Worrells

The September edition of our On The Pulse newsletter is out now!

Franchisee business survival | End of bankruptcy FAQ | Bankruptcy "cheat codes" | ATO enforcement

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Today, we honour all the amazing dads and father figures who lead with strength, kindness, and dedication both at home and at work. We’re committed to supporting work-life balance with a flexible working environment, so our dads can be present for what matters most. Wishing everyone a Happy Father’s Day!

We've revamped our Small Business Restructuring guide, and we invite you to read about how businesses across Australia have survived and thrived. Inside, you'll find case studies, expert advice, flowcharts on the process, as well as a Q&A section to guide you through your small business restructuring journey. We've helped hundreds of businesses weather the storm of financial hardship, we're here and ready to help many more.

Fill out our download form:
https://bit.ly/SBRBooklet

As we near the end of our restructuring seminar series, we'd like to extend a sincere thank you to everyone who has participated. Your engagement has been invaluable, and we appreciate the thoughtful discussions and insights shared.

There are still seminars remaining for those interested! If you’re looking to attend a networking breakfast or lunch session, offering 1 hour of CPD, we invite you to join us. It’s a great opportunity to connect with peers and continue enhancing your professional knowledge.

We hope to see you at one of these final sessions! Check out the link below to see what's left in your area.
https://bit.ly/3Ab9oMa

What do I do when I've got a tax debt and no corporate structure to fall back on? Dane Hammond, Principal, details how the Bankruptcy Act can be used to restructure personal financial affairs.

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https://bit.ly/4cfI38K

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Directors face many areas of potential exposure, with some being very serious with significant adverse effects. Scott Andersen, Principal, delves into strategies to reduce risk and personal asset exposure if a business venture does not succeed.

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Many of us have dreamed about opening our own business. What if we told you that this could be done on the cheap? Francis Osei-Ntim, Senior Manager, details how this surge of insolvencies can be leveraged.

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Our restructuring CPD seminars have kicked off! Thank you to all of our participants so far, the sessions have been insightful and your engagement has been greatly appreciated.

We've got plenty of breakfasts and lunch seminars on the horizon across Australia. If you're interested in hearing more about how restructuring can revitalise struggling businesses, check out the link below to find events in your area.
https://bit.ly/3Ab9oMa

We all need a break sometimes, but how can you get away if you're a bankrupt? Christopher Darin, Principal, unpacks the baggage around bankruptcy and travel.

Read on:
https://worrells.net.au/resources/news/i-am-bankrupt-can-i-have-an-overseas-holiday

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We're excited to announce that we're on the lookout for our next insolvency superstars!

Whether you're new to the insolvency field or a seasoned professional, we want to hear from you. Our offices offer flexible working conditions to suit your working style, along with ample opportunities for education and professional development. We also host volunteer days, charity events, and social outings.

Interested? Click the link below to explore our open opportunities to learn more about working with us and what Worrells is all about!
https://bit.ly/4c9xYtV

Tackling debt before a director penalty notice comes knocking can provide relief and prevent bankruptcy. Youssef Sarabki, Principal, illustrates just how powerful a personal insolvency agreement can be.

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https://bit.ly/3Yw7WOm

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Last Friday, our Worrells Brisbane office proudly participated in Jeans for Genes Day and raised an amazing $803.

This fantastic amount will be donated to the Children’s Medical Research Institute, supporting their vital work in finding treatments and cures for children’s genetic diseases.

A huge thank you to everyone who joined in, donned their jeans, and contributed to this meaningful cause.

Together, we’re making strides towards a brighter future.

Tax debt can be a daunting thing. Robert Smith, Manager, shines a light on exactly how small business restructuring can pave the way forward for distressed businesses.

Read on:
https://worrells.net.au/resources/news/a-light-at-the-end-of-the-tunnel-for-financially-distressed-companies

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The August edition of our On The Pulse newsletter is out now!

Bankrupt holidays | Small business restructuring cases | Personal insolvency agreements | Personal assets & liquidation | Liquidated business opportunities

Read our latest articles:
https://bit.ly/4dpmXWr

Subscribe to receive our monthly email newsletter of insolvency, tax, accounting and more:
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Scott Andersen, Principal, shares his insights on insolvency, the ATO, and some hard truths on business ownership with Insolvency Australia.

Read on:
https://www.linkedin.com/posts/insolvency-australia_scott-andersen-registered-liquidator-activity-7221278877090791425-TKYE?utm_source=share&utm_medium=member_desktop

"Why didn't you tell me that?" is one of the last questions you want to hear from a client. Mervyn Kitay, Principal, writes about considerations you can equip yourself with in the event of a liquidation.

Read on:
https://worrells.net.au/resources/news/avoiding-those-awkward-client-conversations

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Bankruptcy trustees have a big job: assessing and collecting income contributions from bankrupt individuals. Chris Kaarsberg, Manager, details the options when a trustee is in arrears close to discharge.

Read on:
https://worrells.net.au/resources/news/navigating-income-contributions-post-discharge-options-for-enforcing-collection

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“Failing to plan is planning to fail” has been a common turn of phrase for a long time - and for good reason. Michael Griffin, Principal, details what he has seen in unsuccessful businesses and how you can implement strategies to succeed.

Read on:
https://worrells.net.au/resources/news/the-importance-of-strategic-plans

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Some big players in recent times have been caught out by underpaying their employees. Ashley Sofra, Senior Manager, details what businesses tend to get wrong when paying their staff.

Read on:
https://worrells.net.au/resources/news/underpaying-wages-getting-it-wrong-can-be-costly

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Our third video on voluntary administration is out now! Check it out below ⬇️

There's a lot of lingo and acronyms when it comes to insolvency, finance and accounting. This episode, presented by Chris Cook, Worrells Brisbane Principal, focuses on the Deed of Company Arrangement or DOCA factor in voluntary administrations, and what this means for businesses and business directors.

https://bit.ly/3S9i2Rn

Voluntary Administration #3 | Deed of Company Arrangement (DOCA) There's a lot of lingo and acronyms when it comes to insolvency, finance and accounting. This episode, presented by Chris Cook, Worrells Brisbane Principal, ...

Our next CPD seminar series is coming up! Have you registered? We've got breakfasts and lunches happening across many locations in Australia.

In this seminar series, we will explore how restructuring laws can be used to save struggling businesses. We'll discuss common restructuring strategies such as the Small Business Restructuring Process, Voluntary Administration, Liquidation, and phoenixing, focusing on real-world applications.

Sign up at the link below to secure your spot!

*Dates and locations may be subject to change. Please sign up to our mailing list and check our events page linked below for the most up to date information.

https://bit.ly/WorrellsSeminars2024

Understanding how the Australian Taxation Office (ATO) allocates payments and credits can be critical for taxpayers, especially at this time of year. Jeremy Mudford, Manager, does a deep dive on the allocations of your tax dollars.

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https://worrells.net.au/resources/news/how-the-ato-allocates-payments-and-credits

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Bankruptcy law reforms announced!

We're excited to share that the Australian Government is introducing significant reforms to ensure a fairer bankruptcy system for all Australians. Key changes include:

🔹 Raising the threshold for involuntary bankruptcies from $10,000 to $20,000, indexed annually.

🔹 Extending the response time for a bankruptcy notice from 21 days to 28 days.

🔹 Reducing the period a discharged bankruptcy is publicly recorded on the National Personal Insolvency Index (NPII) to seven years post-discharge.

🔹 Removing the proposal or acceptance of a debt agreement as an act of bankruptcy.

These changes aim to reduce the stigma of bankruptcy and offer a true fresh start. Historically, bankruptcies have remained on the NPII forever, following individuals long after they've moved on.
Additionally, the Attorney-General’s Department is consulting on the introduction of a Minimal Asset Procedure, which could provide quicker debt relief for those with no other means to pay, while keeping the system fair for creditors.

Last week, the Worrells Victoria team had a cozy one with their new Worrells trackies, celebrating their hard work in the lead-up to EOFY! Great work team 💪

Nathan Deppeler, Principal, details the changes the director penalty regime has undertaken, and what impacts we're seeing now.

Read on:
https://worrells.net.au/resources/news/your-clients-already-have-a-lockdown-dpn-they-just-dont-know-it-yet

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A big thank you is in order to everyone who attended and participated in our Brisbane conference last month! It was a great day, with excellent presentations from our insightful speakers. We are very grateful to our guests for their invaluable contributions in ensuring the event's success.

Hats off to the following guest presenters:
Matthew Martin, Ben Talbott & David Cassidy - Wilsons Advisory
Linda Tapiolas - Cooper Grace Ward Lawyers
Natasha Dennis-Weller - Queensland Building and Construction Commission - QBCC
Alyx Sudall & Marielle Deigado - Australian Taxation Office
Dr Chadden Hunter Dr Chadden Hunter - Keynote

We're pleased to announce our newest Principal appointments!

Kylie Kissell, now Associate Principal, has been an integral part of the Worrells Perth team since its inception in 2016. With her extensive experience in the insolvency industry, Kylie is a highly respected member of our Perth crew and we're excited to witness even more of her professional growth.

We'd also like to introduce Hayden Asper, our newest addition to the Worrells NSW & ACT team! Hailing from Newcastle, Hayden has quickly become a valued member of our family. We are thrilled to have him with us and cannot wait to witness his progress and success.

Kudos to both these individuals, and to our entire team at Worrells for their awesome achievements this year.

The July edition of our On The Pulse newsletter is out now!

Strategic planning | Underpaid wages | ATO methods | Awkward client conversations | Income contributions | Superannuation & lockdown DPNs

Read our latest articles:
https://worrells.net.au/resources/news

Subscribe to receive our monthly email newsletter of insolvency, tax, accounting and more:
https://bit.ly/WorrellsOTP

Delving into a peculiar scenario involving a defunct company, bankruptcy, and a mortgage that slipped through the cracks, Rachael Samuels, Manager, details an ongoing Worrells file.

Read on:
https://worrells.net.au/resources/news/bankruptcy-and-the-forgotten-mortgage-storm-financial-case

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Friendly reminder that our 5th CPD Tax Series session is today! There's still time to register to for our Division 7A refresher course at 12-1PM AEST. This session will cover some practical issues just in time for 30 June, including what advisors need to advise their clients, making minimum yearly repayments using set-off arrangements, and the Commissioner’s discretion under section 109RB including corrective action requirements.

Interested? Register here:
https://cvent.me/ab4GyD