Liability limited by a scheme approved under Professional Standards Legislation                                                                                                                            © 2018 by Bruce Mulvaney & Co

Bruce Mulvaney & Co​

 

Tel: (03) 9896 9000

Fax: (03) 9896 9001

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Hawthorn, Vic, 3122

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News and Publications

September 5, 2018

The Good News is that there are Better and Safer Solutions!

The Draft Legislation for tougher laws including recovery actions and offences for illegal Phoenix Activity was released on 16 August 2018.

Further information on these proposed reforms and offences are available via the treasury media release (link).

What is Phoenixing?

Illegal Phoenix activity occurs when company assets are transferred to a new entity for little or no consideration in return while leaving the liabi...

August 1, 2018

The new Safe Harbour Legislation is designed to:

“ drive cultural change amongst company directors by encouraging them to keep control of their company, engage early with possible insolvency and take reasonable risks to facilitate the company’s recovery instead of simply placing the company prematurely into voluntary administration or liquidation.”

The emphasis is therefore on finding solutions to produce positive outcomes.

Additionally Safe Harbour is a form of protection f...

July 17, 2018

From July 2018 Companies in Voluntary Administration are more likely to be able to continue trading as normal, and therefore to be able to be sold as Going Concerns or Restructured under current ownership.

The Voluntary Administration Process is a very flexible and useful way to Restructure businesses. It has just become better !

The New Ipso Facto Laws state that Certain Contracts cannot be cancelled just because of the fact that a Company has entered Voluntary Administrat...

September 12, 2017

Today the Government announced several measures to crack down on illegal phoenixing activity and to hold proponents accountable. These measures are largely constructive and will help to restore the balance in favour of Directors "Who Do The Right Thing".

However Entrepreneurs also need to be encouraged to have a "Can Do" approach to take responsible and balanced risks without the fear of personal liability. There need to be therefore both Opportunities to Firstly  sol...

September 5, 2017

Key Insolvency Law Reform amendments became effective on 1 September 2017

  • Initial Communication to Creditors soon after appointment

  • Statutory Report (also known as the Dividend Report) to be prepared by a Liquidator within 3 months of appointment

  • Voting by Proposal eliminating need to call a Creditors Meeting

  • Creditors’ Rights in Liquidation 

  • Right to request a meeting

  • Right to request information

  • Right to give directions to Liquidat...

November 18, 2016

Getting the help you need is easier than you might think.

Call Bruce on 9896 9000 to discuss your needs and if appropriate to arrange a meeting.

We are specialists in Company & SME matters, but don't coordinate personal bankruptcies.

June 21, 2016

There is often a higher level of uncertainty associated with the buying and selling of small and medium sized businesses. Owners wonder whether they are getting enough and purchasers if they are paying too much. These concerns are frequently allayed now by structuring the sale transaction around "Earnout Rights".

What are Earnout Rights?

An earnout arrangement is an arrangement whereby as part of the sale of a business or the assets of a business, the buyer and seller agree...

April 1, 2016

Comparing how your business performs against others in your industry is a good way to monitor your business’s financial health. An easy way to do this is to use the ATO's small business benchmarks.

 

Benchmarking is evaluating your performance against some meaningful standard. In this case, the ATO has provided some useful statistics from over 100 industries based on data sourced from the 2013–14 financial year income tax returns and business activity statements of over 1.3...

March 1, 2016

 

The Corporations Act prohibits companies indemnifying their Directors. Or does it?

 

Company directors generally will be aware that sections 199A and 199B of the Corporations Act 2001 (the Act) prohibit companies from indemnifying directors for penalties imposed upon them for breaches of the Act, and for breaches of other legislation, where penalties may be imposed. There are, however, still good reasons why directors (and other officers), should negotiate appropriate...

February 2, 2016

 Bruce Mulvaney (right) pictured with some of his CEO Institute colleagues

 

Our Principal, Bruce Mulvaney, had the pleasure this week of being made a Fellow of The CEO Insitute.

 

The CEO Syndicate program is an exclusive peer support network for business leaders. It offers experiential learning and mutual group mentoring to help you grow personally and professionally.

 

The CEO Institute was founded in 1992 as a peer-to-peer membership organisation for Chief Executives to con...

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