Singapore Law Watch’s Post

How do you best describe insolvency to your clients? ASIC-Registered liquidator, Richard Lawrence, answers all the burning questions about insolvency. Whether your client is facing personal financial distress or their business is, Richard outlines the best pathways to recover. 🔍 From payment plans to debt restructuring to business model revisions, we've got all your bases covered. Get your clients to dive into Richard's comprehensive guide to understand the ins and outs of everything insolvency https://hubs.li/Q02mP6l90

How do debt collection agencies play a crucial role in navigating business insolvency? 🔄💼 In our latest blog, we explore the pivotal role that debt collection agencies hold in the intricate process of business insolvency. From early intervention strategies to the final stages of debt recovery, understanding this dynamic can significantly impact the outcome for businesses facing financial challenges. Equip yourself with the knowledge to effectively manage financial distress and explore the options available through professional debt recovery services. 👉 Read the insightful article and learn how debt collection agencies can be a valuable asset in times of business insolvency: https://lnkd.in/eqBskEVA #BusinessInsolvency #DebtCollection #FinancialManagement #DebtRecovery #BusinessStrategy

The ATO has a laser focus on debt recovery this financial year, as its recently released corporate plan for FY2024-25 highlights. And the new financial year is off to a rocky start, our latest Corporate Insolvency Index reveals. Thanks Accounting Times for your recent article, with great insights from Insolvency Australia members Jarvis Archer and Scott Andersen. https://lnkd.in/gtBY29qf #insolvency #businessturnaround #restructuring #accountants #accounting #smallbusiness

What to Do if Your Company is Insolvent? 🤝 Insolvency occurs when a company struggles to meet its debt obligations, often due to prolonged losses, low liquidity, or limited access to financing. Companies facing insolvency typically opt for voluntary administration to manage their debt before resorting to liquidation. Recognizing the signs of financial distress, such as consistent losses, cash flow issues, and rising debts, is crucial. If your company is insolvent, avoid incurring further debt and consider restructuring, refinancing, or appointing a registered liquidator or voluntary administrator to handle the situation. In cases of financial distress, appointing an external administrator can help manage the company’s affairs for the creditors' benefit. This process can include voluntary administration, receivership, or liquidation. Understanding these procedures and knowing your options can help protect your interests and navigate the complexities of insolvency. Ensuring your company’s financial health involves maintaining comprehensive business plans, organized accounting procedures, and regular financial reviews to prevent insolvency. Read the whole article below: #KingsfordLawyers #Insolvency #BusinessAdvice #FinancialHealth #LegalGuidance https://lnkd.in/gQtwmHja

Corporate insolvency levels rose 73.3% in February when compared to pre-pandemic levels in 2019, according to new statistics from The Insolvency Service. Personal insolvency levels also rose in February, to the highest we’ve seen in 11 months, and the highest we’ve seen in February for more than four years. Commenting on the statistics, R3 President Nicky Fisher of Herron Fisher said today’s figures highlight that the cost of living remains a major concern, and a major challenge, for many people in England and Wales. She urged anyone struggling with their finances to seek advice at the earliest possible stage. You can read the statement here: https://lnkd.in/e7SsBbnG #insolvency #restructuring R3 Association of Business Recovery Professionals

😣 Struggling with debt but want to avoid bankruptcy? A Part X Personal Insolvency Agreement (PIA) might be the answer. 📄 In our article 'Part X (10) Personal Insolvency Agreements: What You Need to Know', we discuss: - Who can qualify and what requirements need to be met. - The pros and cons of a PIA. - The impact on creditors. - The process of setting up a PIA. 🔗 Learn more about PIAs and how they can help: https://revive.ws/3SdcNjF #personalinsolvencyagreement #debtrelief #debtmanagement

If your company is considering restructuring its debt while continuing to trade, you may find a scheme of arrangement to be a suitable option. This process is distinct from a company voluntary arrangement (CVA) and is governed by different legislation. It also stands apart from other debt resolution methods such as a creditors’ voluntary liquidation (CVL) or company administration. - Read more

Insolvency Legal Definitions and Remedies: Understanding Your Financial Options Insolvency is a financial state where an individual or business can no longer meet its debt obligations. Understanding the legal definitions and remedies for insolvency is crucial for navigating financial distress and exploring options for debt relief. This article will provide an in-depth look at the key aspects of insolvency, including its legal framework, practical remedies, and the implications for those affected. Legal Definitions of Insolvency Insolvency is broadly defined under two main tests: the cash flow test and the balance sheet test. The cash flow test determines insolvency based on the inability to pay debts as they fall due. If a debtor cannot meet their short-term liabilities with available liquid assets, they are considered insolvent under this test. The balance sheet test, on the other hand, assesses insolvency by comparing total liabilities to total assets. If the liabilities exceed the assets, indicating that the debtor’s financial obligations su... #bankruptcyalternatives #DebtRelief #FinancialDistress #financialremedies #financialrestructuring #Insolvency #insolvencylaw #insolvencyoptions #InsolvencyProceedings #insolvencysolutions #legaldefinitions #legalinsolvencyhelp

Insolvency Legal Definitions and Remedies: Understanding Your Financial Options Insolvency is a financial state where an individual or business can no longer meet its debt obligations. Understanding the legal definitions and remedies for insolvency is crucial for navigating financial distress and exploring options for debt relief. This article will provide an in-depth look at the key aspects of insolvency, including its legal framework, practical remedies, and the implications for those affected. Legal Definitions of Insolvency Insolvency is broadly defined under two main tests: the cash flow test and the balance sheet test. The cash flow test determines insolvency based on the inability to pay debts as they fall due. If a debtor cannot meet their short-term liabilities with available liquid assets, they are considered insolvent under this test. The balance sheet test, on the other hand, assesses insolvency by comparing total liabilities to total assets. If the liabilities exceed the assets, indicating that the debtor’s financial obligations su... #bankruptcyalternatives #DebtRelief #FinancialDistress #financialremedies #financialrestructuring #Insolvency #insolvencylaw #insolvencyoptions #InsolvencyProceedings #insolvencysolutions #legaldefinitions #legalinsolvencyhelp