There has probably never been a few weeks like this for travel agents. First, Thomas Cook, an icon of the industry with a 140-year history went into liquidation. This left around 600,000 travelers stranded somewhere and needing to get back home. Then, a short time later, Australian travel wholesalers, Tempo Holidays and Bentours both entered voluntary administration. Again, the owner, Cox & Kings is a longstanding industry stalwart, having been founded in 1758. So, where d

Well, it’s coming to that time again. The end of the financial year. Over the coming months many accountants and professional advisors will be meeting with their clients, and perhaps talking to those business owners that have not paid much attention to the numbers since the same time twelve months ago. Maybe the meeting will be with that new client who they just brought on. As specialists in assisting company directors and individuals in financial distress we often get ask

Often an Insolvency Practitioner (‘IP’) may state to potential clients that everything will be fine. This comment is one that I heard come from the lips of many an IP at the initial client meeting regarding the client’s personal or corporate insolvency. This leads to company directors and individuals blindly appointing the IP without fully understanding the ramifications to them personally from such an appointment. As a potential client is paying to use the services of a Liqu

Getting specialist insolvency advice prior to entering into bankruptcy can have an enormous impact on the process and outcomes. This month’s case study depicts a situation where our client entered into bankruptcy without specialist advice and how de Jonge Read assisted in dealing with issues that were subsequently faced by our client. BACKGROUND Earlier this year we were approached by a client who previously operated a retail outlet as a sole trader. Due to insurmount

Sometimes clients stick their heads in the sand and do not seek specialist advice when they are initially served documents or become aware of looming issues. This being the case, we are occasionally referred files at the very last minute. Even in these situations swift and detailed analysis and careful project management can assist in obtaining a great result for clients as this month’s case study depicts. ​ BACKGROUND ​ Our client operated an earth moving business. By the ti

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. ​

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

BACKGROUND We were approached by a client who operated a steel manufacturing business that had lost a major trading partner and subsequently endured insurmountable cash flow issues. The situation compounded causing aged creditors to blow out to 120 days. The company was issued with a creditor statutory demand (CSD) which gave 21 days to pay the debt or otherwise the company would be deemed insolvent and the client would ultimately lose control of the business. The company w