The Australian Securities & Investments Commission released a hit-list of coaches who encourage companies to perform illegal phoenixing. Phoenixing, as we discussed in-depth in this article, is not illegal per se. It only becomes unlawful when the new company continues the business of the liquidated company to evade tax liabilities, creditor payments, and
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Rio Tinto scrapped its proposed dynamic discounting because of backlash from small- to medium- suppliers. The mining giant says the scheme will benefit its 10,000 suppliers by offering payments within a week. The catch is, the suppliers will need to agree to invoice discounts of up to 2.0%. Following the backlash,
Preventing a business from collapsing is difficult, especially when you fail to recognize the signs that your business is insolvent. To run a business, you must contend with a lot of factors, some of which may be beyond your control (e.g. economic crisis). Success also does not come easy as
Businesses must plan tax payments early. Susan Franks, a senior tax advocate at Chartered Accountants Australia and New Zealand (CA ANZ), pointed out that four core tax changes in 2020 may “get lost on busy business owners.” If you don’t have your ducks in a row and haven’t complied with single
A company is like a ship, with the directors taking the helm and navigating through hopefully always placid waters. But journeys are not always smooth sailing, storms do happen, and, in some instances, directors must act quickly to prevent the ship from sinking. This is the essence of the “safe