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?…
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Table of contents: Summary For many, if not most, company directors and owners in Australia, private practice accountants are the first port-of-call for insolvency advice. This is problematic as: We examine the evidence in support of these conclusions in this…
Voluntary liquidation (CVL) and voluntary administration (VA) have a range of pros and cons, relative to each other. Here we look at the advantages of voluntary administration, including the ability to turn around the business, director initiation and the breathing space it provides to directors. We compare this with CVL, which is generally more cost-effectiveand more streamlined than voluntary administration. It is also generally the more appropriate option where the business is unlikely to be saved through a restructure process. This overview is intended for company directors of small-to-medium sized businesses weighing up their options for external administration.
While Voluntary Administration is not the best option for all struggling businesses in Australia, it does have some key benefits compared to other insolvency options. In this piece, we look at the best parts of Voluntary Administration and some of the benefits of this mechanism compared to alternative responses to company distress.
A receiver must be an independent and suitably qualified individual. This means, in nearly all cases, that the receiver must be a registered liquidator and satisfy a range of other requirements that apply to receivers.
Deed is a formal document that gives the clear indication that a person or entity gives its most sincere promise that they will fulfil contractual obligations.