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ASIC has issued REP513 being its enforcement outcomes – July – December 2016. The report focuses on facilitators of serious illegal phoenix behaviours and improper transactions in the face of insolvency. ASIC states: it is intent on disrupting illegal phoenix activity and focusing on facilitators, including rogue insolvency practitioners using a whole of ASIC plan […]

For some Australian business, 2016 has no doubt been a celebration of success. But for 9,465 Australian businesses, the last years has been a nightmare. ASIC has published its Corporate Insolvency Year in Review based on reports from 9,465 Corporate Insolvencies. Here is a snapshot of the most interesting points. 86% of Corporate Insolvencies involve […]

A company director who sought to voluntarily deregister his company was convicted and automatically disqualified from managing corporations for 5 years. Under Section 601AA of the Corporations Act, a person may apply to deregister a company only if: all members agree it is not carrying on a business its assets are worth less than $1,000 […]

Over the last two years, the number of businesses coming into the Australian economic market has risen by 1%. Though some might consider that an insignificant increase at first, the additional 1% represents an increase of 21,000 new businesses in Australia. However, though this might appear to be a positive development for Australia’s economy, the […]

The Insolvency Experts on National TV As an expert in Company Liquidation and Insolvency, Steve Kugel was invited on Channel 10 Australia and interviewed by Paul Henry. The topic was avoiding Business Insolvency and Company Liquidation and Steve made some important points for business owners to consider. Most of the relevant points are available in Steve’s Free Ebook – The […]

Surprise raids on a Melbourne based Pre-Insolvency firm conducted by the ATO and ASIC has discovered a banned liquidator allegedly working under an alias according to an article appearing in today’s Sydney Insolvency News. Apart from furthering its investigations into the practices of  untrustworthy pre-insolvency advisors, the article goes on to say the AISC & ATO raid may […]

One of the biggest decisions you will ever make is whether or not to liquidate your business. Have you done everything to try and save it? Is there a way to improve sales? Can you cut costs further? Can you put any more money in to keep things going? Should you sell your house and […]

Thank you Steven. Finally, I want to thank you for all your advice over the past year. Actually I think I first contacted you at the end of 2012, but fear of the unknown, embarrassment, pressure and the stress prevented me from perusing options at that time. It was just easier to ignore it all, […]

The peak body for liquidators, the Australian Restructuring Insolvency & Turnaround Association (“ARITA”) has issued a discussion paper for how it proposes company liquidation should be dealt with in the future. ARITA is concerned that registered company liquidators should receive proper remuneration for their services and that practitioners should not be required to work or […]