personal insolvency

10 Common questions asked by worried directors, answered.

Making the right decisions for your business when you’re facing financial difficulty can be tough – especially when you’re being chased for payment, trying to get cash in, and feeling isolated and overwhelmed. Fear, uncertainty and questions abound.

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Topics: Bankruptcy, Company Liquidation, Personal Insolvency, Tax Debt, Director Advice, Turnaround & Restructuring, Business Debt, company insolvency, common questions

Director Penalty Notice – What they are and how to avoid them

With many businesses still suffering from the financial fallout of COVID-19 and the ATO already tightening up debt recovery in early 2021, directors are at a higher risk of being made personally liable for outstanding tax debts and receiving a director penalty notice (DPN).

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Topics: Personal Insolvency, Tax Debt, Business Debt, Director Penalty Notice, DPN, business tax, GST, business finance, tax debts, insolvent trading

How Personal Insolvency Affects Your Business

As a company director, struggling with out-of-control personal debt when managing a company can have serious consequences on both your private life and your business. If you are experiencing severe financial hardship and may be personally insolvent, Bankruptcy can provide you with a reprieve from your debts and offer you a fresh start. However, it’s vital to understand the consequences Bankruptcy poses on you as a company director.

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Topics: Personal Insolvency, Director Advice, Budgeting, Personal Debt, Debt Management Plans

How to Stop a Garnishee Order

If you’re struggling with overwhelming debt, it’s possible your creditors may seek alternate measures to get their debts repaid. One of these options is to pursue a default judgement from the courts in the form of a Garnishee Order. A Garnishee Order will not be served on you personally, instead, it will require your bank, financial institution, employer or other third party to redirect the money you owe to the creditor directly. In other words, a creditor can bypass you completely and access your funds without you knowing. It’s likely you won’t find out about the Garnishee Order until you see your bank statement or pay slip.

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Topics: Personal Insolvency, Tax Debt, Business Debt

The Effects of Personal Insolvency on Your Credit Score

If you have unmanageable debt and your weekly income doesn’t cover your day-to-day living expenses, you might be facing personal insolvency. Personal Insolvency is defined as a situation where you are unable to pay your debts when they fall due. Personal insolvencies are on the rise, with the Australian Financial Security Authority (AFSA) recording 31,859 personal insolvency cases in Australia during the 2017/18 financial year; making this the largest annual number since 2010. If you’re facing personal insolvency, there are a number of options available to help. But these options can have a long-term effect on your credit score which may impact your future when applying for credit.

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Topics: Bankruptcy, Personal Insolvency, Personal Debt

6 Ways to Deal With Out-of-Control Debts

Struggling to pay your bills or make your loan or credit card repayments is a scary position to be in, especially if you have a family relying on you.

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Topics: Bankruptcy, Personal Insolvency, Debt Agreements, Debt Consolidation, Personal Debt, Debt Management Plans

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