Blog

What happens to your assets when you declare bankruptcy?

If you’re thinking about declaring bankruptcy, one of your biggest fears will be losing everything you have. But the truth is, quite a few of your assets are actually protected. For example, you are allowed to keep: · most personal household items, such as furniture ·...

How case law can affect the liquidation of a corporate trustee

In a previous blog post we explained what a trust is, and what happens when a trust with a corporate trustee can’t pay its debts. However, recent case law has highlighted gaps in the legislation that dictates how external administrators (such as Liquidators and...

8 ways to minimise cash flow problems in your business

One of the most common tools directors and advisors use to assess business performance is profit—the what’s left of revenue after expenses are deducted. But a profit doesn’t always mean debts are being paid when they fall due. Which is why many profitable businesses...

Why your clients need a modern insolvency advisory firm

While people make plans for all sorts of things, going broke isn’t usually one of them. But through no fault of their own some people find themselves facing the prospect of bankruptcy or liquidation. And whether they’re individuals or business owners, it can be a...

Breakfast Event: Using social marketing to gain new business

Social marketing is the new word of mouth. Join us for breakfast while our host gives a live social media makeover to a lucky attendee. Wayne Schmidt, our host, is Practice Advisor at Karbon. With over 28 years experience in the accounting industry he spearheaded the...

Why we think the latest insolvency laws reform is a great idea

As part of its National Innovation & Science Agenda, the Australian government is making a few changes to its insolvency laws. “Oh, great,” we hear you moan. “Another bunch of changes to make things even more complicated for business owners.” Actually, we think...

What happens to your assets when you file for bankruptcy

“What will happen to my assets if I declare myself bankrupt?” This is a question we hear a lot, and for good reason. There’s a lot of uncertainty about how trustees go about investigating and realising particular assets, especially the family home. When someone is...

Staying solvent in Australia’s building and construction industry

The building and construction industry is notorious for falling on hard times. Insolvency statistics from the Australian Securities and Investments Commission (ASIC) highlight just how often failures occur in the industry. On average, more than 20% of Australian companies that report external administrations fall within the building and construction industry.

How a debt agreement saved our client more than $30,000

We’ve talked a bit about debt agreements, and how they can help you recover from excessive debt. But a specific example often makes it easier to understand. So here’s how we helped one of our clients free herself from debt by arranging a debt agreement for her.

The Growing Level of Tax Debt

Looking at The Commissioner of Taxation Annual report 2013–14 for presentation to Parliament on 10 October 2014 from an insolvency perspective it looks like the ongoing challenges in the economy are continuing to affect small businesses ability to pay their ATO debts....

September Quarter 2014: Personal Insolvency Activity

The regions with the highest number of debtors in the September quarter 2014 in New South Wales were: Wyong (86 debtors), Mount Druitt (74 debtors), Newcastle (73 debtors). The regions outside Sydney with the highest number of debtors in the September quarter 2014...

The Bean Counters Ball 2014

Great opinion piece in today’s Newcastle Herald from one of our Partners about the Bean Counters Ball and how it helps young people who might have pressures of financial support, personal or lifestyle challenges to take these first steps and support them on their journey toward a sustainable and rewarding career in our industry.

Rapsey Griffiths expansion continues to Tamworth

After establishing offices in Newcastle and the NSW Central Coast, Rapsey Griffiths is pleased to announce further expansion with the opening of a Branch Office in Tamworth NSW.

This expansion into the New England region continues our focus on providing a specialist corporate and personal insolvency service across regional NSW.

The decision to open a Tamworth Branch Office flowed from our existing relationships with New England based Accountants and Lawyers, and the increased enquiries for our services in the region.

AFSA announces new Bankruptcy Register Search service

AFSA has launched a new self-service option for people who need to obtain information on an individual’s current or past personal insolvency – the Bankruptcy Register Search.

The National Personal Insolvency Index (NPII) is the permanent public record of personal insolvency proceedings in Australia. AFSA maintains and updates the NPII, which contains records since August 1928.

Insolvency Statistics For The Period 1 July 2013 – 30 June 2014

ASIC have just released their report on insolvency statistics for external administrations for the period 1 July 2013 – 30 June 2014. The statistics are based on lodgement of statutory reports by Liquidators, Receivers and Voluntary Administrators.

A snapshot of the key findings are as follows:

4 Ways to Get Your Personal Finances Under Control

Has "Manage my finances" been on your to-do list for a while? Let's face it: spending and borrowing money is easy. It's paying it back that's difficult. Before you know it you're: - afraid to open your mail - still paying off last year's bills - only paying the...