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    What to Look For: Signs That a Company May be Insolvent
    2020-04-09

    In the current climate, many businesses will suffer from financial difficulties, though this does not necessarily mean that the businesses are insolvent. There are a number of indicators that may suggest that a company is insolvent, rather than just suffering temporary financial issues. Whether you are a creditor, a company director or other stakeholder, you should be aware of these indicators and what a company’s insolvency could mean for you.

    What Does it Mean to be Insolvent?

    Filed under:
    Australia, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, Finlaysons, Landlord, Coronavirus
    Authors:
    Lisa Calabrese
    Location:
    Australia
    Firm:
    Finlaysons
    “Safe Harbour” Laws - How can Directors’ Steer the Ship During Uncertain Financial Times?
    2020-04-01

    In challenging financial times, a company director’s role is fraught with difficult decisions regarding continued operations and the preservation of the business. These decisions may be influenced by the risk of personal liability to the director.

    Outlined in, Directors’ Duties in Uncertain Financial Times, we canvassed the issues facing a director when the company’s financial viability comes into question.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Finlaysons, Safe harbor (law), Board of directors, Coronavirus, Corporations Act 2001 (Australia)
    Authors:
    Lisa Calabrese , James Jarvis
    Location:
    Australia
    Firm:
    Finlaysons
    Coronavirus (COVID-19): Important Temporary Relief in Insolvency Law
    2020-03-24

    The Australian Government has announced temporary measures to curtail the impact of COVID-19 on Australian businesses by lessening the threat of otherwise viable businesses being placed into external administration. In part, these measures seek to prevent the winding up of companies which are experiencing short term financial distress and protect company directors from potential personal liability in order to incentivise continued trade through the COVID-19 health crisis. Similar temporary relief measures extend to individuals in financial difficulty.

    Filed under:
    Australia, Insolvency & Restructuring, Tax, Finlaysons, Coronavirus, Australian Taxation Office, Corporations Act 2001 (Australia)
    Authors:
    Lisa Calabrese , James Jarvis
    Location:
    Australia
    Firm:
    Finlaysons
    Setting up companies and trusts proves a tax trap for winemakers
    2019-08-14

    Winemakers can run into significant tax problems after transferring their businesses to a company or trust structure. While income tax relief may be available on the transfer of the business assets, many winemakers and their accountants fail to realise that such restructures can eliminate or substantially reduce a winemaker’s entitlement to the Wine Equalisation Tax rebate. For winemakers who are heavily reliant on the WET rebate for profitability and cash flow, overlooking such consequences can be disastrous.

    Filed under:
    Australia, USA, Agriculture, Insolvency & Restructuring, Private Client & Offshore Services, Tax, Finlaysons, Income tax, Capital gains tax
    Authors:
    Jessica Pengelly , Michael Butler
    Location:
    Australia, USA
    Firm:
    Finlaysons
    COVID-19: Extension of Temporary Insolvency Relief Measures
    2020-09-24

    Pursuant to regulations which commenced on 22 September 2020, the Australian Government has extended the temporary insolvency relief measures (which came into force on 25 March 2020 in response to the coronavirus (COVID-19) pandemic) to 31 December 2020.

    Filed under:
    Australia, Insolvency & Restructuring, Finlaysons, Coronavirus
    Authors:
    James Jarvis , Lisa Calabrese , Stephanie Campbell , Andrew D’Alessandro
    Location:
    Australia
    Firm:
    Finlaysons
    Coronavirus (COVID-19): Important Temporary Relief in Insolvency Law
    2020-09-10

    Please note: Pursuant to the Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020 which commenced on 22 September 2020, the Australian Government has extended the temporary insolvency relief measures (which came into force on 25 March 2020 in response to the coronavirus (COVID-19) pandemic) to 31 December 2020.

    Filed under:
    Australia, Insolvency & Restructuring, Tax, Finlaysons, Coronavirus
    Authors:
    James Jarvis , Lisa Calabrese , Andrew D’Alessandro , Stephanie Campbell
    Location:
    Australia
    Firm:
    Finlaysons
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