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Latest Newsletter - Inquiry into Insolvency in the Construction Industry August 2012

The NSW State Government is concerned about the negative economic and social aspects arising from Insolvencies within our state's construction Industry. This month the Government set up the above Inquiry. Over the last 25 years we have seen many insolvencies within this sector and have a deep understanding of the issues and consequences. We have been invited and gladly accepted to assist Bruce Collins QC in his role as chair of the Inquiry, with the view to making a positive contribution to not only the Inquiry but in some small way the State. Read on to learn more about the Inquiry and should you so choose how to contribute, individually or through us.

The Pendulum Swings a Little More Towards the ATO - New Director Penalties Regime

Summary

New director penalty laws are now in effect
These changes can have significant financial and other consequences for company directors
Directors, including those in the not-for-profit sector, need to quickly understand and comply with the new arrangements.

Warning – New Director Penalty Legislation Imminent

Are you up to date with the latest proposed legislation that may affect your clients? In May a new legislation was proposed to expand the tax office’s power regarding director penalty notices. This legislation has been before parliament for some time now and it looks close to be passed.

New Work Health & Safety Laws

From 1 January 2012 the current Occupational Health & Safety legislation (OHS laws) have been replaced by Work Health & Safety legislation (WHS laws). The legislation has been passed by NSW as well as other jurisdictions, and has commenced without any transitional or grace period.

PPSA Regime About to Commence

Last year we sent out a few newsletters regarding the continual delays that were being experienced in the commencement of the Personal Property Securities Register. The government has now confirmed that the commencement date will be Monday 30 January 2012.

Directors Personal Liability Extended

As per the Federal Budget handed down by the Honorable Wayne Swan MP on 10 May 2011, certain changes have flown “under the radar” with regards to the treatment of Director Penalty Notices (“DPN”). In regards to ‘Tax compliance — countering fraudulent phoenix activities by company directors the budget outlines

Is Wind Power All It's Cut Out to Be? Or Is It All Just Hot Air?

Much has been made in all forms of media recently about the benefits of wind power as an alternative source of energy, but here at dVT Consulting we have been seriously considering some of the costs and inefficiencies that are associated with wind power. dVT Consulting and de Vries Tayeh are all very much in support of the use of renewable energy but in keeping with our usual approach of “thinking outside the box” we have put together some thoughts and comments that hopefully will highlight some of the difficulties that we see are likely to arise.

Corporate Governance and Changes to Dividend Rules

Dividends have for some time now been a tax effective way of distributing company profits to shareholders, regardless of the size of the company. Recent changes to legislation, however, mean that companies need to comply with a number of conditions before those dividends are paid. We think this will likely be more difficult for smaller sized companies than their larger counterparts and put more compliance obstacles in their path. Read our detailed analysis below.

Directors Penalty Notice & Security Deposit

There has been much huffing and puffing in recent months about the government “crackdown” on phoenix activity but so far very little has made it as far as the law books – two exceptions are security deposits that can be demanded by the ATO from targeted sectors, and some amendments to directors penalty notice rules.

Group Pooling - The Court's Current View

The pooling of assets in a winding up an examinations of the decision in the black stump case. The recent decision of the Supreme Court in Tayeh; Re Black Stump Enterprises Ltd [2005] NSWSC 475, affirmed on appeal Re Black Stump Enterprises Ltd [2005] NSWCA 480, has once again highlighted the very real need for legislative reform to permit liquidators in appropriate cases to pool the assets of insolvent group companies.

The Human Factor In Turnaround

The Human Factor in Turnaround Riad Tayeh – May 2004

How To Prepare For And What To Do In Scary Times

Scary times are increasingly being accepted as a part of our day-to-day life. For some of us Scary Times are with us today.

Directors Duties - Asset Protection

Company Directors are under a positive duty to ensure that the company does not incur a debt whilst it is insolvent or does not become insolvent by incurring that debt.

Corporate Governance

Corporate Governance is presently a very topical issue. The ASX has released its best practice recommendations on the 31st March 2003. Although this only applies to listed companies, what are the implications to private companies and not for profit organisations?

Accountants Add Up Hours

Accountants' average weekly working hours have risen by 15 per cent in the past few years – and that trend is likely to continue, according to a survey by the Australian Taxation Office and the accounting industry.

ASIC Acts To Prevent Insolvent Trading

The Australian Securities and Investments Commission (ASIC) today announced the initial results of a pilot program targeted at insolvent trading, known as ASIC's Directors Insolvent Trading Pilot.

Bankruptcy Legislation Amendment Act 2002

A debtor, a building contractor approached us regarding his income tax liability. He was retrospectively assessed for eight years of unpaid Income Tax. He was unsuccessful in seeking to come to an informal arrangement with the Australian Taxation Office prior to seeking formal advice.

112 Company Officers Prosecuted

To assist liquidators and remind company directors of their obligations before and after an insolvency, ASIC Chairman David Knott announced that we have undertaken 119 summary prosecutions in the last 5 months under a new initiative.

Are Directors Liable For Credit Card Debts?

In the event of insolvency, Directors' personal liability to credit card providers for expenses incurred on behalf of their companies can be a murky issue.

Building & Construction Industry Alert - Taxation Changes

In the event of insolvency, Directors' personal liability to credit card providers for expenses incurred on behalf of their companies can be a murky issue.

It looks good, it sounds good, but does it stack up?

For any of our clients considering putting their hard-earned cash into any sort of investment, we always insist that a proper program of due diligence be carried out in order to assess the risks and opportunities of that transaction.

Director's Liability For Unpaid Tax

Are you or one of your clients having trouble paying your tax liability? Has the Australian Taxation Office ('ATO') recently served you or one of your clients with a notice to pay? Are you tempted to enter into an arrangement with the ATO? If so, then it is in your best interest to read on.

Avoiding Corporate Collapse

Business failure rarely happens by accident. Companies drift rather than fall into collapse.

Bankruptcy Law Meets Family Law

The Bankruptcy and Family Law Legislation Amendment Act 2005 received royal assent on 18 March 2005, with commencement dates for the various provisions up to September 2005.

Government Closes Superannuation Loophole

On 27 July 2006 the Attorney General announced that the Bankruptcy Act 1966 will be amended to allow bankruptcy trustees to recover superannuation contributions made prior to bankruptcy with the intention to defeat creditors.

Business Succession Planning - Are You Prepared For The Future?

Some of you would have already noticed that our letterhead and business cards promote the area of business succession amongst the other related areas. Some have also asked and wondered, ‘what does an insolvency firm know about business succession?’

Managing Cash Flow in The Growth Stage

For many small businesses, growth is the barometer for success. But expansion can present challenges and one of the critical issues in any company when it is experiencing a healthy level of growth is cash flow. In this article, we look not only at the reasons why cash flow is important and why growth often contributes to a lack of funds, but also some suggestions as to how monitor your cash flow over time and how to improve it.

Troubled Times For Retail?

The Australian economy has experienced an unprecedented boom in certain sectors. The impact this time has had a broad affect on businesses and more importantly individuals who have invested heavily in the stock market and have vast sums of money invested mostly mortgaged against the family home or from DIY superannuation funds.

The Assetless Administration Fund - Part 1

Recent changes to the Insolvency Landscape – Part 1 The circle closes on Phoenix Companies The insolvency landscape has changed over the past few months with recent developments that form part of the Insolvency Reform Package. This is a result of a number of reviews that has lead to The Parliamentary Joint Committee on Corporations and Financial Services Report on the Corporate Insolvency Laws.

The Assetless Administration Fund - Part 2

Recent changes to the Insolvency Landscape – Part 2 General Employee Entitlements and Redundancy Scheme – ‘GEERS’

The Turnaround Culture

We are living in changing times. Whilst there will always be a place for liquidators and other such formal opportunities, more and more the stakeholders in a distressed company are looking for a better return. They want a win-win situation.

Riad Now An Official Liquidator + Antony Advances To Fellowship

de Vries Tayeh are pleased to announce that the Australian Securities and Investment Commission (ASIC) has approved Riad's application to become an Official Liquidator. Riad previously operated as a Registered Liquidator.

Early warning signs and implications for CEO's and CFO's - Part 1

CEO's and CFO's need to have a long hard think about their personal liability position. Good management practices will reduce their legal exposure.

Early warning signs and implications for CEO's and CFO's - Part 2

A third lesson is that companies need to use their planning and regular financial reporting process not only to identify any developing problems which need corrective action, but also to identify well in advance those periods in which the company will require additional accommodation from its lenders.

Hubris and the SME Bull Frog

Hubris and the SME Bull Frog Have you heard of "boiled frog" syndrome? A frog thrown into a pot of boiling water will supposedly jump right out again. But a frog placed in a pot of "pond temperature" water will remain in the pot when that pot is placed on a stove where the temperature is gradually turned up until the pot boils. The point is, the frog recognises an event of sudden danger, but not danger that manifests incrementally.

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