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The Australian Government has introduced a number of temporary relief measures to support SME’s during these unprecedented times, including protecting directors from personal liability from insolvent trading. Notwithstanding the above, a director still has a legal obligation to monitor the financial position of the business. When a...
The road transport industry is a crucial component of Australia’s economy. However, many operators are doing it tough. In the last few months we’ve seen numerous operators facing significant financial distress, and in some cases being forced out of business. Many factors are contributing to the...
Safe Harbour provides protection from insolvent trading liability for honest and diligent Directors who identify that their company is or may become insolvent but who attempt to restructure and trade out of their difficulties. To seek protection of the Safe Harbour, a Director needs to...
With the coronavirus business restrictions biting, clients are looking for advice on whether to press pause or exit a business entirely. In Brief In the wake of coronavirus business restrictions and shutdowns, businesses are facing the tough decision of whether to pause operations or close permanently. Business...
In these challenging times, many accountants will have clients seeking advice and options in relation to current or anticipated financial distress. To help accountants in public practice, The Australian Restructuring Insolvency and Turnaround Association (ARITA), with the support of CPA Australia and Chartered Accountants Australia...