Home » Risk Watch Essentials – March 2023

Risk Watch Essentials – March 2023.

Categories: News, Risk Watch13/04/2023
Categories: News, Risk Watch13/04/2023


Risk Watch Essentials

Rodgers Reidy leads the way with smallest Gender Gap in Insolvency Industry

In a recent independent study published in the Insolvency Law Bulletin, Rodgers Reidy was ranked as having the smallest gender gap in the Insolvency Industry for firms with more than 10 Registered Liquidators.

In an industry where females represent around 9% of the population of Registered Liquidators, at Rodgers Reidy females currently represent 30% of our Registered Liquidators in Australia.

We aim to improve this ratio further which is demonstrated by some of the initiatives at Rodgers Reidy, including the following

– Joanne Keating currently chairs Sydney Women in Accounting Network (“SWAN”) | www.sydneywomeninaccounting.com.au
– Kaily Chua is the co-founder of APAC Women’s Mentoring Circle | www.linkedin.com/groups/13610448/
– Cassandra Risteska is a founding member and the President of Female Accountants Network (“FAN”) | www.linkedin.com/company/female-accountants-network-fan
– Ebony Taylor is the President of Women in Insolvency and Restructuring Victoria (“WIRV”) | www.wirv.com.au
– Aiko Wang recognised by Chartered Accountants Australia and New Zealand (“CAANZ”) amongst 20 young chartered accountants in Australia breaking down barriers in their chosen careers | 20 chartered accountants to watch | Acuity (acuitymag.com)

Small Business Restructuring

As the graph below demonstrates, there has been a dramatic increase in the number of companies utilising the SBR laws since December last year.  During the month of March 2023, 76 companies appointed a Restructuring Practitioner.  The costs of the process are materially lower than for a voluntary administration and the Directors remain in control of the company while the restructuring plan is proposed.  Rodgers Reidy continues to be a market leader in the adoption of the SBR laws.

The increased use of the SBR laws reflects an increase in collection activity by the ATO and a greater understanding of the laws themselves. Rodgers Reidy have achieved excellent results for our clients using the SBR laws, restructuring their businesses and saving the vast majority from a formal liquidation or administration. We urge directors to consider this an option and act early, especially if they have an ATO Instalment Payment Plan in place and/or significant taxation liabilities.  Feel free to contact your local Rodgers Reidy office to discuss whether this option is right for your clients.

Winding Up applications filed with the Court in March 2023

Winding Up applications Australia NSW VIC QLD WA ACT SA NT TAS
TOTAL (No.) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%)
200 85 43 71 36 28 14 10 5 1 1 4 2 0 0 1 1

There were thirty seven (37) winding up applications filed by the ATO in March 2023 compared with thirty five (35) in February 2023.

Formal Appointments in March 2023

Formal Appointments Australia NSW VIC QLD WA ACT SA NT TAS
TOTAL (No.) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%) (No.) (%)
871 402 46 197 23 166 19 39 4 33 4 27 3 0 0 7 1
Court Liquidation 133 59 44 43 32 16 12 5 4 6 5 4 3 0 0 0 0
Creditors’/Members’ Voluntary Liquidation 564 268 48 128 23 98 17 22 4 22 4 20 4 0 0 6 1
Voluntary Administration 174 75 43 26 15 52 30 12 7 5 3 3 2 0 0 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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