It has been a tactic for directors to backdate their resignation to avoid liabilities to a Liquidator, the ATO and creditors in general. But the Federal Government has brought in an Act to combat this.
Case Study: ATO takes $120,000 under a Garnishee Notice
Issuing garnishee notices is one of the methods the ATO utilises to recover tax debts.
It is important to speak to a professional before a garnishee notice is issued by the ATO.
Tax debts increase due to Covid-19
The ATO has taken virtually no recovery action to collect tax debts since the start of the Covid-19 pandemic. This has led to many businesses simply racking up more debt.
How to Solve Your Company’s Debt Problems
Numerous businesses have unmanageable debt and will have to make difficult decisions.
We at Cactus Consulting can advise you on the available options if your business is in financial difficulty and is finding it hard to keep up with costs and expenses.
Pre-insolvency Advisers Sentenced To Jail
If you require any pre-insolvency advice, our team of accountants is ideally placed to provide professional advice on alternatives to bankruptcy or liquidation. It is always important to seek advice from qualified professionals.
Options For Insolvent Businesses When JobKeeper Ends
In this article we look at the options that are available to your company if it is unable to pay its debts at the end of the JobKeeper scheme.
Insolvency Appointments Declined Significantly Despite COVID-19
The Australian Securities and Investments Commission and the Australian Financial Security Authority recently released the statistics for insolvency appointments across Australia.
Extension of Insolvency Relief Measures
The government has recently extended the JobKeeper program to March 2021, albeit in reduced sums. Other measures have also been extended to 31 December.
‘Zombie Companies’ Kept Alive By COVID-19 Stimulus
There are signs hat the stimulus measures introduced during COVID19, might be keeping businesses which would otherwise have folded, alive.
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