RSM Australia

Bankruptcy services

RSM have a team that specialises in individual insolvency solutions including Bankruptcy Services and Personal Insolvency Agreements in Brisbane, Canberra, Melbourne, Perth, Sydney and Wagga Wagga..  We have a team that specialises in individual insolvency solutions including Bankruptcy Services and Personal Insolvency Agreements.  

Our Registered Trustees have offices in Brisbane, Canberra, Melbourne, Perth, Sydney and Wagga Wagga.

The objectives of the Bankruptcy Act 1966 (“the Act”) include:

  • The release of debtors from their provable debts
  • The pooling of divisible property to meet the costs of the administration and repayment of debts in full or in part
  • To provide alternatives to bankruptcy
  • The administration of the Income Contribution regime which affects bankrupts whose after tax income is greater than the threshold amounts
  • Limiting commercial activities by bankrupts and debtors during the period of bankruptcy or before the terms of a PIA are fulfilled
  • The prosecution of offences arising before, during and after bankruptcy and in relation to Debt Agreements and PIA’s

COVID-19 and the impact on insolvencies

Last week the government announced a new and more targeted extension to the stimulus spending supporting organisations in Australia that remain affected by COVID-19.
12 August 2020

Insolvency Reform Edition 21 | Is it time for radical restructuring reform?

The reckoning - A Black Swan event in the form of a pandemic will test the capacity of personal and corporate insolvency regimes to deal with the impact of the pandemic on the financial position of individuals, corporations and incorporated associations.
31 March 2020

Family Law Property Settlements – potential impact of COVID-19

Valuations for Family Law property settlements. Valuations are prepared as at a specific date based on circumstances and financial information known at that point, so it’s possible that valuations prepared a month ago or more may no longer be relevant - particularly for sectors which have been impacted more severely than others b
30 March 2020

How a bank may decide to lend your business money

When you have a great business idea or want to expand an existing business, a loan can make all the difference in realising your dream. You may choose to seek credit from a bank over an investor or another private lender because they:
15 January 2020

What your bank may do when you can’t pay a business debt

The day you walked into your bank and asked them to fund new equipment or supplies for your start up or company expansion, you probably never dreamed a time would come when you couldn’t pay it back.
15 January 2020

Voluntary bankruptcy: is it your best option?

Finding yourself struggling under the weight of insurmountable debt is not something most people plan for in life.
4 December 2019

Life during bankruptcy: is it really that bad?

Fear of the unknown is undoubtedly stressful, but for someone facing bankruptcy, that fear can be debilitating.
3 December 2019

Insolvency Reform Edition 20 | Is this enough?

Insolvency inquiry focused on small business Despite the growing chorus of those calling for a root and branch review of insolvency law and practice the Government is funding a narrowly focused inquiry by the Australian Small Business and Family Enterprise Ombudsman (“ASBFEO”), Kate Carnell.
31 October 2019

Sign up for an Asset Protection event near you

Imagine losing all of your assets in one fell swoop – house, cars, savings… the lot. Insurance can never protect against every scenario, but asset protection can try. 
8 September 2019

Directors now immediately liable for overdue superannuation amounts

From April 1st 2019, directors may be held personally liable for overdue superannuation from the moment it becomes overdue.
5 September 2019

Tips to avoid failure for small business - Part 2

In Part 2 of this series, we provide some key advice for reducing debt risks for small business owners.
24 November 2017

RSM expands Restructuring & Recovery division into Queensland

RSM Australia has announced the expansion of its Queensland operations to include a Restructuring and Recovery practice, led by Mitchell Herrett.
30 June 2017

Directors and creditors take note: Changes to the claw-back rules

In a liquidation, a liquidator has the right to take back property or money that the debtor improperly gave away before the liquidator was appointed.
28 June 2017

Insolvency: What does it really mean?

Most directors should be aware that they may be made personally liable for any unpaid debt their company incurs while it is insolvent. In February’s newsletter, we gave an introduction to insolvency as well as some tips on how to avoid it.
21 March 2017

Insolvent Trading: What it is and how to avoid it

To remain viable, any company needs to ensure that it is able to meet its debts when they are due, and to allow enough working capital for future financial obligations. Once a company can not pay its debts as and when they fall due, it is said to be insolvent.
15 February 2017

Insolvency reform edition 9 - February 2017

The Ariff reforms 
10 February 2017

Liquidity a problem? Give your business a health check

Check the financial health of your business with a Liquidity Health Check!
11 January 2017

Personal Insolvencies on the Rise

In a sign of the challenging economic circumstances that face certain industries and geographic areas throughout Australia the number of personal insolvencies in Australia has risen by 4.4% in 2015 / 16 as compared to 2014 / 15. This is the first increase in formal personal insolvencies since the Global Financial Crisis.
14 December 2016

Resources Slowdown – coming to a business near you

We are reminded daily of the effects of declining investment in mining construction and the collapse in commodity prices on the Australian economy.
24 May 2016

Insolvency reform edition 7 - May 2016

The government’s proposals paper The government has released its proposals paper titled Improving bankruptcy and insolvency laws.
10 May 2016

Insolvency reform edition 5 - March 2016

A step too far? The government’s proposal to reduce the term of bankruptcy from three years to one year has been the subject of recent debate. This proposal forms part of the government’s National Innovation & Science Agenda.
29 March 2016

Insolvency reform edition 3 - January 2016

The ugly duckling and the swan
18 January 2016

Secured creditor’s right of subrogation confirmed

A recent decision in the Federal Court has confirmed that when a secured creditor has paid outstanding employee entitlements from the realisation of circulating assets, they have the right to subrogate into the position of employees and receive any dividends paid.
3 December 2015

Challenging times in the not-for-profit sector

Increased costs of compliance, changing government priorities, high administration costs are just some of the challenges which are being faced by the not-for-profit sector.
15 October 2015