Insolvency Australia’s Post

Running a business is tough, but knowing the signs of potential insolvency can help you stay ahead of the curve. Here are 3 key warning signs: ✔️ Late payments: Regularly falling behind on payments to creditors or HMRC can indicate cash flow issues. ✔️ Debt burden: If your company's liabilities outweigh the value of your assets, insolvency might be a risk. ✔️ Legal action: A County Court Judgement (CCJ) or unpaid statutory demands are serious warnings. Facing any of these? Don't wait! My Insolvency can help you navigate financial challenges and keep your business afloat. #insolvency #debt #businesssupport

Running a business is tough, but knowing the signs of potential insolvency can help you stay ahead of the curve. Here are 3 key warning signs: ✔️ Late payments: Regularly falling behind on payments to creditors or HMRC can indicate cash flow issues. ✔️ Debt burden: If your company's liabilities outweigh the value of your assets, insolvency might be a risk. ✔️ Legal action: A County Court Judgement (CCJ) or unpaid statutory demands are serious warnings. Facing any of these? Don't wait! My Insolvency can help you navigate financial challenges and keep your business afloat. #insolvency #debt #businessadvice

Are you self employed and facing financial difficulties? Running a business often means dealing with fluctuating income, difficulty accessing traditional credit, and the need to separate personal and business finances. Learn how Licensed Insolvency Trustees can help you navigate this process in our latest video by Shannon Jackson, CIRP, LIT. Watch the video: https://lnkd.in/gFvczvt5 Read the blog: https://lnkd.in/gf_5M4EN #FLM2024 #MoneyOnYourMind

Running a business is tough, but knowing the signs of potential insolvency can help you stay ahead of the curve. Here are 3 key warning signs: ⏰ Late payments: Regularly falling behind on payments to creditors or HMRC can indicate cash flow issues. 💷 Debt burden: If your company's liabilities outweigh the value of your assets, insolvency might be a risk. ⚖️ Legal action: A County Court Judgement (CCJ) or unpaid statutory demands are serious warnings. Facing any of these? Don't wait! My Insolvency can help you navigate financial challenges and keep your business afloat. #insolvency #businessadvice #businesssupport

AFSA's March PIR prompts these comments. Finalised estates AFSA says it expects that trustees regularly monitor and review the age of their estates and finalise them if appropriate.  The date of finalisation is important because s 184 BA releases a trustee from liability 7 years from the date when the OR enters the estate on the NPII as “finalised”. The word finalised is not defined although the "end of a [bankrupt] administration" is the earlier of the day of discharge or annulment. Trustees might check the NPII to ensure it records the correct date of finalisation of each estate. AFSA reports that 8,019 bankrupt estates were finalised in 2022–23. A trustee’s failure AFSA’s neutral report of a trustee’s (Leroy) “failure to meet Bankruptcy Act standards” in not having insurance cover, belies some other issues, like missing estate funds. Trustees Micheletto and Carrafa were earlier appointed to Leroy’s bankrupt estate of Katherine Jackson. On 27 March 2024, the Federal Court gave orders joining Micheletto and Carrafa to recovery proceedings in Jackson’s estate, and replacing the Health Services Union.  Substituted service of court documents on Leroy was ordered by the Court by way of SMS text, WhatsApp and email, with the matter further adjourned to 14 June 2024. Statistics AFSA’s State of the Personal Insolvency System Report reveals personal insolvencies are expected to rise by 23% in 2023-24. While this expected rise seems dramatic, the long-term average is 23,100 and there were over 37,000 in 2009-10. The majority of these will be administered by the Official Trustee or debt agreement administrators given that most people who entered personal insolvency during 2022–23 had less than $50,000 in liabilities (52.7%). While the Report says that nearly a quarter of active personal insolvencies are business-related, this is an understatement because it includes debt agreements which because of their low monetary thresholds, typically do not include business debtors. More useful and telling figures are that, in the December 2023 quarter, over 40% of bankruptcies and around 54% of Part Xs were business or company related; and that business related insolvencies represent over 2/3 of the total system debt.   AFSA also reports that personal insolvencies increased in the Dec quarter 2023 (2,608) compared to Dec 2022 (2,321), but they significantly decreased from the Sept quarter of 2023 (3108). Also warranting a report were AFSA’s annual statistics for 2023-2023. For example, that “registered trustees administered more than $287 million in payments in 2022–23. Remuneration accounted for 28% of these payments …  Unsecured creditors received an average dividend of 2.19 cents – 1.27c from the OT and 2.68c from RTs”. This compares with creditors receiving an average of 51.74 cents per dollar owed in Part IX debt agreements completed in 2022–23 and 10.36c in Part X dividends.  See https://lnkd.in/g_M9xjyx

Heard the term insolvency but not sure what it really means? Insolvency occurs when an individual or company can no longer meet their financial obligations as debts become due. This can result from a wide range of issues and circumstances. If you're worried your business could be facing insolvency, don't struggle alone. Speak with our experts to explore your options. Book your FREE no-obligation consultation today: ☎ ️0800 012 6649 💻 https://buff.ly/2VIV8Uv #freeadvice #trustedadvice #debtadvice #freeconsultation #debthelp #insolvency #businessdebt #debt #expertadvice #LinesHenry #jargonbuster

Filing a Consumer Proposal may be a solution that could keep you from being evicted. To find out what your best option is, book a free consultation with a Licensed Insolvency Trustee. They can help you decide on the best path forward. https://bit.ly/46iWKFM #rentalproperty #consumerproposal #bankruptcy #eviction #debtrelief #financialhelp #landlordtenant #budgetingtips #Manitobarentals #Winnipegrentals

Creditors are key participants in insolvency proceedings, as the maximized value of assets is closely tied to the recovery of creditors. Dua Associates’ July issue of In Brief makes a case for granting intervenors the opportunity to be heard, for a comprehensive understanding of the understanding of the financial situation and solvency of the corporate debtor , leading to better-informed decisions. Read on… Angad Varma Saurabh Nikalje Kevin Chadha #duaassociates #inbrief #july #insolvency #corporate

Speculative Investor cannot claim status & benefits as a Financial Creditor u/s 5(8)(f) of Insolvency Bankruptcy Code: NCLT Read More: https://lnkd.in/gUNSvetU #speculative #financial #insolvencybankruptcy #nclt #taxscan #taxnews

The latest statistics from the Insolvency Service have been released. Although the number of registered company insolvencies in March 2024 has fallen by 17% compared to February 2024, company insolvencies in 2023 and the first three months of 2024 were at levels last seen during the 2008-09 recession. As Matt Hoy shared in his latest instalment from the 'Secret Diary of an IP': "The world has thrown some tough challenges in the last few years and in the majority of situations we see the business failure is outside of the directors’ control." It's unlikely that current rates of insolvency will drop significantly any time soon, and businesses holding off making decisions until the outcome of the next UK General Election could potentially do more harm than good. If you would like to have a confidential discussion about your business to get some clarity and understand potential options, call 0808 196 8676.   #Insolvency #Debt #Statistics