Our Case Study this month looks at the changes in credit reporting in Australia, and the impact that this had on our client, Allan. These changes have been rapid, and we are just now starting to see firsthand the real-life impact this can have on businesses and individuals. The Changes In September 2019 Australia moved to Comprehensive Credit Reporting (CCR). In the past the system was based on negative reporting, meaning whether you had defaults or judgments on your credit r

We recently met a client who was referred by his brand new accountant. In fact, the accountant was not sure he wanted to take them on as his client. The management accounts were a mess, and the client had no idea where their cashflow was going. They had a company that operated two fast food outlets in major shopping centres, and were behind on rent and other creditor payments. The accountant was concerned the business was not viable and sent the husband and wife director team

BACKGROUND Our client had established an auto trim business in a regional location in 2004. Over the past few years however, the business had suffered poor sales which caused cash flow issues ultimately having a negative effect on the mental health of our client. The operation was conducted through a discretionary trust. When we were approached the business had just been advised that a formal payment arrangement proposal with a trade creditor was declined. This event, cou

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