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Blog Post
What’s bringing home-builders under pressure? In recent times, there's been a significant contraction within the residential building industry in Australia and an increasing number of insolvency events. According to the Australian Securities and Investment Commission (ASIC), building sector insolvencies accounted for 27.1% of the national total in the first quarter of 2023[1]. It puts the sector on track to reach decade highs. While there are a confluence of factors causing distress, one common contributor among home-builders is having entered fix priced contracts where the economics of these projects become unviable. This was the case for Hobart-based Multi-Res Builders Pty Ltd,...
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If you want to sell a property which you co-own in NSW, what happens when the other owner doesn’t? Luckily, section 66G of the Conveyancing Act 1919 provides a solution. People purchase residential or commercial property together for a variety of personal or business reasons. However, if circumstances change, one co-owner may wish to sell or divest their interest while their fellow co-owners don’t and are unwilling or unable to buy the former out. In the event such a scenario arises, section 66G can be of great assistance. This is why we have developed the following article in conjunction with...
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A guide to optimising business structures From optimised business structures and governance, to enhanced financial management, and reduced administrative expenses, corporate simplification or ‘company decluttering’ can yield substantial benefits for both small and large operators. While Australian regulatory requirements have historically posed a challenge for businesses seeking to execute a simplification strategy, recent advancements have made things far easier. Levi Consulting has developed a guide for directors who are thinking about undertaking a simplification of their business, outlining some of the benefits, key considerations, and what a typical process can look like. ...
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David Levi has been the principal author of the submission by Association of Independent Insolvency Practitioners (AIIP) to the Parliamentary Joint Committee on Corporations and Financial Services - Parliamentary inquiry into corporate insolvency in Australia. The submission advocates for substantial and comprehensive reform to facilitate simpler and more efficient outcomes in the small business sector for businesses experiencing financial distress. Levi is a subject matter expert on all issues in the Terms of Reference.
Blog Post
Following a two-year moratorium on debt recovery amid the pandemic, the ATO has told businesses that it has recommenced collection and enforcement activity. Tens of thousands of awareness letters about the disclosure of business debts were issued by the ATO across April and May, and 30-40 Director Penalty Notices (DPN) per day. Levi Consulting understands that this has escalated since. Businesses having difficulties meeting their tax obligations must consider the commercial and personal implications and understand that options are available to them. Levi Consulting has developed a fact sheet outlining the ATO’s recovery initiatives, the implications for businesses, and the...
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Impelus Limited was suspended from Official Quotation on ASX on 27 January 2021. From 8 March 2021, Levi has acted as voluntary administrator, deed administrator and trustee of the creditors’ trust of Impelus Limited. The DOCA and creditors’ trust have concluded. New directors of the company will work towards relisting and restoring value. The process is complex and subject to creditor, shareholder, ASX and ASIC approval at various stages. Levi has historically been appointed voluntary administrator of several companies that have been suspended from Official Listing on the ASX. The initial phase of reconstruction is to extinguish all debts and...
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Blog Post
When co-owners are in a dispute over the sale of a jointly owned property, section 66G Conveyancing Act 1919 (NSW) has proven to be a beneficial and increasingly popular property management tool as it provides for an impartial sale through a Court appointed Trustee. In this article we look at how s 66G operates as a legal mechanism in family law and other property disputes, sharing our insights on recent cases, and what co-owners need to know before making an application. Co-ownership is where property is owned by two or more parties (e.g., married couple or de-facto partners), which entitles...
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Peer-to-peer (P2P), or marketplace lending, is a form of direct money lending to individuals and businesses that doesn’t involve a financial intermediary. Wholesale and retail investors invest money which is then lent to borrowers via a platform. It can offer competitive, personalised interest rates to borrowers with fast applications, and good returns to investors who have assessed and priced the risk. In Australia, P2P loans have grown in popularity from borrowers requiring fast approvals and who might otherwise face tightened lending criteria through more traditional bank and non-bank institutions. At Levi Consulting, we provide second opinion services to P2P lenders...
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The four pillars of the ATO’s debt recovery practices This paper considers the four pillars of the ATO’s debt collection policy for undisputed debt currently in operation. As advisors to businesses affected by the pandemic lockdowns, we are interested to understand the mind of the ATO in making its decisions that affect businesses. The paper concludes with our observations and areas where we provide support. We have been watching for communication to the business community from the ATO on the timing to restart of its debt recovery processes and last month the ATO made announcements relating to undisputed amounts owing...
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In this article, we consider the ATO’s collection and recovery policy as it is important to understand the mind of the ATO in making decisions that may affect businesses, both small and large. Levi Consulting can help businesses with tax-debt. ATO debt recovery: the options for business A question we’re interested in is: how do we make small businesses financially sustainable after COVID where there is an accumulation of undisputed debt, particularly to Australian Taxation Office (ATO) and others? Like all Australians, we want businesses to be financially sustainable, to survive and grow, despite the uncontrollable impacts, including lockdowns, related...
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