WCT Advisory Industry News
Liquidators and Liquidations
This is the eighth in our series of articles at informing directors of their duties and options for small to medium enterprises if faced with insolvency. This particular article will deal with liquidations and the role of a liquidator.
A liquidator can be appointed by either a creditor (through a Court application) or voluntarily by members of the company. A liquidation can be either solvent (i.e. all liabilities are paid and there is a surplus for shareholders) or insolvent (i.e. when there are insufficient assets to pay all liabilities).
New QBCC Act Reforms
Further reforms to the Queensland Building and Construction Commission Act 1991 and other associated Acts came into effect on 1 October 2020 with one of the key aspects directlying affect those Accountants assisting licensees with Minimum Financial Requirements reporting.
Have you Lodged your Annual Financial Report with the QBCC?
Construction industry licensees must have sufficient working capital to meet Minimum Financial Requirements. Annual financial reports have been introduced to check the financial strength of contractor grade licensees in Queensland and its a big deal.
Risky Business?
Newly released AFSA data highlights the importance of protective mechanisms such as the PPSR for suppliers (or anyone extending credit) and understanding the application of same in a business environment.
Contact WCT Advisory.
With over 65 years combined specialist experience in financial advisory, restructuring and insolvency, WCT Advisory greatly value our clients and are dedicated to creating practical and specialised solutions to their problems.
Contact us today and let us show you how we can help.