Welcome to our final newsletter for 2021 and we celebrate our 6th anniversary with our Black Tie Event held at the Tea Rooms,  Queen Victoria Building in Sydney.

At the end of all these lockdowns, some businesses will bounce around and some bounce back. Just like the 2020 experience, the businesses which could work remotely and receive government funding will survive and are expected to thrive post lockdown; some even managed to pay their executives bonuses during this period. Some of these businesses included banks and cunning retailers who had their businesses already set up on the internet.

If your clients or you have been impacted by the current COVID-19 movement and lockdown restrictions, unable to trade and experiencing financial distress, help is available. While there has been various federal and state support, for many businesses this may not be sufficient. 

When there is financial stress, ownership breakdown, inability to commercially function, who are you going to call? We would like to think you pick up the phone and ring Helm. Not only are we registered insolvency practitioners but we are able to act as trustees for sale.

The Modernisation of Business Registers received Royal Assent on 22 June 2020. The result from this legislation will be that there will be a new Commonwealth business registry and one Registrar will be appointed as opposed to the past 31 ASIC registers and Australian Business Register. Source: ASIC

Liquidators are warning small business owners could fall prey to dodgy pre-insolvency advisers, under a new plan to allow companies to trade their way out of trouble.

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Source: 

https://www.smh.com.au/politics/federal/fears-new-insolvency-rules-could-be-open-slather-for-dodgy-advisers-20201002-p561g7.html

Administrators for the Goondiwindi Co-op have announced it has been sold and that it will re-open. "Operating since 1947 in the centre of town, it was well patronised by locals, but had unfortunately fallen on difficult times," a press release today said. Helm Advisory's Stephen Hathway and Philip Hosking became came voluntary

A major resort and golf course on the Surf Coast will hit the market this month after receivers were appointed. The mortgagee for the Sands Torquay appointed Stephen Hathaway of Helm Advisory as receiver soon after the business’s previous operator went into voluntary administration.

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Source: https://www.afr.com/property/residential/ato-pursues-sydney-builder-and-developer-merhis-group-over-millions-in-tax-debts-20181218-h199by

All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation need a Director  Identification Number (DIN). The DIN is a unique identification number provided to director who has verified their identity with the Australian Business Registry Services (ABRS).

Recently released numbers that have come from CreditorWatch and Xero, reveal a stark contrast to the corresponding numbers of only one month prior. The pressure is rising on for many businesses.

Bronwyn du Mont, Director of Debt and Lodgement Management advised AIIP members recently that the ATO was ramping up its action against non-compliant and non-engaging companies with high levels of debt.

As you may be aware, the Federal Government announced reforms to Australia’s insolvency laws which came into effect on 1 January 2021. The Small Business Restructuring (SBR) regime has been underutilised since its introduction with only 5 companies appointing a SBR practitioner leading to only 3 restructuring plans.

As expected, there have been very few appointments for Small Business Restructuring (SBR) under the new legislation which became effective from 1 January 2021. ASIC has recently written to all insolvency practitioners advising them of their duty to report a company to them that the practitioner suspects does not satisfy the eligibility criteria for a SBR even though the practitioner was not appointed to the company.

A major resort and golf course on the Surf Coast will hit the market this month after receivers were appointed. The mortgagee for the Sands Torquay appointed Stephen Hathaway of Helm Advisory as receiver soon after the business’s previous operator went into voluntary administration.

Set out in the following pages are some of the moments from our 4th Anniversary Black Tie Gala Event.

After four years of near Spartan resistance, Stephen Hathway has unexpectedly extracted a settlement from the family behind the failed, cheap-as-chips girls wear outfit, Tightrope  group.

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Source: https://insolvencynewsonline.com.au/tightrope-european-way/