Corporate insolvency solutions

Business Transformation Services


RESTRUCTURING AND RECOVERY
Corporate insolvency solutions


Through no fault of your own, as an Australian business owner you may have found yourself in financial hardship.

Not everyone has come through the worst summer of bushfires in living memory, a global pandemic of epic proportions and escalating global trade tensions, unscathed.

Not everyone has come through the worst summer of bushfires in living memory, a global pandemic of epic proportions and escalating global trade tensions, unscathed.

It’s a tough time for many business owners, and some are being faced with very difficult decisions right now.

We are here to help with honest, professional and tailored advice.


KEY CONTACT

Greg Dudley
National Head of Restructuring & Recovery

T: +61 8 9261 9271
[email protected]


How can we help you?

 Locate nearest office

RSM offers Workplace assurance advice

Proposed Insolvency Reforms for Small Businesses

1 October 2020
On 24 September 2020, Treasurer Josh Frydenberg announced significant insolvency reforms to commence on 1 January 2021 (subject to legislation).

5 elements to a successful not-for-profit amalgamation or merger

26 August 2020
One of the first sectors to bear the brunt of an economic downturn is the not-for-profit sector which is resulting in many considering an amalgamation or merger. Reliance on community services increases, yet funding and donations can be hard to come by and higher poverty rates affect customers’ ability to pay for services. 

COVID-19 and the impact on insolvencies

12 August 2020
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.

Directors now immediately liable for overdue superannuation amounts

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

RSM expands Restructuring & Recovery division into Queensland

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

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

28 June 2017
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.

Insolvency Reform Edition 11 - May 2017

5 May 2017
THE RISE OF THE PRE-PACK  View the past edition of the Insolvency Reform newsletter - [Insolvency Reform Edition 10 - April 2017] here

Can you trust a Trust?

21 April 2017
A recent decision by a Victorian Court may settle the confusion associated with the appointment of a liquidator to a corporate trustee of a trading trust. Robson J in Re: Amerind has chosen to follow aspects of Brereton J’s decision in the (NSW) case of Re: Independent Contractors which attracted a degree of criticism at the time.

Insolvency: What does it really mean?

21 March 2017
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.

Insolvent Trading: What it is and how to avoid it

15 February 2017
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.

Untrustworthy advisers exploit unsuspecting directors

21 September 2016
Our August Newsletter ('Phoenix Rising: ASIC Keeps Eagle Eye on Professional Adviser') noted ASIC’s prosecution of a business adviser who assisted a director to breach his statutory duties.

ASIC keeps eagle eye on professional advisers

23 August 2016
The Australian Securities and Investment Commission (ASIC) has demonstrated a continued commitment to investigating and prosecuting professional advisers who aid in breaches of director duties, or who are involved in phoenix activity.

Resources Slowdown – coming to a business near you

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

Insolvency reform edition 7 - May 2016

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

Insolvency reform edition 5 - March 2016

29 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.

Insolvency reform edition 3 - January 2016

18 January 2016
The ugly duckling and the swan

Secured creditor’s right of subrogation confirmed

3 December 2015
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.

Insolvency reform edition 1 - November 2015

25 November 2015
Chapter 11 for Australia? Innovation Minister Christopher Pyne has declared changes to insolvency laws will be part of the innovation statement expected to be released by the government next month. It is claimed business groups have lobbied the government to move Australian insolvency laws more toward the US model.

Challenging times in the not-for-profit sector

15 October 2015
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.

ATO more aggressive in winding up businesses owing 100K+

21 May 2015
Businesses owing the ATO $100,000 have been wound up as a new crackdown gathers momentum. This indicates a clear change of focus and increased enforcement for the ATO and the message is clear - get a payment plan in place ASAP, or face a real risk of being wound up.

How to avoid becoming a zombie company

11 February 2015
Like the traditional walking dead, zombie companies wander aimlessly and unsteadily, not quite alive but still moving.