Why A DPN Can Put Your Personal Assets Under Threat
If you run a business of any size, it’s vital you understand what a director penalty notice (DPN) is and how to deal with one. Here is an explainer, as shared by a Legal Affairs Business Lawyer. What is a Director Penalty Notice (DPN)? A director penalty notice is issued by the Australian Taxation Office […]
Solving Insolvency Without Liquidating
In these rapidly evolving times, demand from consumers is shifting, product availability has changed, and costs are becoming unmanageable for many businesses. If your company is experiencing financial trouble and you can’t see a simple way out, it may be time to explore insolvency. Many business owners assume that becoming insolvent means liquidating. When this […]
The Steps for Insolvency for Debtors
The term insolvency describes the situation where an individual or business cannot pay bills when they are due. Take a look at some of the options and steps involved with the insolvency process if you are a business. How do you know if you are insolvent? The signs you are insolvent are: If the number […]
Important Tax Debt Information for Business Owners
The last few years have been tricky for many businesses due to COVID and it’s understandable that many organisations have fallen behind on their tax payments. However, with the severe impacts of COVID diminishing, the Australian Tax Office is taking steps to start reducing the many billions (yes, billions) of dollars in tax debt. It […]
How to Get the Money your Business is Owed
With prices rising and many of the COVID safety nets being removed, some businesses are slipping into the red. If you’re a supplier, this may mean you have a number of overdue accounts. At some stage, you are going to need to chase the funds. There are a number of debt recovery options available to […]
What Happens When a Company Goes into Administration?
The whole purpose of operating a company is to make money. However, with so many moving parts and money coming and going at different rates, it can be very easy to end up with an unmanageable amount of debt. A business that has reached a point where it is experiencing significant financial trouble may have […]
What to do if you get a director penalty notice
Anyone can start a business in Australia, which is a positive thing because businesses present incredible opportunities to make money and create jobs for others. However, starting and operating a business can be complicated. Many people find they have bitten off more than they can chew, especially when it comes to paying taxes. If you […]
Bankruptcy: Five Things you Need to Know
Things don’t always go according to plan, which the last couple of years have proven for many people. Sometimes, despite all your best efforts and intentions, your financial situation can spiral out of control, leaving you facing bankruptcy. If you have significant debt and are considering declaring bankruptcy, here are some quick facts you need […]
Can a Restructure Save Your Business?
There’s no denying we live in turbulent times. As a result, many businesses find themselves facing insolvency, despite doing everything ‘right’. If you’ve had money difficulties but want to hold on to your business and feel like there is hope for a positive outcome, one solution can be to press ‘pause’ and get help to […]