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Fridays with ICB
Introduction to UnderstandingInsolvency & Liquidation
1pm, 27 Nov.
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Your Presenters
Matthew AddisonExecutive Director
Philip AsherBusiness Director
Jirsch Sutherland –Insolvency Solutions
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Housekeeping
§ If you’re unable to hear,check your PC/Macspeakers
§ Sound will run throughyour computer speakers
§ During the presentationyou will be muted to avoidbackground noise
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Housekeeping§ At stages during the presentation we will stop for
questions
§ You can ask questions during the presentation by usingthe Q&A facility (do not use the chat for questions)
§ We may interact with participants verballyIf we open this up and you wish to talk use the ‘raisehand’ option and we will unmute you
§ We would still like you to type questions so we canrecord for our Q&A and further resource development
Q&A
RaiseHand
Chat
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Agenda
Introduction to InsolvencyIntroduction to Liquidation
Not The new Liquidation regimeNotThe new SME Restructure Practitioner
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Resource Pack
ICB News Item
This Handout10 Page explanationLink to previous ICB Resources
More to follow
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Insolvency through COVID-19
Philip Ascher
www.Jirschsutherland.com.au7
What is Corporate Insolvency?
Definitions and common warning signs www.Jirschsutherland.com.au8
www.jirschsutherland.com.au
The Statutory Definitions:
Section 95A Corporations Act 2001
1) A person is solvent if, and only if, the person is able to pay allthe person's debts, as and when they become due andpayable.
2) A person who is not solvent is insolvent.
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www.jirschsutherland.com.au
Presumptions of Insolvency:
s 459C Corporations Act 2001
Circumstances that create a Presumption of Insolvency in certain proceedings
s 588E(3) Corporations Act 2001
Presumption as to Continuing Insolvency Upon Proof of Insolvency at a Specific Date
s 588E(4) Corporations Act 2001
Presumption of Insolvency based on Insufficient Accounting Records
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www.jirschsutherland.com.au
12 common signs of Insolvency
Early intervention could mean the difference between turning a businessaround or going into liquidation.
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What if my Company is Insolvent?
Insolvency procedures and comparisons www.Jirschsutherland.com.au12
www.jirschsutherland.com.au
Insolvency Procedures:
Early intervention• Voluntary Administration;• Safe Harbour; or• Business Restructure
Winding up• Voluntary Liquidation
Creditor enforcement• Court ordered Liquidation; or• Receivership
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www.jirschsutherland.com.au
The Business Life Cycle:
Early intervention could mean the difference between turning a business around or going into liquidation.
APPOINT VA
LIQUID
ATION
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Philip AscherBusiness DirectorJirsch Sutherland0447 441 [email protected]
www.Jirschsutherland.com.au
Offering expert insolvency and turnaround management services across Australia since 1984
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Questions?
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§ Business Viability Assessment
§ Insolvency Reform§ Meet the FWO –
Australian Workplace Law (30/10)
§ Know Your Client§ Getting your Businesses
ready for MBR§ Understanding Insolvency
27th November§ JobMaker§ What else
Don’t forget our ICB Technical Webinars17
§ 2021§ Ethics - TPB Code of
Conduct – a series to walkthrough expectations
§ Bookkeeping BestPractice Techniques
§ Updates and changes§ Chance to chat
Don’t forget our ICB Technical Webinars18
Updates
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§ JobMaker as announced is being reviewed§ Draft Rules for its implementation are in consultation§ The scheme started on 7th October 2020 so new
employees may be eligible§ We do not yet have a system or final Rules to implement
§ First enrolment and reporting is likely to be required by 6th
January 2021.
JobMaker
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“It depends”Stated strategy- Engage- Tailor a plan- Call them
We have called for an electronic communication interaction
ATO Debt
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ICB Technical Webinars
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ICB Technical Webinars
Future ScheduleFridays – Fair Work Ombudsman & Aust workplace law (30th)The Sharing Economy 6th NovemberNetwork Meeting 9th & 13thUnusual Payroll 17thFuture of the Profession 17thWorld of Bookkeeping for the next 90 days 18th
Unusual Termination 19thChattel Mortgage 3rd December
Global Bookkeeping Week 16th to 20th
Network Meetings – online and or face to face
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ICB Resources
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“Professional Bookkeeper”A program to explain to all, the true nature of a Bookkeeper.Everything we do (including being a BAS Agent)Everything we have to do (education, experience, competence, currency)
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