by Roslyn Cossins

According to figures recently reported by ATO staff at a forum for insolvency practitioners, the Deputy Commissioner of Taxation (“DCT”) has over 52,600 insolvency accounts with a combined debt of over $7.2 billion. It is no surprise, therefore, and especially to those who work within the insolvency industry, that the DCT is arguably Australia’s largest unsecured creditor.

So how does the DCT approach insolvency, and how can insolvency practitioners work with the ATO to achieve the best outcome for all stakeholders?

HootersLogoThe Group’s Administrators advise that Expressions of Interest (EOI) to purchase Hooters has now closed. There are a handful of genuine parties that the Administrators are currently liaising with.

“The EOI process allows for a fair process to consider a potential rescue plan for the Group i.e. a Deed of Company Arrangement proposal from the Director versus engaging with new owners or management in order to continue the Hooters brand in Australia.” said the Group’s Administrator David Iannuzzi of Veritas Advisory.

The Administrators are continuing to work closely with Hooters of America, LLC and are using their best endeavours to ensure that the Hooters brand continues down under.

A meeting of creditors has been scheduled for 29 August 2018 where the future of the brand will be discussed further with creditors in attendance. It is expected this meeting will be adjourned to allow creditors more time to fully consider their options.

by Roer Jimenez

Debt is a four-letter word we tend to easily avoid personally or for business. From a business perspective avoiding it may not always be the best way to achieve consistent cash flow.

So, are all debts equal?

Some debt can actually help grow your business. Rather than labelling all debt as “bad,” there are a few simple ways to recognise which debts are good, bad, or ugly.

by Cameron Lee

CPA Australia recently conducted its eighth annual Asia-Pacific Small Business Survey where it found that 50.7% of Australia’s small business experienced growth during 2017, which was the highest rate of growth in the past three years. CPA Australia also established that more businesses expected further growth and business activity within the next year than previously.

With these results, it is a timely reminder to assess your business and consider some factors and precautions to best prepare your business for growth.

hooters-australia-logoAustralia’s branch of the well-known American food chain Hooters has been placed into voluntary administration in order to give the company some “breathing space” and help the owner re-assess the business and his involvement moving forward.

The Group’s Administrators stress that it is business as usual for Hooters with its three Sydney restaurants and one Gold Coast restaurant continuing to trade over the administration period, which is expected to take up to two months.

by Emily Naumoska

Retail experts and insolvency practitioners alike have announced that even large, well-known local Australian retailers are not above the risk of insolvency.

Recently a number of high profile Australian retailers entered into administration including one of Australia’s most exclusive brands Oroton, in late 2017. Other recent collapses include Dick Smith, Toys R Us, Metalicus, Kangaroo Tent City & BBQs, along with Australia’s plus-size clothing fashion retailer Maggie T in 2018.

by Chris Kindis

In this matter [2018] NSWSC 707, Brereton J has upheld the s588FG(2) ‘Good Faith’ defence run by Bildavoid Concrete Voidforming Systems (“Bildavoid”).

Background on the Matter

Edition 12The Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

In this edition we take a look at valid defenses for a DPN, the launch of Single Touch Payroll and the extended Anti-Phoenix Measures taken in the recent budget.

Click here to view our latest Newsletter and see what has been happening at Veritas Advisory.

It is with great privilege we can advise that Veritas Advisory has been chosen to be on the panel of contractors of the Office of the Registrar of Indigenous Corporations (“ORIC”).

by Adam Lysle

In the last two weeks, we have seen an increased focus on the risks associated in dealing with operators in the property sector. In fact, the entire business community seems to be enveloped in interest in the world of various collapses that have taken place over the last few months and years. One larger collapse which has attracted a significant amount of interest is the collapse of Project Group, a Victorian builder.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

In this edition we take a look at recent publicity and penalties in the political arena as well as the rising geo-political risk and China.

Click here to view our latest Newsletter and see what has been happening at Veritas Advisory.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

In this edition we take a look at the year ahead, the proposed changes for the period of bankruptcy and a further look at the 'safe harbour' provisions for company directors.

Click here to view our latest Newsletter and see what has been happening at Veritas Advisory.

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