Business survival

When your business is in trouble you often feel as though the end is inevitable. But even in the toughest of situations, there is often still options available.

Is your business struggling? Are you losing significant market share or are your margins too small? What next?

Wage theft is the underpayment of employees. Wage theft can occur in a number of ways, for example underpaying wages, not granting entitlements or refusing to pay penalty rates, superannuation, overtime or commissions.

Having creditors is a necessary element of business. But those lines of credit extended to your business do not come without some reciprocal obligations. Respecting your creditors should always be a priority. It is vital that you maintain a strong creditor-debtor relationship, even as situations change and become more difficult.

Be careful who you hire to help you with your problems and make sure they share the same commitment to your business as you do!

The reality for small businesses in financial strife is that turnaround consultants do not want to turn your business around.

Starting a business can be a mystifying process. It involves overcoming complex and seemingly never-ending challenges that can be frustrating to navigate and sometimes will not lead to a quick return. As such, when considering whether to begin such a difficult undertaking, it is immensely important to clarify some of the ideas surrounding starting a business.

A zombie company is a business that barely scrapes by and is always short of cash. The problem with zombie companies is that they can be easily tipped over the edge into insolvency when something goes wrong. Read our article to learn more about the signs, symptoms and consequences of zombie companies.

Pre-insolvency advisers are professionals who help business owners to conduct a root cause analysis to understand why their business is failing and then help them to develop a turnaround strategy (i.e. what to do next) or if this is not possible, plan an orderly winding up.

Business owners need to be realistic about the collectability of invoices and be ruthless with cutting expenses to deal with a potential economic depression. They also need to look to the future and pivot their business strategy because the world has changed.

How do we determine if a construction company is insolvent? Insolvency, as defined under Section 95A of the Corporations Act 2001 (Cth), occurs when a business or an individual is unable to meet their debts as they become due and payable.

A payment plan negotiated with the ATO can provide a legal and manageable way to respond to an overwhelming tax debt.

Garnishee notices are designed as a last resort strategy in cases involving significant tax debts and uncooperative debtors and should be taken very seriously. They can be embarrassing, or even damaging, as they drag third parties into your personal financial affairs.