The Law of Marginal Gains
Should we all be looking for marginal gains? The concept of marginal gains has been widely adopted in sports to improve performance. The principle is that small incremental improvements in any process amount to a significant improvement when they are all added together. The concept came to prominence in 2012 in the world of cycling….
Illegal phoenix activity: ASIC & ATO continue to target
ASIC continues its focus on advisors offering to assist financially distressed companies, especially where that advice facilitates illegal phoenix activity. ASIC has recently commenced writing to directors of companies subject to a winding up application to warn them about untrustworthy advisors. Certain advisors use public information, like ASIC’s Published Notices Website, to identify directors of…
Scammers and con artists warnings
Following the recent publication of ACCC’s Scam Watch data for 2015, which showed that reported losses doubled in 2015, ASIC has told consumers and investors to wise up. ASIC’s deputy chairman Peter Kell said the regulator is warning people to be more wary of fraudsters. Mr Kell said “Overseas-based scammers in particular commonly target consumers…
AFSA’s new “tip-off” form
AFSA has recently developed a formal process to receive and investigate “tip-offs”, which will be handled by the Regulation and Enforcement team within AFSA. A “tip-off” is a piece of information, whether or not given discreetly or confidentially, that is important in AFSA’s role in administering the personal insolvency system and the operation of the…
The Folly of Predictions
People love to predict the future; people are not very good at predicting the future. A prediction is a statement about an uncertain event. Outside the context of science, the term is usually used to refer to an informed guess or opinion, often, but not always, based on experience or knowledge. Scientific hypothesis and prediction…
Debt management firms
With purportedly 32% of households financially stressed, the growing market for debt management firms is significant. Following an in-depth investigation, on 21 January 2016 ASIC released a research report, Paying to get out of debt or clear your record: the promise of debt management firms (REP 465). Debt management firms can generally be categorised into…
Insolvency Law Reform Act 2016
The Insolvency Law Reform Act 2016 received Royal Assent on 29 February 2016 and comprises reforms to amend and streamline the Bankruptcy Act 1966, the Corporations Act 2001 (Cth) and the Australian Securities and Investments Commission Act 2001. A key aim of the Act is to restore confidence in the insolvency profession by raising the…
Corporate insolvencies
ASIC’s quarterly insolvency statistics for the September 2015 quarter show a national increase for all external administrations of 8% compared to the June 2015 quarter, and a 20% increase on the September 2014 quarter. Interestingly, the detail shows that court liquidations (up 54%) and voluntary administrations (up 12%) rose nationally compared to the June 2015…
Being remarkable: building your own brand
Stuck in survival mode rather than thriving? Want to grow your business, or just be noticed? You may feel you are noticed but is that enough? Maybe you want to be remarkable, something or someone that is remarked upon or talked about. Being remarkable takes verve, confidence, application and resilience. It involves building your brand,…
Innovative insolvency law changes
As part of the national innovation and science agenda, the Australian Government has proposed reforms to insolvency laws designed to encourage innovation and entrepreneurial behaviour, while still protecting creditors. The Government’s National Innovation Statement, which outlines the proposed reforms, was issued on 7 December 2015, the same day that the Productivity Commission’s Inquiry report into…
Receivers: Who reaps the profits?
A recent decision of the Queensland Supreme Court definitively confirmed that when a receiver purchases inventory in a trade-on of a business, and subsequently makes a profit on the sale of that inventory, the profit is available to a secured creditor who has a floating charge (known since the introduction of the PPSA as a…
Driven to distraction?
How often are you distracted at work? No matter who you are or where you work, it is likely that you will be distracted at work innumerable times, every day. Regaining concentration after a distraction takes time, so distractions reduce productivity and effectiveness, and increase stress. Distractions can erode your ability to focus and may…