In the wake of JobKeeper, and the expiry of other government support programs, the ATO is expected to ramp up enforcement in line with the governments move to revert to a business as usual approach, said Kathy Sozou, restructuring partner at McGrathNicol.
My sense would be that, as JobKeeper tapers off, and we start to revert to whatever this new normal looks like, the ATO would also start to revert back to their normal practice, Ms Sozou said.
Im not necessarily saying that theyll be …
Read the full article at: https://www.accountantsdaily.com.au/business/15520-ato-expected-to-turn-the-tide-on-insolvencies
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Tuesday, March 30, 2021
The Corporate Insolvency and Governance Act 2020 introduced a number of temporary changes to UK insolvency laws last year. Those changes, together with other measures such as the moratorium on forfeiture proceedings have recently been extended, we assume, to avoid the perceived cliff edge of insolvencies that might follow if such measures are brought to an end abruptly.
As with many of the UK government announcements and legislative changes, these have been announced in a piecemeal fashion and it is not always easy to keep track of what has been extended and until when. Below is a summary of the position as it currently stands:
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The exemption from theipso facto regime(preventing a…
Read the full article at: https://www.natlawreview.com/article/uk-insolvency-protection-laws-extended-where-are-we-now
Go to Top![woman seated in home office looks relieved as she rips up a bill from a big stack on her desk]( "woman seated in home office looks relieved as she rips up a bill from a big stack on her desk")
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If you’re lost in a mire of debt, a credit counselor can help.
There are many routes to debt problems. You may have lost your job and been swamped with bills, or you may be stuck with credit card balances that aren’t going down. Perhaps you want to tackle your debt before you retire, or you have missed some payments and want to get back on track before your accounts go to collection.
No matter how you got swamped with debt, a credit counselor can help you work on a budget, learn about lenders hardship programs, or enroll in a debt management program that reduces your payments and interest rates. But there are also a lot of scam artists that prey on people who are worried about their debt. Here’s…
Read the full article at: https://www.aarp.org/money/credit-loans-debt/info-2021/how-to-find-credit-counseling-you-can-trust.html
Though significant steps have been taken to preventdebt crises across the world sparked by the COVID-19 crisis,they have not been sufficientto restore economic stabilityinmany developing countries, according to a policy brief issued by the UN Secretary-General on Monday.
More than a year into the pandemic, the fiscal impacts of the crisis are triggering debt distress in a growing number of countries and is severely limiting the ability of many,to invest in recovery and the Sustainable Development Goals (SDGs), including urgently needed climate action, Secretary-General Antnio Guterres said.
The world cannot walk head on, eyes wide open, into a debt crisis that is foreseeable & preventable.
Developing countries urgently need access to …
Read the full article at: https://news.un.org/en/story/2021/03/1088502
This was the title of the recent timely ICAEW webinar that can be accessed through the link below. Timely, because as one of the presenters, Martine Catton, Chief Commercial Officer at Just Cashflow explains, “A tsunami of insolvencies is expected when the Governments well intended life support system for small businesses is wound down and authoritative research reveals up to one million SMEs are in severe financial distress.”
Good businesses don’t become bad businesses overnight and accountants, insolvency practitioners and alternative funders, like Just Cashflow, need to work together to find a long term solution to the difficulties created by the COVID-19 pandemic.
The webinarprovides a good summary of support provided to SMEs to dat…
Read the full article at: https://www.icaew.com/technical/practice-resources/running-your-practice/support-for-member-firms/practicewire/news/insolvency-and-restructuring-how-accountants-can-assist-their-sme-clients
CreditorWatch, in conjunction with McGrathNicol, launched a new white paper exploring insolvency trends, options for businesses working through debts and potential sources of funding post-31 March.
The credit reporting agency said that according to figures published by the Australian Securities and Investments Commission, each year, roughly 8,000 businesses are placed into external administration.
But it noted that, in 2020, only 5,000 businesses entered administration, meaning 3,000 businesses that should have become insolvent last year are due to fail this year.
Further, an additional cohort of businesses is likely to enter administration as a result of the pandemic, which could prompt an additional 2,000 businesses to fail this quart…
Read the full article at: https://www.mybusiness.com.au/management/8047-5k-business-insolvencies-in-months-following-jobkeeper-report-predicts
Casino app on a Smartphone It was the offer from the gambling company which he is convinced started his addiction. If he deposited up to 300, they’d match it.
James – not his real name – says: “That was basically the initial hook that got me into slot machines.
“Gambling on the internet and particularly on smartphones, using apps, you in effect have a super casino in your pocket.
“I’ve never actually been in a physical bookmaker’s shop.”
In three months, James went from gambling a hundred pounds a month to five thousand pounds in a day. When he finally stopped, he was 80 thousand pounds in debt.
“For a time it ruined my life – up until the point that I was seriously considering suicide. Basically, I had ruined myself financially”
Personal da…
Read the full article at: https://au.news.yahoo.com/gambling-apps-super-casino-pocket-170617966.html
