When should you decide financial trouble is too much worry for you, and elect to go bankrupt? Is filing for bankruptcy really your best option? Bankruptcy may indeed be the most promising path to a new start, but it may not. Read More
Business owners are demanding replacement of a compensation scheme, administered at the discretion of the Commissioner of Taxation, for victims of wrongful assessments. This is concurrent with their condemnation of draft legislation allowing the Australian Tax Office (ATO) to notify credit-reporting agencies of alleged debt. Read More
The Bankruptcy Amendment (Enterprise Incentives) Bill 2017 will lessen Australian entrepreneurs’ aversion to risk – as distinct from existing law that tends to heighten their fear of failure. Read More
New legislation that puts a stay on so-called Ipso Facto clauses in contracts became effective on July 1, 2018. Ipso facto means “by that very fact or act”, and such clauses, common in commercial contracts, have meant traditionally that a party could cancel or otherwise modify a contract when the other party to the contract has become involved in an insolvency event Read More
Parties to a Creditor’s Statutory Demand Notice (CSDN) have options they should consider carefully. A CSDN is also known as a Section 459E Notice or a Form 509H. The options arise 21 days after the CSDN has been issued, and if the demand has not been met during that period, then the Notice is said to have expired. This article explains options available to you either as the issuer of a CSDN or as a recipient. Read More
In Macks Advisory’s experience, it’s never occurred to many owners of small businesses that their financial future may depend to a considerable extent on the financial stability of their customers. When it does occur to them, more often than not, it’s too late. Read More
