Insolvency Services statewide & Small Business restructuring Aust Wide
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About Us
Products and Services
FAQs
At Hamilton CalvertAdvisory, we specialise in providing expert solutions for all insolvency-related matters:
Since our inception, we have achieved:
Financial matters can become complicated, it can be difficult to know exactly where you stand and what you are entitled to. Don’t struggle with these problems on your own, contact the professionals at Hamilton Calvert Advisory for a free and confidential initial consultation for all insolvency-related matters.
Don’t wait until it’s a crisis, proactive and earlier engagement often provides more opportunities available. We are here to help you map the road ahead.
Administration, Construction, Tasmania, Finance, Partnerships, Professionalism, Insolvency Management, Commercial, Battery Point, Experience, Associates, Salamanca Place, Registered, Accounts
Bankruptcy only applies to individuals and not companies. In cases where businesses operate as sole traders or partnerships, only the individual/s can become bankrupt, not the business entity itself.
It’s a legal process where a person is declared bankrupt if they are unable to pay their debts due to creditors and a bankruptcy trustee is appointed to manage the individual’s bankruptcy.
Small Business Restructuring was introduced by the Government in the wake of the financial turmoil of Covid and provides pathways to save as many businesses as possible. Small Business Restructuring allows eligible small businesses in financial difficulty a one-off opportunity to restructure their company debt and reach a legal binding agreement with their creditors.
While bankrupt, there's no earning limit, but if after-tax income surpasses a threshold, contributions to the trustee are required, varying with dependents.
Being bankrupt doesn’t normally stop you from working, but there are restrictions to be aware of: • Some trades and professions restrict you from working if you are bankrupt; and • Whilst you are bankrupt you can’t be a company director or officer.
It is a great opportunity that permanently removes financial distress for businesses in strife and during this process owners remain in control of business operations and creditor relationships. Put simply, you stay in control, you can continue to trade, and we stay out of your business.
This process is simpler, faster and far cheaper than other forms of external administration and is already proving to be the “go-to “solution for many small businesses in financial difficulty.
Directors in Australia must ensure timely payment of taxes and superannuation. Cash flow challenges may arise, but delaying lodgment isn't advisable. Failing to lodge promptly attracts Tax office scrutiny, potentially leading to personal liability.
You should speak to your accountant about managing debt. But, if it’s too hard to navigate, our firm may be able to assist in formulating a plan including small business restructuring aimed at permanently dealing with tax debt.
If you or your business are being chased by creditors there are a number of different options available to you. The best thing to do is seek advice from an expert, such as Hamilton Calvert Advisory, to discuss your specific circumstances and the options available.
