How much is your business worth?

Talk to the experts - Business Reconstruction Experts.

Chamberlains SBR specialises in business reconstruction and insolvency. Our firm works to complement and enhance the service being provided to clients by accountants and solicitors. We provide a full insolvency service, performing both corporate and bankruptcy administrations

How much is your business worth?

Talk to the experts - Business Reconstruction Experts.

Our practice has been successfully built up on a policy of saving and salvaging financial problems rather than dismantling the insolvent. If there is no other alternative, we will be honest in saying so. We pride ourselves as being country practices who have made the commitment to regional areas.

How much is your business worth?

Talk to the experts - Business Reconstruction Experts.

Chamberlains SBR works solely in insolvency accounting and do not offer any other accounting services. Accountants can refer insolvency matters safe in the knowledge that we do not do taxation or general accounting work, and there is no prospect of the client changing to our firm. We welcome enquiries from Accountants and Solicitors to discuss a client's financial problems.

CSBR monthly reports

 

April 2018 - Insolvent Trading "Am I in Breach?'

A constant question that is rasied by Directors during consultations when discussing those various options available the Companies experiencing difficulties, is are they breaching thoses Insolvent Trading Provisions...read more

 

February 2018 - Uncertain Times

We here at Chamberlain's SBR are not economists, in fact far from it. However, we could not help noticing the recent flood of articles issued by all the major newspapers, voicing their opinion's regarding Australia's level of household debt....read more

 

December 2017 - Recent development in Insolvency

The new changes to Insolvency Practice Schedule of the Corporations Act 2001 (Schedule) which commenced on 1st September 2017, provide creditors with increased powers to obtain information from external administrators....read more

 

October 2017 - Bankruptcy Period Reduced

The long awaited Bill to reduce the default Bankruptcy period from 3 Years to 1 Year has now been introduced into Federal Parliament with the key features of the Bill as follows....read more

 

September 2017 - Government says "Yes" to Director ID Number

After years of discussion the Minister for Revenue & Financial Services Kelly O'Dwyer has announced that all Company Directors will soon be assigned a unique identifier that will enable tat individual Director number (DIN) to be tracked....read more

 

August 2017 - Safe Harbour it is not a Get Out of Jail Free Card

Directors of Company's "Experiencing" Financial difficulties should not be lulled into a false sense of security that the proposed "Safe Harbour" provisions will protect them from any Insolvent Trading claim they may be exposed....read more

 

June 2017  -  Bankruptcy & Superannuation, Is It Protected?

Section 116(2)(d)(iii) A provides the interest of a bankrupt in a Regulated Superannuation Fund (within the meaning of the Superannuation Industry (Supervision)) Act 1993 is not divisible property in a Bankrupt Estate....read more

 

April 2017 Potential changes to PSS leases?

The introduction of the Personal Property Securities Act 2009 (Cth) "PPSA" in 30th January 2012, created a lot of confusion amongst producers/suppliers in relation to recoverable rights over their assests/products in the event of an external administrator....read more

 

 

March 2017 ATO Garnishee and Voluntary Administration

Section 260-5 of Schedule 1 of the Taxation Administration Act 1953 allows the ATO to give notice (ie Garnishee Notice) to a Third Party ie Bank or Debtor that may be holding funds or owe funds to a Company that is in default of its obligations to the Deputy Commissioner....read more

 

November 2016 Insolvency Law Reform Part 2

In the September CSBR Report an overview was provided of those proposed Bankruptcy reforms ie that "subject to no malfeasance", the (3) three year exclusion period for a Bankrupt be reduced to (1) one year for being a Director, overseas travel and obtaining finance etc....read more

 

September 2016 Insolvency Law Reform Part 1

Practitioners would be aware that at present there are major reforms on the table to improve Australia's Bankruptcy and Insolvency laws.
These reforms were scheduled to commence 1st March 2017, however the Minister for Revenue and Financial services has agreed to delay until 1st of September 2017....read more

 

August 2016 ATO & ASIC on War Path

Back in May this year I advised ASIC had prosecuted a Mr Stephen Hall of Eagle Business Solutions for his involvement in aiding, abetting and assisting a Director of a Company subject to Winding Up proceedings in breaching his fiduciary duties to that Company in transferring and concealing ownership of business assets....read more

 

May 2016 Thank you ASIC

In the December 2015 issue of the CSBR Report I raised concerns over the ever increasing number of purported "Business Advisors" who were trolling the Court Notices....read more

 

December 2015 Watch out for Cowboys

There has recently been the release of the Insolvency Law Reform Bill (ILRB) and even though long ways off before these recommended changes become law (approximately 2017 and will be discussed in future....read more

 

October 2015 ATO Voting Criteria

General OverviewAs many are aware there are two major alternatives to Bankruptcy, those being Debt Agreements (Part IX) and Personal Insolvency Agreements (Part X) proposals. These agreements basically involve putting a proposal to creditors for consideration to repay an amount of monies, which in most cases is a better result then what creditors would receive should the debtor enter into bankruptcy....read more

 

September 2015 Phoenix Activity "A context but is it a crime?"

Please Explain
There are three things that everyone knows about phoenix activity.  There is no accepted definition of phoenix activity,
There is no express phoenix offence,....read more

 

July 2015 "The Directors Wife is Given a Boat!!"

Legislation
Section 588FDA of the Corporations Act 2001 deems an "Unreasonable Director Related Transaction" is in summary;
A payment, conveyance or disposition of company property and;
It is made to the Director, an associate of the Director or a person on behalf of either and;....read more

 

June 2015 ATO Cracks down on Small Business

The ATO lodged during May 2105 approximately 556 applications to Wind Up SME's. This is double that for the same period in 2014. Those March and April numbers were also well on the increase with the word coming out of the ATO...read more

 

May 2015 "Alternative Sources of Capital"

In circumstances where an individual or company is experiencing a cashflow crisis, one option management and practitioners usually investigate is an alternative source of finance...read more

 

April 2015 "Corporate Governance and Restructuring" Or "The fish rots from the head"

Directors of companies facing financial distress must pay high attention to corporate governance issues because financially distressed companies face increased scrutiny of corporate decisions taken as well as the decision making process, making corporate governance ever more important....read more

 

March 2015 Fraud is more than a Dirty Word

Please Explain – Unfortunately (in my view) we are getting to a point where people are not willing to earn an income for good honest work but are looking for shortcut ways to riches by scamming…read more

 

February 2015 Corporations Act “Claw Back Provisions”

At Common Law transactions entered into by a Company prior to Liquidation are not in general voidable even if the Company is insolvent. Consequently it has been left to legislation to construct parameters as to the kinds of transactions that should…read more

 

December 2014 Courts Play Hard on Registering of Security Interest Within Time Frame

On the 20th February 2014 a security interest claimed by Doka in commercial property (ie Formwork) held by Relux was registered on the PPSR. On the 7th April 2014 Administrators were appointed to Relux and on the 16th May 2014 Relux was Wound Up….read more

 

November 2014 Don’t Let Your Clients Play Games

A registered Trustee in Bankruptcy has a statutory obligation to refer every offence committed by a bankrupt to the Australian Financial Security Authority (AFSA) Prosecution and Enforcement for consideration….read more

 

October 2014 PAYG Credits Rejected For Director

In July 2014 the AAT handed down its Reasons for Decision in respect to the matter of Cameron and Commissioner of Taxation (2014 – AATA – 499). This decision evolved from the Winding Up of Coast Continuity Services Pty Ltd (“CCS”) in 2012….read more

 

September 2015 Curbing Phoenix Activity “First” Security Deposit Decision

In 2010 as part of an attempt by the Deputy Commissioner to curb phoenix activity, legislation was introduced enabling the Deputy Commissioner to request a newly incorporated entity pay a security deposit….read more

 

July 2014 – Increased ASIC Director Targeting

With all due respect under the current position ASIC in a majority of instances does not pursue breaches by Directors that are reported by Insolvency Practitioners which at times can be….read more

 

June 2014 CGT Liability & Bankruptcy

It would appear that within the world of Corporate insolvency there is still an element of doubt as to whether the CGT liability that crystallizes on the sale of an asset post Winding Up….read more

 

January 2014 – ATO Statistics

During 2012/2013 collectable debt due to the Deputy Commissioner (i.e. not a party subject to an external administration) increased by 6.5% to almost $18 Billion with more than 60% owed by small business (i.e. less than $2 Million turnover)…. read more

 

November 2013 PSSR Issues to consider

As you are aware any existing security interests created prior to the commencement date of the Personal Property Securities Register (PPSR) (1st February 2012) are deemed to be effective for 24 months from registration commencement time….read more

 

October 2013 ATO Strengthens Position ‘DPN’s issued Post Liquidation

As you are aware the Director Penalty regime changed on the 29th  June 2012 to not only extend to unpaid Superannuation but to remove the capacity of a Director to discharge or extinguish a DPN by placing a Company
into Liquidation or Administration where PAYG and or Superannuation remains unpaid and unreported for (3) three months after the due date….read more

 

September 2013 ATO Instalment Plans ‘The Director Risks’ 

When a company is experiencing financial difficulties one of the first areas to be neglected is the payment of those statutory PAYG and GST obligations to the Deputy Commissioner….read more

 

May 2013 Insolvency & Presumed Insolvency

The Corporations Act 2001 categories a winding-up by the court as one of winding-up insolvency and wind-up on other grounds….read more

 

April 2013 Bankruptcy LIFE or DEATH

This is not a sales pitch but rather the raising of an issue that has arisen all too often dealing with people exposed to financial difficulty….read more

 

March 2013 What is a P.I.A?

A P.I.A or Personal Insolvency Agreement is an alternative Administration to Bankruptcy provided for under the Bankruptcy Act….read more

 

Insolvent Trading Conference Paper

One of the fundamental benefits of a Corporation was that it is capable in its own right to operate as a separate legal entity with its Directors & Shareholders not personally liable for the debts of the Company….read more

 

 

 

 

Contact Information Wagga Wagga

Wagga Wagga Suite 103, 1st Floor
Wollundry Chambers 63-65 Johnston Street Wagga Wagga NSW 2650

P.O. Box 852

Wagga Wagga NSW 2650

P (02) 6938 3800
F (02) 6921 5492

Contact Information Dubbo

Suite 2, 1st Floor,

47-59 Wingewarra Street
Dubbo NSW 2830

P.O. Box 1250
Dubbo NSW 2830

P (02) 6884 1077
F (02) 6884 1072

Contact Information Wangaratta

Wangcentral
15 - 17 Ely Street
Wangaratta VIC 3676

P 1300 887 687
F 1300 798 825