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…
DetailsBrett 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…
DetailsAnalysis Relieve Debt to Protect the Environment Debt-for-nature swaps on a grand scale could slow climate change and promote economic growth in the Global South. By Elizabeth Losos, Alexander Pfaff, and Stuart Pimm Aerial view of a deforested area of the Amazonia rainforest in the surroundings of the BR-319 highway at the city of Humaita, Amazonas…
DetailsOn the 24 September 2020, the Australian Government announced changes to Australias insolvency framework to better serve Australian small businesses, their creditors and their employees. The changes introduced new processes suitable for small businesses, reducing complexity, time and costs for small businesses. Effective from 1 January 2021, these are the most significant reforms to Australias…
DetailsThe upward trend in insolvency numbers remains unbroken, although the momentum decreased slightly in May. Early indicators collected by the Leibniz Institute for Economic Research Halle (IWH) suggest a decline in numbers for the coming months, but credit rating agency Crif anticipates a higher default rate compared to recent figures. The payment discipline of German…
DetailsInsolvency professionals warn the Tax Office is using DPNs and legal action to take a “far more aggressive” recovery stance. The ATO is hellbent on chasing down $34 billion worth of debts owed by small businesses using director penalty notices (DPNs) and legal action, insolvency professionals say. Insolvency Australia (IA) members said that recent activity…
DetailsVicky Shaw, PA Personal Finance Correspondent 25 June 2024 at 9:31 pm Rises in used car prices have been a barrier to people entering insolvency in recent years, according to a financial support service. Money Wellness made the comments ahead of changes to debt relief orders (DROs) this week, which will raise the value of…
DetailsThe Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
DetailsThe debts of a collapsed group of NSW businesses have blown out to almost $23 million, while other subsidiaries have quietly gone under in recent weeks. News.com.au reported in April that a western Sydney factory had closed down and all workers had been terminated on the spot. It comes after two companies linked to the…
DetailsHOUSTON (AP) A federal judge on Friday ordered the liquidation of conspiracy theorist Alex Jones personal assets but dismissed his companys separate bankruptcy case, leaving the immediate future of his Infowars media platform uncertain as he owes $1.5 billion for his false claims that the Sandy Hook Elementary School shooting was a hoax. Judge Christopher…
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