A leading global risk management provider that has audited thousands of organisations – from the ASX top 200 to SMEs – has revealed the most common reasons why organisations fail to meet the goals they set. SAI Global is a trusted global leader in risk management solutions through its standards, assurance and training offerings across… Continue reading The 7 most frequent failures of Australian organisations
Ms Soutsakhorn Chanthabouly (known as Nicole Khammenathy) of Carnes Hill, NSW has been convicted and sentenced after pleading guilty to charges related to illegal phoenix activity. Ms Chanthabouly was charged with one count of breaching her director duties and another count of destroying company records, following an investigation by ASIC. She was sentenced to a… Continue reading NSW company director convicted after engaging in phoenix activity
Former company director, Christopher Edward Eric Skelly, of Lark Hill, Queensland, has been sentenced to imprisonment on one charge of fraud after an investigation by ASIC. Mr Skelly was sentenced to three years and six months imprisonment, to be eligible for parole after 21 months. Mr Skelly, a former director of C & G Group… Continue reading Queensland director jailed on fraud charges
Award-winning app developer Buzinga has been placed into liquidation, this month, because it was reportedly unable to sustain costs it had incurred to fuel continued growth. The Melbourne-based start-up had averaged 30% year-on-year growth, employed around thirty people and developed several chart-topping apps, including FoodSwitch. In addition to securing Gold wins at the Australian… Continue reading App developer Buzinga winding up; liquidator says it couldn’t sustain rapid growth expenses
Australian SMEs are encouraged to use the Personal Property Securities Register (PPSR) database to search for and register security interests and avoid running into financial difficulty.
With administrations and liquidations steadily on the rise, more businesses are finding themselves having to deal with the fact that their trading partner has fallen into potentially fatal financial strife.
Even profitable businesses go bust as a result of cashflow issues, tax debts or other unexpected circumstances – making it vital business owners know the basics of corporate insolvency, so they can protect themselves should anything go wrong.