Credit cards net a whopping $32,874,733,510 in national debt accruing interest over the 16,699,272 credit cards in use in Australia as of January 2017. If you are in possession of one of those 16+ million cards, you likely have debt you would want to pay off quickly. According to ASIC’s consumer website, MoneySmart, the average […]
If you need a fresh start, sometimes personal insolvency is the best way forward. The Bankruptcy Act 1966 was designed to protect those experiencing bankruptcy from their creditors. The moment you are unable to pay bills as they are due, you are actually insolvent. There are, of course, consequences to travelling down the personal insolvency […]
Rising unemployment and bankruptcies, as well as increasing debt to disposable income ratios are all current trends set to continue in to the 2017 financial year, according to information released by the Australian Financial Security Authority and the RBA. Financial distress on individuals will escalate as these trends increase. Not only can this affect lifestyle, […]
An increase in both corporate and personal insolvency was highlighted in the 2015-2016 Insolvency Statistics released by The Australian Securities and Investments Commission (ASIC) and the Australian Financial Security Authority (AFSA). This result is in contrast to the 2014-2015 report which noted a decrease. CORPORATE INSOLVENCY Total corporate insolvency appointments increased by 8.8% from 12,726 […]
It is not uncommon for businesses to face financial pressures. Businesses in this position may need to confront concerns about solvency. Insolvency is the position of being unable to pay debts as and when they become due and payable. This requires a cash flow test as opposed to a balance sheet test. The balance sheet […]
Corporate insolvency is where a company is unable to pay its debts when they fall due for payment. A company is solvent if it can pay its debts when they fall due and insolvent if it can’t. The financial state of the company is important because it determines what kind of liquidation the company will […]
