Contact Our Experts Today on 1300 855 456

Especially when there is an Administration and a PPSA claim lurking.

On 25 February 2014 administrators were appointed over Renovation Boys, a company involved in supplying bathroom products.  With a large volume of property spread over several premises and accruing rent and employee entitlements the administrators, with no funds to pay for the necessary work, swiftly put their case before Justice Black on 21 March 2014.  A decision was promptly given on 25 March 2014.  See Renovation Boys Pty Ltd (Administrators Appointed) [2014] NSWSC340.

The Government is set to review the PPSA with the impact on small businesses and their experiences since its implementation as front of mind.

Australia’s close tie to Asia’s growing dominance has seen it emerge from the GFC in a relatively strong economic position. We have been identified as a country that “inspires confidence in the marketplace”, our Government debt as a percentage of GDP rests at 30% - a tiny fraction of the United States and other European countries. In addition our well managed central reserve is not printing money like the rest of the world.  Consequently there has been an influx of foreign capital coming into Australia from Europe, the US and China as global investors search for a ‘safe haven’ post GFC.

A recent article in The Age and Sydney Morning Herald did not fully reflect comments from David Iannuzzi of Veritas Advisory.  To clarify, Veritas Advisory is hoping to sell the current stock on hand to a retailer.  They are also busy looking for a locally based partner to help with a retail strategy.   There is some talks happening at the moment with the frontrunner who flew to the US recently to get an understanding of how best to do business with Breakwater.

After some 22 years of continued growth in our economy, a feeling of disquiet has enveloped the Australian work place as the impacts of a slowing economy become apparent.

In recent months -

  • Qantas has reported a $300 million dollar loss, and the intention to shed 1,000 jobs;
  • Brindabella Airlines has just been placed  in Administration;
  • Ford and Holden have announced the cessation of vehicle manufacturing operations in Australia in 2016 and 2017 respectively.  Toyota may well follow suit;

17 February 2014 — Apparel and fashion accessories maker Bleach Group, also known as Mentmore Group (“Bleach”) today announced that it has secured the future of beloved and iconic Australian premium denim label Ksubi and street/surf brand Insight, through the timely backing of Los Angeles-based private investment firm Breakwater Investment Management, LLC (“Breakwater”), which has historically supported the business.

Click here to read the full media release.

To all those affected by the bush fires in New South Wales, we would like to extend our deepest support to you in these challenging moments. With the Rural Fire Service personnel deployed in large numbers, and with over 80 aircraft – both fixed wing and helicopters in the air, you are in very good hands.  But the task is enormous and we can only hope that luck will be with the RFDs personnel as they continue this extraordinary battle!

With the first half of the financial year over and the New Year commencing, business owners and advisors should use this ‘quiet’ time to ensure their house or client’s backyard is in order.

Leading up to the Christmas break we noticed a spike in recovery actions by the ATO, particularly with regard to Director Penalty Notices (both new and old style demands) as well as Garnishee notices. 

Nobody wants their business to be declared insolvent.  Insolvency will affect the lives of your employees and family, as well as having a major impact on your future business opportunities.

To avoid insolvency, it’s important to recognise the early warning signs. As a business owner, you need to identify these warning signs and take early action.

YOU SHOULD seek advice from a specialised insolvency accountant. Your chances improve if you do so early, as the likelihood of turning the business around and thereby minimise the risk of losing the things and people you value.

Are you waking up each morning and telling yourself that rents and rising wage costs are killing my business? Are you losing sleep thinking about how to get out of a financial rut?

A 10% reduction of your retail or franchise business’ rents or wages would not, in most cases provide a permanent solution to your business’ financial position. Many businesses think that rents and wages are the biggest challenge when in fact, real questions that should be considered include:

  • What are the biggest threats to my business leading into Christmas?
  • What are the biggest opportunities for my business?
  • Have I considered establishing or expanding my online presence?