What does it mean to Trade While Insolvent? (A 2022 guide for new business owners) Companies are a special kind of legal structure since they offer limited liability and are considered autonomous legal entities. In some circumstances, the corporate veil…
A phoenix company is a phrase coined from the saying “rising from the ashes”. What happens for a company to be called a phoenix is that a new company gets created which is usually called something very similar to the…
What is a Garnishee Order? (2022 Update) A garnishee order is a significant concern since it implies that a court order has now been carried out so that creditors may recover debt from third parties. To accomplish this, they may…
What is a Director Identification Number? A Director Identification Number, also known as a Director ID, is a unique 15-digit identifier given to a director of a company. The identifier will stay with the director for life, to help combat…
Provisional liquidation is a court supervised process to protect a business and assets whilst the provisional liquidator prepares a report for the court recommending the best outcome for creditors and stakeholders. A provisional liquidation can only be activated by making…
Here at Australian Insolvency Services, we understand that without a thorough knowledge of industry jargon, it can be hard to understand which insolvency regime is right for you. That is why we have broken down for you the various types…
How Voluntary Administration Can Assist Your Company Companies experience financial difficulties all the time and particularly now with COVID 19 business owners need to be aware of their options if they suspect their company may be insolvent. Instead of closing…
Consequences of Insolvency to a Business Insolvency refers to a state of financial distress which happens when a business cannot pay its debts. A limited company that is insolvent may enter into liquidation, whereas a partnership or sole trader may…
What’s Insolvency? Here’s a Quick Overview If you’re insolvent, that means you have to file for bankruptcy, right? Not exactly. Insolvency can be a little confusing. But, we’ve got you covered. Today, we go over the basics of insolvency and…
What are the new changes to insolvency laws in 2021? The most significant corporate insolvency reform in 30 years came in effect on the 1st of January 2021. New legislation that is applicable to small businesses has been passed…