Shark Tank

An article published last week (link below) considered a matter where Rodgers Reidy had acted a few years ago as Voluntary Administrators for the biggest Shark Tank deal ever. Sometimes, however, even the greatest ideas are not enough and you need to reach out for expert restructuring advice. When Rodgers Reidy did the Shank Tank administration, the new Small Business Restructuring (SBR) laws didn’t exist. These days SBR is a wonderful lifeline to an otherwise viable business struggling with the problems of the past. Reach out early to your local Rodgers Reidy office to get restructuring advice.

https://www.smartcompany.com.au/shark-tank-australia/shark-tank-biggest-deal-ever-icapsulate-voluntary-administation/?utm_campaign=SC&utm_medium=email&utm_source=newsletter&utm_content=smartco_daily&utm_term=2023-08-30

Small Business Restructuring

During the month of August 2023, 30* companies appointed a Restructuring Practitioner out of a population of around 990,000 small companies in Australia.

Source: https://asic.gov.au/regulatory-resources/find-a-document/statistics/insolvency-statistics/insolvency-statistics-current/

*Provisional
Our understanding of the market is that small businesses are coming under greater and greater financial pressure in the current economic climate. For any small business with an otherwise viable business model, an SBR should be the restructuring tool of choice to relieve historical debt problems. The message is just not getting out there that SBR can save your small business at least cost and interruption.  Feel free to contact your local Rodgers Reidy office to discuss whether this option is right for your clients.

The tables and graphs below summarise the data essentials captured from our daily Risk Watch publication, which provides a synopsis of the insolvency market for August 2023.

Winding Up applications filed with the Court in August 2023

Winding Up applications	Australia	NSW		VIC		QLD		WA		ACT		SA		NT		TAS
TOTAL	(No.)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)
	317	92	29	155	49	47	15	12	4	2	1	7	2	2	0	0	0

 

There were one-hundred seven (107) winding up applications filed by the ATO in August 2023 compared with eighty-three (83) in July 2023.

Formal Appointments in August 2023

Formal Appointments	Australia	NSW		VIC		QLD		WA		ACT		SA		NT		TAS
TOTAL	(No.)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)
	898	405	45	223	35	149	17	60	7	25	3	25	3	3	0	8	1
Court Liquidation	229	111	48	71	31	26	11	10	4	4	2	5	2	1	0	1	0
Creditors’/Members’ Voluntary Liquidation	563	246	44	126	22	111	20	35	6	20	4	19	3	0	0	6	1
Voluntary Administration	106	48	45	26	25	12	11	15	2	1	1	1	1	2	2	1	1

 

Rodgers Reidy is one of the foremost providers of insolvency, forensic and reconstruction services to distressed businesses throughout Australia, New Zealand and Asia. With a strong commitment to integrity and the community, Rodgers Reidy provides a professional and quality service, offering innovative, cost effective solutions.  Please contact any of our directors by clicking the appropriate office below for an initial consultation free of charge.

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