If your company has fallen on hard times, whether it be due to the financial strain of Coronavirus or an unrelated situation, it is vital to take immediate action. The best first step is to review our insolvency indicators and then become familiar with the Insolvency Guardian insolvency checklist. Taking immediate action when insolvent is vital, as companies…
‘Phoenix activity’ is a broad term commonly recognised in the solvency world for its ability to help company controllers avoid the stress and pain of standing over a failed business. Phoenix activity, however, runs the full gauntlet of positive and negative implications, as it applies to illegal activity, a legal phoenix restructure and even the…
Has money got you worrying? Has poor mental wellbeing got you neglecting your finances? The link between money and mental health is a complicated one. But, for most of us, it does exist. More recently, the COVID-19 pandemic has intensified money worries for many people. It’s unsurprising that during such uncertain times making financial decisions…
No matter which way you slice it, 2020 has been a challenging year. That is why the Kmart Wishing Tree Appeal will be launching earlier than ever to serve its biggest demand in history. National research conducted by YouGov (September 2020) revealed that more than 4 in 10 Australians (41%) have been negatively financially impacted…
Are you an owner or manager of a small business in Australia? If so, you may have felt the financial effects of the global pandemic COVID-19. Insolvency Guardian would love to know more about how you’re feeling during this time.
Since 2003, corporate lawyers and insolvency accountants have benefited from a helpful ‘cheat sheet’ which answers the question, ‘how to tell if your business is insolvent‘. It comes in the form of a list that outlines 14 key indicators of insolvency. This list was established by the Courts as a general yardstick to identify if…
From family operations to national firms, COVID-19 has made things tough for Australian businesses. Thousands have been forced to reduce their business hours, cut down on staff or shut down completely. As the global pandemic causes revenues to fall despite the unstoppable march of bills and expenses, one word becomes more prominent for businesses that…
As coronavirus continues to sweep across Australia, lockdowns and restrictions have brought intense financial strain upon thousands of businesses, with many facing company liquidation. Because continued restrictions like social distancing have made it almost impossible for any business to escape the pandemic’s effects, it is more important than ever to know how to tell if…
If your company has become insolvent as a result of Coronavirus, you will find that preparing for company liquidation can be a stressful aspect of the process. Providing company details and other information related to your insolvency is important to allow liquidators, and the Australian Securities and Investments Commission (ASIC), to wind things up. Whether…
The impact of COVID-19 lockdown restrictions on Australia’s tourism sector has hit Queensland the hardest, with the state recording nine of the top 10 for mortgage deferral hotspots. An analysis by global information solutions company Equifax revealed that when COVID-19’s first wave hit Australian shores, residents living in regions with tourism-dependant economies struggled to maintain…