In the past 12 months access to finance has deteriorated significantly, making it even tougher for firms like Macks Advisory to turn around companies heading towards financial disaster. So why is the economy slowing? What can and should be done to speed it up? Read More
While a garnishee notice issued by the Australian Tax Office (ATO) can be a rightful and useful device to recover money owed to the Commissioner for Taxation, these notices can also be wrongly issued, and accordingly rightfully and successfully challenged. Read More
Anecdotally it’s become increasingly obvious to Macks Advisory - from our associations with clients and other sources - that an alarming number of businesses are struggling merely to survive in SA. Read More
When companies face imminent financial collapse, directors, for all sorts of reasons and with a variety of motivations, can undertake transactions, but if these are considered “unreasonable” under the Corporations Act 2001, a liquidator can negate them. Read More
Distribution of assets and other recovery proceeds in a company’s liquidation is frequently confusing to stakeholders. It’s apparent to Macks Advisory that many are unaware that a liquidator’s source of recoveries will affect distribution both to unsecured creditors and a bank holding a general security interest (GSI) in a company’s property. Read More
Predictably some small business owners are saying the Federal Government’s draft legislation to stop phoenixing won’t work – including a requirement for company directors to have identification numbers (DINs). However, while a minority claim “this is a proliferation of red tape”, most believe the proposed legislative reform is clearly in their best interests. Read More
