Most growing business will run into some challenges relating the growth. Here we take a deep dive into these business ‘growing pains’ and look at what small business owners can do to get through them. In article: The challenge of…
Sound bookkeeping and accounting practices are crucial to the success of a business, but too often are neglected by small business owners. The company’s financial records are the ultimate scorecard for any business. Why is accurate financial information so important?…
In a trust, a trustee has strict obligations to beneficiaries. These are either set out in the trust deed, or apply via operation of law. Where a trustee does not act in accordance with those obligations there is a ‘breach of trust’. Here we take a deep dive into the concept of a breach of trust, and examine some recent case law.
Corporate insolvency in Australia underwent a seismic shift in 2021 with the introduction of the Small Business Restructuring Process under Part 5.3B of the Corporations Act 2001 (Cth). This process is referred to under the Act, and generally known simply…
2021 introduced sweeping changes to Australia’s corporate insolvency laws with the introduction of the Small Business Restructuring Process (SBRP) under Part 5.3B of the Corporations Act. This innovative restructuring process aims to give struggling small businesses a lifeline by enabling them to restructure their debts and bounce back more resiliently whilst leaving directors in control of their own business. This blog post explores the key hurdles to qualification for restructuring under the SBRP.
The introduction of the Small Business Restructuring Process in the Corporations Act has marked a significant shift in Australia’s approach towards company restructuring. Essentially, it moves towards a debtor-in-possession model, a concept that might appear foreign within the traditional creditor-in-possession system of Australia. Understanding why this change has occurred and its implications is critical for businesses navigating restructuring scenarios.
Small business restructuring is a complex process that entails two levels of professional fees. However, compared to other forms of external administration, the pricing for restructuring is more straightforward and generally lower. In this blog post, we will explore the different types of fees involved in the Small Business Restructuring Process (SBRP) and shed light on the factors that determine their amounts. Additionally, we will discuss the role of third-party professionals and the potential need for their services to support the small business restructuring process.
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Accounting records play a vital role in any business, serving as the foundation for financial reporting, decision-making, and compliance. As a business prepares for a Small Business Restructuring Plan (SBRP), it is crucial to ensure that its accounting records are accurate, complete, and well-organized. In this blog post, we provide a comprehensive checklist to help an insolvent company to review and assess its accounting records before initiating an SBRP.
Sub-contracting is an essential component of the Australian economy. Here we suggest some ways for sub-contractors to overcome the challenges of their field and avoid financial Zombification
Technical experts with a flair for entrepreneurship are the key new business starters in Australia. Here we examine what success looks like for these types of business.
While big business get all the media attention, the Australian economy is driven by small businesses. Here we look at some of the challenges for small business, and suggest some ideas to help them in their business journey.