The Australian Federal Government has recently announced reforms to the current insolvency regime. One of the proposed reforms is aimed at simplifying the restructuring process for eligible small businesses.
It is clear that many people deferring loan repayments are not in a position to continue with mortgage repayments when the deferral period ends.
So, what can you do if you worry that you may not be able to continue with mortgage repayments?
There are signs hat the stimulus measures introduced during COVID19, might be keeping businesses which would otherwise have folded, alive.
Our success story tells of a client we helped negotiate an ATO Payment Arrangement for, in order for them to avoid liquidation.
Many businesses sign multi-year commercial leases and then struggle to meet their lease obligations. In these circumstances, we can help you.
What should you do if you provided a personal guarantee and your business is struggling? One of the things you can do is to negotiate a settlement.
Our client’s problem We were recently referred a property developer client who had two companies which were involved in a failed property development in northern New South Wales. The companies had limited assets and they owed several hundred thousand dollars to creditors.
From 1 April 2020, the ATO will be able to issue Director Penalty Notices for a company’s unpaid GST. This article summarises how GST Director Penalty Notices will apply.