A surge of businesses will collapse across the country as the ATO goes after mounting legacy debt, experts have warned. The ATO and other creditors currently pose the greatest threat to cash-strapped small and medium-sized businesses, says Insolvency Australia, which has just released its latest Corporate Insolvency Index. It comes as a popular West Australian…
Thursday August 10, 2023 Advertisement Advertisement Pie in the sky, or could farm waste create fuel for 600,000 flights a year? Consumer spending levels show that even Barbie can get old Volatile year and write-down of coal-fired plants send AGL to $1.26b loss Look at who’ll be joining our Albo at the White House –…
Aug 10, 2023 3.41pm Key Points Why it matters: Insolvency numbers are jumping, and CBA says the ATO is partly responsible. After being soft and patient on tax during COVID-19, the ATO is now chasing debts aggressively. The long and the short of it is that people need to pay their taxes, a CBA executive…
August 10, 2023 09:59 | News Cash-strapped businesses are buckling under pressure from the Australian Taxation Office and other creditors as the insolvency trickle turns into a surge. Thats the verdict from comparison site Insolvency Australia, which found the number of businesses going bust has risen significantly in the past year. Companies appointing administrators, liquidators…
Cassandra MorganAAP Camera Icon Cash-strapped businesses are under pressure from the Australian Taxation Office and other creditors. (Tom Compagnoni/AAP PHOTOS) Credit: AAP Share to Facebook Share to Twitter Email Us Copy the Link Cash-strapped businesses are buckling under pressure from the Australian Taxation Office and other creditors as the insolvency trickle turns into a “surge”.…
Engine LessorWillis Lease Finance Corporation (WLFC) Tuesday argued that the insolvency petition filed by the company against airline Spicejet before the National Company Law Tribunal was maintainable, and the demand notice issued by the lessor could not be questioned.The reply came in response to the arguments made by Spicejet questioning the maintainability of WLFCs petition…
Yet another building company has collapsed, becoming one more casualty amid an industry-wide crisis. NSW-based Rescon Builders Pty Ltd, which was trading as Rescon Granny Flats, went into voluntary administration at the end of June. As its name suggests, the builder specialised in granny flats and worked on projects across Sydney, and the NSW south…
BourkeHood founder Jason Hood. Source: Supplied Fast-growing research and development tax advisory BourkeHood has entered voluntary administration, with its high-profile founder highlighting cashflow challenges at the firm. On Thursday, KordaMentha announced Kate Conneely and Rahul Goyal were appointed as voluntary administrators for BourkeHood Pty Ltd, trading as BourkeHood. In a statement shared by KordaMentha, BourkeHood…
Another lessor has commenced insolvency proceedings against SpiceJet (SG, Delhi International), with Celestial Aviation Services Limited (UK) lodging a petition at India’s National Company Law Tribunal (NCLT) to try to push the beleaguered carrier into the corporate insolvency resolution process (CIRP). NCLT records indicate Celestial filed its insolvency petition on June 3, 2023. The case,…
Auckland-based craft brewery, wholesale and hospitality business Brothers Beer has entered voluntary administration. Brothers Beer, which also operates seven venues, has cited Covid-19 lockdowns as significantly impacting its financial position in the move that is illustrative of the hardship brewing and hospitality groups have faced since the pandemic hit. Brothers Beer, which was founded in…