Latest ASIC statistics

ASIC released its quarterly insolvency statistics for the third quarter of the 2015/16 financial year. It shows a decrease of 15.7% for companies entering external administration (EXAD). Liquidation appointments totalled 2,106 compared to 2,499 in the previous quarter. - Court liquidations were down 28.4%, except for South Australia (up 31%). - Creditors' Voluntary Liquidations were [...]

By | June 27th, 2016|liquidations, Voluntary administration|0 Comments

Man to Man collapses into liquidation

Menswear chain Man to Man has called in liquidators, just over a year since it emerged from voluntary administration under new owners. Man to Man appointed voluntary administrators back in 2014. At the time, the 35-year-old retailer citied tough trading conditions as well as a failed investment. Man to Man later emerged from the administration [...]

By | June 27th, 2016|liquidations|0 Comments

ATO factsheet released on the new withholding tax regime

A factsheet has been released by the Australian Tax Office (ATO) with more information on the new withholding tax regime. Under the new law, vendors selling a property for over $2 million will need to apply for a clearance certificate to avoid the purchaser withholding 10% tax from the purchase price. The objective of the [...]

By | June 27th, 2016|Taxes|0 Comments

Sydney’s Accidental Millionaire

Extravagant Swag bought by accidental Millionaire Student Sydney’s Accidental Millionaire: Court documents have revealed the truly staggering amount of swag that 21-year-old Sydney student Christine Jia Xin Lee bought. Westpac goofed up and mistakenly transferred $4.6 million to her overdraft account. Lee, a chemical engineering student, became aware of the glitch in July 2014. She could have [...]

By | June 27th, 2016|Financial|0 Comments

Late payment dispute is ruining my health and crucifying cash flow

What happens to a small business owner when a big client refuses to pay their bills? Here, one describes the anxiety it’s causing during her pregnancy. I’m the owner of a small digital marketing agency that has been trading for almost two years. My business ran into extreme difficulties earlier this year because of a [...]

By | June 27th, 2016|Financial|0 Comments