The Small Business Restructuring (SBR) scheme is reshaping Australia’s business recovery landscape, with the latest Corporate Insolvency Index from Insolvency Australia showing a three-fold increase in SBRs in the first half of the 2025 financial year. And the report’s author, Gareth Gammon, says small business restructuring will continue to gain momentum as more and more […]
FY24: a wild ride for insolvencies, latest Corporate Insolvency Index reveals … the turbulence not yet over but more directors turn to restructuring Register here to download the reports The 2024 financial year was a “shocker” for business insolvencies as the ATO turbo-charged its debt collection activities, according to the latest Corporate Insolvency Index […]
The H1 FY24 edition of Insolvency Australia’s Corporate Insolvency Index stats have been published. From a calendar-year perspective, it has started with a significant uptick in business insolvencies, particularly in the construction and hospitality sectors, as we return to pre-pandemic levels and continue to play catch up. The resounding theme from last year – and […]
Article in Accountants Daily: 24 June 2024 Insolvency professionals warn the Tax Office is using DPNs and legal action to take a “far more aggressive” recovery stance. The ATO is “hell bent” on chasing down $34 billion worth of debts owed by small businesses using director penalty notices (DPNs) and legal action, insolvency professionals say. […]
Comparison site Insolvency Australia has launched a first-of-its-kind national helpline that enables businesses and individuals to reach out for insolvency guidance. The service would help connect businesses, individuals and trusted advisers with registered insolvency specialists, it said. CEO of Insolvency Australia Garth Gammon said the service was “an important lifeline” and a first step for […]
Business insolvencies are continuing to rise in South Australia as another interest rate hike looms, and ahead of a critical holiday slowdown period that could make or break businesses on the edge. According to statistics from the Australian Securities and Investments Commission, 34 South Australian companies fell into administration or liquidation in October, up from […]
The ATO and other creditors currently pose the greatest threat to cash-strapped SMEs, according to Insolvency Australia in its latest Corporate Insolvency Index. The findings are based on the volume of external administrations around Australia, with Q4 statistics showing a 57 per cent increase in appointments nationally, compared with the previous corresponding period (3,008 vs 1,921). […]
ATO and creditor action poses greatest risk to SMEs, says Insolvency Australia The ATO and other creditors currently pose the greatest ‘threat’ to cash-strapped SMEs, says Insolvency Australia, which has just released its latest Corporate Insolvency Index. The Corporate Insolvency Index, produced by Insolvency Australia and sponsored by G&H Financial, outlines the volume of external […]
Would you recognise the warning signs of insolvency? Here are some of the key ‘red flags’. Unable to pay wages or bills Cant pay tax debt Poor cash flow No working capital Receipt of a DPN Ongoing losses No business plan Problems obtaining finance or credit Liabilities greater than assets Supplier cash on delivery only […]
The end of financial year looms as a tipping point for Gold Coast businesses, rated among the most likely in Australia to fail in the coming year. Companies in three Gold Coast regions have been named among 10 Australia-wide at highest risk of defaulting on their debts in 2023-24, in the latest CreditorWatch Business Risk […]
Australian business owners and accountants are being told now is the time to conduct a ‘health check’ on their organisations before the new financial year begins. Director at Insolvency Australia, Gareth Gammon said as the number of insolvencies began to rise, owners and accountants alike needed to ensure their organisations were in a healthy position. […]
As the end of the current financial year approaches, Australian businesses are being encouraged to take stock of their businesses, so their directors and accountants can do a business health check and fix any potential issues. “This financial year has seen the insolvency ‘dam’ begin to break, which is why EOFY provides a good opportunity […]
Insolvency Australia has urged business owners to take advantage of the end of financial year (EOFY) period to “take stock” of their businesses by conducting a business health check and take action if there are any issues. “This financial year has seen the insolvency ‘dam’ begin to break, which is why EOFY provides a good […]
Australian business owners are being urged to ‘take stock’ of their businesses as the end of the financial year rapidly approaches. It provides the ideal opportunity for directors and their accountants to do a business ‘health check’ and take action if there are any issues, according to Insolvency Australia. “This financial year has seen the […]
With June 30 fast approaching, now’s the time to double-check you’ve implemented strategies that will help mitigate any risks and protect your business. While such planning is something that should be done throughout the year, there’s still time to introduce measures to give you a smooth transition into the new financial year. We asked several […]
A big welcome to John Kukulovski, Partner with RRI Advisory in Melbourne, who has joined the Insolvency Australia platform. John has vast experience in insolvency spanning 25 years, having practised in both Australia and the UK. A Registered Liquidator, John’s skill-sets include voluntary administrations, Deeds of Company Arrangement (DOCAs), liquidations (including Members Voluntary Liquidations), receiverships, […]
Joseph Sleiman CA FCPA, an Insolvency Australia member, had an interesting path to getting into insolvency. “My good mate’s father closed his business and gave me his black leather boardroom chairs, which I sold by advertising in the local papers. He commented that I liquidated his chairs for a nice profit, and it was that […]
South East QLD is Australia’s most vulnerable region, according to CreditorWatch’s latest Industry Insight. The region’s reliance on tourism, hospitality and construction is a key factor, it found. If your business, or that of a client’s, is based in SE QLD and is in financial distress, it’s crucial to seek help as soon as possible. Insolvency Australia enables […]
Voluntary liquidation (CVL) and voluntary administration (VA) have a range of pros and cons, relative to each other. Here, Ben Sewell discusses the advantages of voluntary administration, including the ability to turn around the business, director initiation and the breathing space it provides to directors. Ben Sewell looks at the pros and cons of each […]
As the number of corporate and personal insolvencies increases, lawyers are seeing an influx of matters and inquiries, as John de la Hoyde from Madison Marcus points out in this recent Lawyers Weekly article. Alarmingly, John has noticed that a lot of businesses are leaving it too late to seek advice regarding restructuring or seeking guidance in relation to […]
Economic pressures continue to build – and that’s leading to more and more insolvencies across myriad sectors. But are we almost back to pre-pandemic averages? Not just yet, as our director Gareth Gammon told AccountantsDaily. Read the article here.
An insolvency specialist has described the latest insolvency stats from ASIC as “an insolvency Armageddon”, as this @SMH article recounts. Regardless of how you would describe it, the stats are clear: insolvencies continue to rise. The message is equally clear: if you or a client are in financial distress, seek assistance asap. By using Insolvency Australia you can search […]
Declaring bankruptcy in Australia can provide a solution to solving your personal debt. In this blog, Insolvency Australia member Thyge Trafford-Jones, a Director with Mackay Goodwin and a Registered Bankruptcy Trustee and Liquidator, helps break down the bankruptcy process and enables financially distressed individuals to identify if they are eligible. It answers many questions. View it here. […]
Introducing Petr Vrsecky, one of the highly experienced insolvency practitioners you’ll find on Insolvency Australia! Petr, a Partner with PKF Melbourne, is a Registered Liquidator and Bankruptcy Trustee, with a career spanning 38 years. Having previously worked in his family’s construction business, it’s no surprise that one of the many industries Petr works across is construction, not to […]
For months there’s been plenty of conjecture about ‘will it or won’t it’. And now the latest insolvency figures from ASIC point to an insolvency wave hitting, as this SmartCompany article highlights. Court-appointed appointments are on the rise – which is why it’s crucial to seek help asap if your business is in financial difficulty. First step: use Insolvency Australia […]
Do you want to look under the hood of a successful small business restructuring appointment in the electrical industry? This case study explores: ▪ Company background/profile ▪ The factors that led to the insolvent position and legacy debt accruing ▪ The company’s debt profile and its major creditors in the insolvency equation ▪ The directors’ […]
The construction and contractor industry keeps getting hit as this article by Sarah Sharples shares. Alan Walker and Glenn Livingstone of WLP Restructuring were appointed to the Voluntary Administration of the company. The good news is that the company continues to trade and all will hope that new funds or a sale might offer a solution. If you are affected […]
Going into liquidation doesn’t always mean it’s the ‘end of the road’ for a business that’s found itself in financial distress through no fault of its own, as this great case study (below) from BRI Ferrier shows. Good advice and tough negotiation turned an insolvent company into a solvent one and gave a significant return to […]
Quoting Insolvency Australia, The Institute of Public Accountants report that insolvencies are on the rise as local and global pressures put increasing strain on businesses. The latest research has found that in the first half of the 2023 financial year, external administrator and controller appointments rose by 62 per cent compared with the previous corresponding […]
A trucking company that supplied all the major supermarkets is being liquidated after a buyer couldn’t be found for the faltering business – with 1,500 staff now left in the lurch. Sydney-based Scott’s Refrigerated Logistics – which is Australia’s largest cold-chain logistics operator – went into receivership In February 2023 with staff told they’d been made redundant. […]
Local and global pressures are putting increasing strain on businesses, which is translating into rising insolvencies, according to the latest Corporate Insolvency Index* produced by Insolvency Australia. In the first half of FY23, external administrator and controller appointments rose by 62 per cent compared with the previous corresponding period. And the Corporate Insolvency Index shows […]
An “Everest of evidence” weighs against the RBA making any more rate raises as Australia stands on the precipice of a recession, according to the latest Deloitte Access Business Outlook. It says one more rate rise would tip Australia over the edge with the consumer-led recovery “rapidly running out of road”. “In our view, any […]
Insolvency Australia, the online marketplace for insolvency services, has published the Insolvency Australia Liquidator National Rankings FY22 – please click here to download the full reports. These reports are kindly sponsored by Frank Lampert of WTW (Willis Towers Watson), your specialist insurance broker for the insolvency sector. Our role at Insolvency Australia is simple – to […]
‘True picture’ of insolvencies emerging, latest insolvency index finds The end of COVID support measures means the true picture of insolvencies in Australia is now beginning to emerge, the latest Corporate Insolvency Index*, produced by Insolvency Australia and sponsored by insurance broker PRM, shows. In the FY22 year, external administrator and controller appointments rose by […]
Lawyers weekly highlighted the issues raised by Insolvency Australia around skills shortages: Read the full article here. With supply chain problems and rising inflation, an inability to find workers is the last straw for many, says Insolvency Australia. The nationwide skills shortage is becoming a key factor in forcing businesses into insolvency, with SMEs hardest […]
Accountants Daily, the leading publication for the sector reports on a key issue and quotes Insolvency Australia and a number of the platform members. The nationwide skills shortage is becoming a key factor in forcing businesses into insolvency with SMEs hardest hit, said Insolvency Australia. Read the full article here. Director Gareth Gammon said the […]
Job shortages causing company collapses in hospitality, construction and finance A growing number of companies have gone under this year owing millions but experts have warned that a lack of staff is going to cause a “flood” of collapses. Sarah Sharples in www.News.com.au quotes Insolvency Australia: Read the full article here. Australia’s staff shortage crisis […]
The Public Accountant reports on the skills shortage, highlighted by Insolvency Australia. “The nationwide skills shortage is becoming a key factor in forcing businesses into insolvency with SMEs hardest hit, said Insolvency Australia. Director Gareth Gammon said the hospitality, tourism and construction sectors were especially vulnerable. “We’re in uncharted waters, staff shortages are endemic across […]
Investors Daily quotes Insolvency Australia and a selection of platform members: Read the full article here. The skills shortage spanning across several Australian industries is expected to be one of the ongoing triggers of insolvencies. Insolvency Australia, an independent marketplace for insolvency services, has urged businesses to “assess, communicate and speak up” regarding skills shortages […]
Is the insolvency drought ending? The signs are certainly starting to appear, the latest Corporate Insolvency Index*, produced by Insolvency Australia and sponsored by insurance broker PRM shows. To download the reports, click here. The Q3 statistics showed that while total appointments are still low, they have risen slightly (6%) compared with the previous comparative […]
The threat of insolvency facing ASX listed businesses is real, explains Sarah Sharples, the Finance Editor at news.com.au, with expert commentary from Insolvency Australia and 2 or its members, Mackay Goodwin and Auxilium Partners. This story gained national exposure and was also covered by: News.com.au Herald Sun Daily Telegraph Australia Adelaide Now Gold Coast Bulletin […]
The ATO are changing their approach and Accountants Daily, working with Insolvency Australia, quoted the following Insolvency Australia members: Thyge Trafford-Jones at Mackay Goodwin Sandy Spyrakis at Advanced Insolvency Natasha Petrie at BRI Ferrier Nick Cooper at Oracle Insolvency Services Bob Jacobs at Auxilium Partners Read the full article here. A warning shot at thousands […]
Accountants Daily, the leading portal informing accountants and other trusted advisers on key issues facing the sector, discussed the impending zombie firm issue in a recent article. Insolvency Australia, Oracle Insolvency Services and Auxilium Partners all contributed to the insights. Thank you to Lorena Biasotti for the coverage. Read the full article here. “Insolvencies will […]
The Institute of Public Accountants official Journal, “Public Accountant” covered the wind up wave concerns this week and worked with Insolvency Australia and 2 of our members, Nick Cooper of Oracle Insolvency Services and Bob Jacobs, Head of Auxilium Partners to provide insights. Read the full article here. “Insolvencies will strike Australia in the […]
Lawyers Weekly, the pre-eminent publication for the legal sector ran an insightful feature, looking at the likelihood of an increase in insolvencies. The article included valuable insights from leading insolvency lawyers, and comments from Gareth Gammon of Insolvency Australia. Thank you to Jerome Doraisamy for the research and valuable content. Read the full article here. […]
Kochie’s Business Builders is Australia’s number one destination for small business news, resources, features and inspiration. Their mission is to INSPIRE, EDUCATE and ADVOCATE for the nation’s two-million-plus small business owners by providing content that shares their successes, keeps them up to date with the latest news and spotlights their issues. Read what Kochie’s Business Builders said about the […]
Media release 10 May 2022 Zombies lead the insolvency march in second half Zombie companies will be leading the insolvency charge over the next 12 months. And the ‘first wave’ is likely to occur after the federal election and tax season, says Insolvency Australia, the independent marketplace for insolvency services. Gareth Gammon, Insolvency Australia Director, […]
This has been a difficult week for the construction industry and thank you to Building Connection for running this important story and quoting Insolvency Australia. Mackay Goodwin and BRI Ferrier are also quoted in this insightful piece. Insolvency Australia: Be prepared for “domino effect” of construction company collapses
Insolvency Australia are delighted to announce the appointment of Gareth Gammon as a Director. Gareth brings deep sector experience at a critical time for the industry. Thank you to Accountants Daily for covering the story and sharing with their 50K plus readers Read more here.
Insolvency Australia ran 2 well attended webinars at the end of last year – keeping true to our purpose, to help the sector win more work, these webinars were focussed on Business Development and Maximising your Digital Footprint. Our guest speaker was Alistair Marshall from Professional Services Business Development. By way of a follow up: […]
Insolvency Australia, the country’s first and only online marketplace for insolvency services, has announced a major growth step, with the announcement of Gareth Gammon as its new Director. Gammon was previously COO of Jirsch Sutherland, one of the country’s leading and largest independent insolvency specialists. During that time, he helped drive the success of the […]
Last month we ran the Insolvency Australia webinar #1, focusing on Business Development for Insolvency Professionals. The attendance and feedback showed the subject hit a nerve. You told us that: winning work is the biggest single challenge facing you and the sector today Insolvency Australia has a role to play in promoting and marketing the […]
In these covid-limited times, we know that winning new work remains the biggest single challenge facing insolvency professionals. After almost 2 years of the market being compromised, things are about to change as the economy opens up with 70% and 80% vaccinations? We need to get ready for when the restructuring, insolvency and bankruptcy market […]
Check out this article in the SMH. For many businesses, JobKeeper was the life support machine that kept them afloat, hopefully to bounce back and recover. Saving jobs and communities. Perfect. For many others, whilst JK was a life support machine, it was simply delaying the inevitable. It kept some businesses alive, and in so […]
There is a key change coming that will potentially change the landscape for Company Directors. The ATO plan to publish the names of businesses with outstanding (90 days overdue) ATO payments of over $100,000. For those that owe the money and have resources, this may of course encourage a swift call to the ATO and […]
Insolvency Australia is the country’s first and only marketplace that features the country’s Registered Liquidators and Bankruptcy Trustees in one place. Click here to read the full article.
With Job Keeper ending, many small businesses are reviewing their structure and viability. Inside Small Business shared the role that Insolvency Practitioners can play in supporting small businesses and how Insolvency Australia helps connect those that need help with those that offer assistance. Click here to read the full article.
Accountants Daily announced the launch of the Insolvency Australia platform to their 50,000 subscribers. In the article, they explained how being able to source specialist insolvency practitioners is made easier now for accountants. Read their article here.
