Businesses are looking to explore insolvency options as the Australian government ends its aid and moratoriums by late September. A survey conducted by Jirsch Sutherland found that 51% of businesses and directors are contemplating the insolvency route in the next six months. Because of this, experts warn of an insolvency
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Late payments surged to an average of 49 days in June, according to CreditorWatch’s latest data. In comparison, debtors paid within 11 days for the same month last year. This is not surprising as COVID-19 has reportedly affected 70% of Australian small, medium, and large businesses. The increase in late payments suggests several things. This
The effect of the COVID-19 crisis on cash flow cannot be underestimated. Disruptions in operations, labour, and supply chain negatively impacted businesses, leading them to cashflow crunch. We cannot overemphasize that cashflow is the lifeblood of business. Without it, businesses cannot survive. It has been more than three months since the
Debt collection in the construction industry is full of problems because of delayed payment terms. In turn, extended payments negatively affected the cash flow of players in the industry. For those involved in the construction industry, receiving payment on time can be described as difficult at best. Often, invoices are
“Casual work” may be redefined after a Federal Court junked a labour-hire company’s “pre-pay” argument in a case involving a casual worker. Business groups and workplace lawyers are anticipating that this ruling — or what will happen after — will have a huge impact on businesses given there are more