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de Jonge Read
- Sep 17, 2018
- 2 min
Finding a Life Raft
Bankruptcy can be an extremely emotional and stressful time, it weighs heavily on the individual as well as on their family. Though entering bankruptcy may release the creditor pressure valve, other issues may rear their ugly heads. One of these issues is risk to family assets. The bankrupt’s spouse may wonder what will become of their beloved family home. In certain circumstances there may be a light at the end of the tunnel. This light comes in the form of the Doctrine of E
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Phil Hamenko
- Aug 15, 2018
- 4 min
Determining a Guarantee – What Does It Mean?
These days it is very hard to get any form of credit without a personal guarantee. Company directors, and sometimes even their spouses, are routinely called upon to sign guarantees for credit provided to the company. This could be to a trade supplier, equipment financier or bank. Often parents are asked to sign guarantees in favour of their children for home loans and other forms of bank finance. Once a facility is set, and a guarantee is in place, it can be very hard to get
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de Jonge Read
- Apr 18, 2017
- 3 min
Cashflow is King – trading through holiday periods
Typically, the Christmas & Easter periods are a difficult time for many businesses as most industries shut down during these holiday seasons, thus having a significant impact on business cashflow. This can often put the “last nail in the coffin” of a business suffering financial difficulty of some sort. This month’s case study looks at a client who suffered cashflow issues which were brought to the surface by actions from their bankers during this difficult trading period.
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de Jonge Read
- Jan 19, 2017
- 4 min
Part X Gives Client Fresh Start
BACKGROUND Recently, a client was referred to de Jonge Read by his accountant. He operated a sole-trader business in the mining services industry and had a history of noncompliance with the ATO which resulted in a sizeable debt being accrued. This debt position was approximately $700k which included substantial interest and penalties. Our client had a family member who was prepared to assist with a loan of $80k to settle the debt. The accountant had tried negotiating wit
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