Tuesday, 14 May 2013 06:21

Increase in business related bankruptcy

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A piece in the Jirsch Sutherland Newsletter written by Stewart Free reveals that over 20% of bankruptcies that occurred during the quarter were a direct result of business failure, and that greater care and diligence needs to be taken by directors toward the following:

  • lodgement status of taxation obligations
  • timely financial reports
  • accurate debtor and creditor ledgers
  • forecast projections
  • signed credit applications and personal guarantees