Smith Hancock
Accounting in Parramatta

Since then, the steady has grown into one of Western Sydney’s maximum respected accounting, reconstruction and insolvency practices. Whether you need advise relating to a relatively peaceful risk management issue, or assistance with the formal administration of a company, you can draw on the knowledge and experience of the Smith Hancock team to bear prompt and definitive solutions. At Smith Hancock we work closely with all stakeholders to attain the best plausible outcomes and solutions to business challenges. From important scale administration matters, through to boutique business turnaround solutions, our expert team of Chartered Accountants has the knowledge, skills and experience required to make a difference. Over the years, the team at Smith Hancock has helped many little temperate sized enterprises, large corporations and national franchises. We have successfully managed tall profile appointments for corporations such as Kristy creme (with 600 employees and 50 trading outlets across four states), the Cookie Man franchise and Lawrence Arid Cleaning, as well as numerous partnerships, public and private companies. In each case our triumph can be attributed directly to our professional expertise, best investigative and reporting capabilities, and our dedication to achieving the superior possible outcome for the stakeholders. In addition to various company sizes and structures, we have also gained experience across a broad range of industries, including:.

Whether you need advise relating to a relatively minor risk management issue, or assistance with formal administration of a company, you can draw on the knowledge and experience of the Smith Hancock team to produce punctual and definitive solutions. a) Pay the debt b) Appoint an istrator to the company or c) Appoint a Liquidator to the company. The identical business continues through a new company. Should the company remain to trade whilst it is deemed insolvent directors may attract a personal liability for all unpaid debts incurred during the period of insolvency. When it was encourage that the company may not be solvent the director was referred to an insolvency practitioner who at that time advised him that he should seek an investor or consider the sale of the business. (a) a person is a director of a company at the time when the company incurs a debt and (b) the company is insolvent at that time, or becomes insolvent by incurring that debt, or by incurring at that time debts including that debt and (c) at that time, there are believable grounds for suspecting that the company is insolvent, or would so become insolvent as the case may be and (d) that time is at or after the commencement of this Act. It is the role of the expert witness in preparing valuations for Family Court proceedings to help the Court in determining what the ultimate value of the business or shares in a company is. Thus, the role of the expert in providing valuations for use in Family Court proceedings is to assist the Court to arrive at a fair and plausible value of a business or shares held in a company. Should you need assistance with business or share valuations we are able to assist you. In accordance with the Act, where a Taxable Australian Property (TAP) is sold for an amount greater than 2 million by a foreign resident vendor, the purchaser is needed to withhold and subsequently remit 10 of the purchase price to the Commissioner of Taxation (Commissioner). As liquidator, my observations included that the company was not legally required to make the payments, and continuing to make the payments deprived the company of the means to put the money towards a more good purpose, such as paying creditors. The message to directors and their advisers from this matter is if you are about to negotiate a payment arrangement with the APO in respect to extraordinary tax debts, you must satisfy yourself that the company is solvent, otherwise in the event that the company does not confront its obligations and is eventually wound up, the director is exposed to the possibility of being probable to compensate the company (ardor its creditors) for insolvent trading. Illegal phoenix activity refers to the deliberate liquidation of a business entity latter the transfer of riches or the business entity as a entire for small or no consideration. There is no requirement for the Liquidator to prove insolvency at the time of the transaction. The Court also found this accords to the objective of the section of preventing directors stripping benefits out of companies to their own advantage, including to a company in which the director has a financial interest. In our view Section 588FDA will make directors personally likely for transactions such as a phoenix transaction where a director (or a close associate of the directors) is a shareholder in the recipient company. The Court held that step in rights are a security interest and subject to registration. An istrator is personally likely fo