Shadow and De Facto Directors: A Guide for Accountants and Other Professionals
As an insolvency practitioner, I occasionally see the impact that shadow and de facto directors can have on companies. These individuals, who are not formally appointed as directors, can often exercise a significant amount of control over a company’s affairs and participate in the day-to-day operations of a corporation.
Winding up of a company if it is “just and equitable”
Section 461(k) of the Corporations Act 2001 (Cth) is a discretionary power of the court to order the winding up of a company if it is “just and equitable” to do so. This power is often used in cases where there is no other statutory ground for winding up, but where the company is in a position where it cannot continue to operate effectively or fairly.
How proceeds work in relation to PPSR PMSI registrations
How proceeds work in relation to PPSR PMSI registrations A purchase money security interest (PMSI) is a special type of security interest in personal property that is granted to the seller of the property to secure the purchase price. PMSIs are given priority over other security interests in the property, even if those interests were […]
Statutory Demands
A refresher for accountants With the ATO ramping up small business debt collections at the moment, it is quite likely that your clients who are in arrears and not being proactive about payment plans may receive a Statutory Demand for payment of overdue tax amounts. A Statutory Demand is a serious matter and is often […]
How Superannuation Guarantee Charge (SGC) Statements Work for Directors
How Superannuation Guarantee Charge (SGC) Statements Work for Directors As a director, you have a legal obligation to ensure that your company meets its superannuation guarantee (SG) obligations. This includes lodging SGC statements with the Australian Taxation Office (ATO) on time and accurately. What is an SGC statement? An SGC statement is a document that […]
Small business insolvency reforms – What you need to know to inform your clients
In preparation for the approaching possible ‘tidal wave’ of insolvency appointments likely to commence in early 2021, the Federal Government has announced its intention to roll out a simplified restructuring solution for micro and small businesses, based on the US ‘debtor in possession’ model. Additionally, there will also be a simplified liquidation process, aimed at […]
Not a matter of if, but when.
The Australian economy has faced unprecedented challenges in 2020, with the bushfire crisis at the turn of the year followed by floods and then of course, the COVID-19 pandemic, which continues to wreak havoc, especially in Australia’s two most populous states. With the national economy taking hit after hit and no respite on the horizon, […]
Did someone say Cake!? – July is full of birthdays
Many people are eager to celebrate their birthdays. And if someone’s birthday falls on a weekday, they’ll be spending a precious chunk of that day at work. This month we are lucky enough to celebrate not only one, but four birthdays. Laura (9th July), Louise (10th July), Myself (Alanah, 13th July) and our spiritual leader, […]
COVID-19 and the move to an online meeting place
Over the last few months, we at HLB Insolvency, and I am sure many other businesses too, have learnt a great deal about the strengths of our technology platforms in the home workplace. Weekly team Zoom meetings are becoming the norm and are a great way to stay in touch ‘face to face’ and keep […]