Don’t backdate log books!!!

A log book is a written record of your business use of a motor vehicle over a period of time. Log books must be recorded in English and must be made at the end of the journey or as soon as possible afterwards. Log books must be kept for 12 consecutive weeks in the...

ATO winding up lots of companies

Last week (week ending 29 January 2012) despite the public holiday, the ATO and WorkCover issued just under 200 Winding Up Notices. Australian companies may be wound up by the Court if creditors are pursuing the debt owed. In these cases the creditor was ATO or...

How does Bankruptcy affect you?

Bankruptcy refers to the situation where an individual is unable to meet their financial obligations and repay accrued debt. It occurs when an individual does not have enough money/assets to pay creditors or a debt that is owed. However, it is not to be confused with...

Insolvency and your Business

What is Insolvency? Insolvency law has become a generic term for what used to be called company liquidations and bankruptcy. As defined by the Corporations Act, insolvency is the inability to pay debts, as they fall due, out of the debtor’s company resources and...