Edition 13The 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 solutions for business survival, an alternative method for a company to list on the ASX and a look at the government's crackdown on the black economy.

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

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.

2018/19 is shaping to be a year of opportunities and we are excited to announce the addition and promotion of key staff within Veritas Advisory.

Check out our recent announcement.

by Charith Seneviratne

The increasing presence of phoenix operators demonstrates that the individual regulators are inadequately equipped to address illegal phoenix activity. In addition to this, current anti-phoenix measures focus’ too heavily on enforcement and prosecution of existing phoenix operators rather than deterrence of future phoenix operator.

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 address the changes in our industry from the regulatory framework and legislation perspectives. 

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 have some great articles including the announcement of our new office location at Miranda. 

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

by Frank Farrugia

Voluntary Administration, when used as a tool for a formal restructure can have many advantages, including giving the Company a breathing space from disputing directors or its creditors while trying to ensure the best possible return via a pari passu distribution to eligible creditors. The VA process can also facilitate a rehabilitation of a financially distressed company which has a viable business.

Veritas Advisory has welcomed a number of exciting changes this year. We are very pleased to announce our top three achievements. As they say, all good things come in threes!

1. We would like to congratulate our newest director, Vincent Pirina, in his new status as registered liquidator. We wish him all the best as he excels in this role.  

2. It has been with a lot of hard work that we have managed to change office locations to Level 5, 123 Pitt Street, Sydney. We look forward to our new office coming alive and watch out for the welcome invite! 

3. Last but not least, we are excited about opening our newest location in Miranda. We are all packed up, ready to go and looking forward to what's to come.

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

This 1st edition for 2017 gives us a chance to reflect on 2016, look at where Veritas Advisory is going in 2017 and introduce our newest Director, Vincent Prina.

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.

This edition gives an update on Dick Smith's interpretation of data the board appears to have relied on, guiding SMEs on the future of unfair contracts and a look at the inaugural International Personal Insolvency Conference.

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

 

by Adam Lysle

Well, a quick snapshot: The race to the Prime Ministership resembling an episode of the infamous Days of Our Lives soapy with a long drawn out battle over nine undecided seats and the prospect of a volatile senate still looming; we have a damning report in New South Wales over the greyhound racing industry which will see an end to that industry in NSW and the ACT at the very least from 1 July 2017; the American election is an even more interesting evolving situation when considering the world’s stability and of course Brexit is an extraordinary vote result that only time will tell what effect it will have on the world stage. All of these stories have certainly stolen the headlines lately.

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

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

 

Many businesses should be using the turn of the new financial year to identify and pursue new opportunities for growth. Veritas Advisory is no different, with that in mind, it’s time to reflect on our first 3 years and look forward to the years ahead.

In the last 3 years, Veritas Advisory has grown from an initial team of 15 to now a team of 25 and introduced our presence interstate in Melbourne with other regional and interstate opportunities in our sights. Undoubtedly the loss of Murray in mid-2015 has also meant that the entire team has worked hard to live up to his legacy and strive for truth and excellence each and every day.

by Louise Thomson

It was interesting that the conglomerate US Bank Morgan Stanley is significantly behind the problems of Arrium.

Morgan Stanley, according to the reports, (see SMH April 18 article by Sarah Danckert) has filed action in the Delaware Chancery Court seeking orders that Arrium and its subsidiary companies repay a $US75.4 million ($A97.6 million) credit facility the US bank provided in 2013.

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 of the Curat, we look at what is ahead plus what has been happening at Veritas Advisory. 

Click here to view our latest Newsletter.

 

by Matt Riedy

With the Dick Smith saga well into maturity, aggrieved creditors continue to dominate the media. With the help of Senator Xenophon, creditors are able to voice their frustration and concerns over gift cards in particular or outstanding deliveries. Understandably so!

The main concerns surround the point of the continuation of trade and timing of the commencement of the saga, together with the failure to honour previous sales or gift cards. This is part and parcel of the insolvency industry as a whole – and I thought I would take the opportunity to attempt to explain the process.

by Adam Lysle

Whilst the final figures for the Christmas trade aren't out just yet, early indications are that Australian retailers suffered a sluggish start to the peak season but have come home with a bang with fantastic Boxing Day trades. What’s got everyone talking though is the collapse of yet another major Australian Retailer – Dick Smith Electronics (“DSE”). It is noted that over the last 18 months, Australian Retailers have enjoyed some steady improvement in sales growth. 

Brian LaraVeritas Advisory continues to mix with some of the world’s elite sports people.  

In cricket circles, Brian Lara is one of the greatest!  He is the only batsman to have scored a hundred, a double century, a triple century, a quadruple century and a quintuple century of runs in a first class career. It was on the hallowed turf of the Sydney Cricket Ground that Brian revealed what it was like to lead a team in the most stressful of circumstances.

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 of the Curat, the focus is an insight into the demise of Dick Smith and the ripple effect. 

Click here to view our latest Newsletter.

by Cameron Lee

How you bounce back will set you apart!

Important business decisions are made on a daily basis by all companies. Unfortunately everybody makes mistakes and no matter how many good decisions you have made in the past, one catastrophic decision can have a significant impact on your business. The way you bounce back from these mistakes and minimising the risk of making a poor decision is what can set your business apart from the competition.

by Adam Lysle

Nearly every person in Australia has an insurance policy. CTP, car insurance, home and contents, travel etc. Nearly every business has some type of insurance be it for public liability, fire, theft etc. However, it amazes me that not many businesses have considered a trade credit insurance policy of some kind.

by Adam Lysle

Time and time again the old bandwagon of director’s duties comes out. However, now more than ever, the corporate watchdog is using their federal connections with the ATO and Department of Employment to take action against directors. I guess therefore, it’s time to take heed before taking action when businesses and/or directors enter into a stressful period.

By Louise Thomson and Irena Malley

The majority of people reading this article would know at least one person who owns or works in a family business – it is a business structure that is very much ‘close to home’.

PoidoVeritas Advisory have already developed a great reputation for hosting great client functions but the function held on 1 October 2015 will have many talking for a long time to come.

Guest of honour was 59 test Wallaby great, former Captain and member of the 1991 Rugby World Cup winning side – Simon Poidevin who showed why he is a class above many others in a tantalising Q&A session with a full house in awe.

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