he will unpack how accountants can help…
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…
SKEcoplantheadquartersinSeoul(ByDae-chulLim) SK Ecoplant Co., a South Korean construction engineering and waste management company, is set to merge a profit-making technology subsidiary of the parent SK Group as the countrys second-largest conglomerate is seeking to streamline its business to focus on promising growth sectors. The restructuring, along with SK Ecoplants merger with SK Materials Airplus Inc.,…
There are millions of people in the UK who are struggling with debt. You are not alone. There is no need to feel embarrassed or think there is nowhere to turn. The important thing is that you do something to improve the situation you are in. The information in this section will help you manage…
In a society that normalizes debt, most people have multiple repayment responsibilities every month: credit cards, mortgages, car loans, student loans, lines of credit and personal loans. Personal finance isn’t widely taught in schools, but managing your money is an essential life skill. Spreadsheets and apps are helpful as tools to add inputs but often fall…
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…
The Australian Government will introduce reforms to ensure Australia’s bankruptcy system is fairer and operates in the best interests of all Australians. Key changes include: Increasing the threshold for involuntary bankruptcies from $10,000 to $20,000, with the threshold to be indexed each year; Increasing the timeframe in which a debtor may respond to a bankruptcy…
Normal text sizeLarger text sizeVery large text size The number of people entering personal insolvency in the year to June 30, 2024 was 20 per cent higher than the preceding financial year, as more people find themselves unable to repay debts. Personal insolvency includes bankruptcies and debt agreements, and a relatively small number of insolvency…
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…