by Charith Seneviratne

The increasing presence of phoenix operators demonstrates that the individual regulators are inadequately equipped to address illegal phoenix activity. In addition to this, current anti-phoenix measures focus’ too heavily on enforcement and prosecution of existing phoenix operators rather than deterrence of future phoenix operator.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

In this edition we address the changes in our industry from the regulatory framework and legislation perspectives. 

Click here to view our latest Newsletter and see what has been happening at Veritas Advisory.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

In this edition we have some great articles including the announcement of our new office location at Miranda. 

Click here to view our latest Newsletter and see what has been happening at Veritas Advisory.

by Frank Farrugia

Voluntary Administration, when used as a tool for a formal restructure can have many advantages, including giving the Company a breathing space from disputing directors or its creditors while trying to ensure the best possible return via a pari passu distribution to eligible creditors. The VA process can also facilitate a rehabilitation of a financially distressed company which has a viable business.

Veritas Advisory has welcomed a number of exciting changes this year. We are very pleased to announce our top three achievements. As they say, all good things come in threes!

1. We would like to congratulate our newest director, Vincent Pirina, in his new status as registered liquidator. We wish him all the best as he excels in this role.  

2. It has been with a lot of hard work that we have managed to change office locations to Level 5, 123 Pitt Street, Sydney. We look forward to our new office coming alive and watch out for the welcome invite! 

3. Last but not least, we are excited about opening our newest location in Miranda. We are all packed up, ready to go and looking forward to what's to come.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

This 1st edition for 2017 gives us a chance to reflect on 2016, look at where Veritas Advisory is going in 2017 and introduce our newest Director, Vincent Prina.

Click here to view our latest Newsletter and see what has been happening at Veritas Advisory.

 

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

This edition gives an update on Dick Smith's interpretation of data the board appears to have relied on, guiding SMEs on the future of unfair contracts and a look at the inaugural International Personal Insolvency Conference.

Click here to view our latest Newsletter and see what has been happening at Veritas Advisory.

 

by Adam Lysle

Well, a quick snapshot: The race to the Prime Ministership resembling an episode of the infamous Days of Our Lives soapy with a long drawn out battle over nine undecided seats and the prospect of a volatile senate still looming; we have a damning report in New South Wales over the greyhound racing industry which will see an end to that industry in NSW and the ACT at the very least from 1 July 2017; the American election is an even more interesting evolving situation when considering the world’s stability and of course Brexit is an extraordinary vote result that only time will tell what effect it will have on the world stage. All of these stories have certainly stolen the headlines lately.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

Click here to view our latest Newsletter and see what has been happening at Veritas Advisory.

 

Many businesses should be using the turn of the new financial year to identify and pursue new opportunities for growth. Veritas Advisory is no different, with that in mind, it’s time to reflect on our first 3 years and look forward to the years ahead.

In the last 3 years, Veritas Advisory has grown from an initial team of 15 to now a team of 25 and introduced our presence interstate in Melbourne with other regional and interstate opportunities in our sights. Undoubtedly the loss of Murray in mid-2015 has also meant that the entire team has worked hard to live up to his legacy and strive for truth and excellence each and every day.

by Louise Thomson

It was interesting that the conglomerate US Bank Morgan Stanley is significantly behind the problems of Arrium.

Morgan Stanley, according to the reports, (see SMH April 18 article by Sarah Danckert) has filed action in the Delaware Chancery Court seeking orders that Arrium and its subsidiary companies repay a $US75.4 million ($A97.6 million) credit facility the US bank provided in 2013.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

In this edition of the Curat, we look at what is ahead plus what has been happening at Veritas Advisory. 

Click here to view our latest Newsletter.

 

by Matt Riedy

With the Dick Smith saga well into maturity, aggrieved creditors continue to dominate the media. With the help of Senator Xenophon, creditors are able to voice their frustration and concerns over gift cards in particular or outstanding deliveries. Understandably so!

The main concerns surround the point of the continuation of trade and timing of the commencement of the saga, together with the failure to honour previous sales or gift cards. This is part and parcel of the insolvency industry as a whole – and I thought I would take the opportunity to attempt to explain the process.

by Adam Lysle

Whilst the final figures for the Christmas trade aren't out just yet, early indications are that Australian retailers suffered a sluggish start to the peak season but have come home with a bang with fantastic Boxing Day trades. What’s got everyone talking though is the collapse of yet another major Australian Retailer – Dick Smith Electronics (“DSE”). It is noted that over the last 18 months, Australian Retailers have enjoyed some steady improvement in sales growth. 

Brian LaraVeritas Advisory continues to mix with some of the world’s elite sports people.  

In cricket circles, Brian Lara is one of the greatest!  He is the only batsman to have scored a hundred, a double century, a triple century, a quadruple century and a quintuple century of runs in a first class career. It was on the hallowed turf of the Sydney Cricket Ground that Brian revealed what it was like to lead a team in the most stressful of circumstances.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

In this edition of the Curat, the focus is an insight into the demise of Dick Smith and the ripple effect. 

Click here to view our latest Newsletter.

by Cameron Lee

How you bounce back will set you apart!

Important business decisions are made on a daily basis by all companies. Unfortunately everybody makes mistakes and no matter how many good decisions you have made in the past, one catastrophic decision can have a significant impact on your business. The way you bounce back from these mistakes and minimising the risk of making a poor decision is what can set your business apart from the competition.

by Adam Lysle

Nearly every person in Australia has an insurance policy. CTP, car insurance, home and contents, travel etc. Nearly every business has some type of insurance be it for public liability, fire, theft etc. However, it amazes me that not many businesses have considered a trade credit insurance policy of some kind.

by Adam Lysle

Time and time again the old bandwagon of director’s duties comes out. However, now more than ever, the corporate watchdog is using their federal connections with the ATO and Department of Employment to take action against directors. I guess therefore, it’s time to take heed before taking action when businesses and/or directors enter into a stressful period.

By Louise Thomson and Irena Malley

The majority of people reading this article would know at least one person who owns or works in a family business – it is a business structure that is very much ‘close to home’.

PoidoVeritas Advisory have already developed a great reputation for hosting great client functions but the function held on 1 October 2015 will have many talking for a long time to come.

Guest of honour was 59 test Wallaby great, former Captain and member of the 1991 Rugby World Cup winning side – Simon Poidevin who showed why he is a class above many others in a tantalising Q&A session with a full house in awe.

by Frank Farrugia

Insurance has been in the past a dirty word seen as a cost to avoid. It always appears that the cost of insurance keeps increasing. Something that I always lived by was the words ‘you will only need insurance when you don’t have it’.

by Frank Farrugia

It has now been over 3 years since the introduction of the PPSR and the PPS Act continues to be discussed for improvements.

by Frank Farrugia

The Australian Parliament is working towards the amendment of Australia's Personal Property Securities Act ("PPS") in order to reduce the number of lease transactions deemed to be a ‘PPS Lease’ under Section 13(1)€ of the Act.

The Curat emailThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

In this edition of the Curat, the focus is placed into the overseas market and its link to the Australian market. 

Click here to view our latest Newsletter.

by Adam Lysle

Time and time again we hear about efforts and systems that the Australian Taxation Office will implement to toughen their stance on the collection of their debt. The question is; Is it working? The answer to this would have to be a resounding “NO” as disclosed in a recent report to the Assistant Federal Treasurer, the total debt owed to the ATO increased to $35B as at 30 June 2014 which was a jump of almost 10% from the previous year.

by Chris Kindis

In recent months it has been evident that the ATO has adopted an increasingly stringent stance with their enforcement activities in an attempt to recover unpaid taxes. This is highlighted in the drastic increase in ATO initiated winding up applications.

The Curat NewsletterThe Curat - the latin word for cure - aims to provide insight into distressed matters for both the Corporate and Individual worlds.

                         Click here to view our latest Newsletter.

by Irena Malley

For persons faced with the prospect of bankruptcy, it can be a difficult time to endure. Anxiety and a lack of control can be emotions experienced by prospective bankrupts. However, this is often a result of the fear and misunderstanding surrounding the bankruptcy process.

by Ruby Montilla

Setting up and running your own business takes blood, sweat and tears… and some liabilities or risks.

Most small business owners get carried away with managing the day to day trading of the business and fail to take a step back and see the overall financial health of the company--- more often than not it’s too late for business owners to realise that the company is drowning in debt and they find themselves asking… “How do I get out of this mess?”

by Frank Farrugia

The final report on the review of the Act was tabled before parliament Wednesday, 18 March 2015.

Meeting of creditors of Managed Options Pty Ltd (In LIquidation) and Fund Options (Australia) Pty Ltd (In Liquidation) will be held at our offices on 1 June 2015 at 10.00am.

If you are an investor please contact Veritas Advisory immediately on 02 8999 9330.

Please see attached notice of meeting.

by Frank Farrugia

ASIC releases its insolvency statistics which highlights a gradual fall in appointments over the last 6 months. 

by Jackie Stepto

In recent times is it very common for Australian parents to assist their adult children financially when purchasing property.  Many parents are entering into arrangements with their children without doing their homework!

Contact Veritas and start now

When things aren’t right, the most difficult part is to recognise we just need help and to take the first step towards finding the best outcome.

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