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Helping clients with companies in financial distress
20 March 2020 Industry Insights

In these difficult and challenging times, many accountants will have clients coming to them seeking advice and looking for options in relation to current ore anticipated financial distress. The options available to your clients will depend on their solvency status. This article covers the concept of corporate insolvency, how this affects the options available to… Read more

ISHKA ADMINISTRATORS’ UPDATE
Announcements

Michael Sklovsky Pty Ltd (Administrators Appointed) – Trading as ISHKA. The Supreme Court of Victoria (the “Court”)  has, on 18 March 2020, made Orders granting an extension of the voluntary administration’s convening period up to 20 June 2020. A copy of this Order, along with a circular to relevant stakeholders, are enclosed. Click here to… Read more

COVID-19 Notice
19 March 2020 Announcements

We want to provide a brief update to all our clients and contacts on how we are dealing with the unfolding COVID-19 pandemic, given our business focus is on assisting and advising clients facing difficult and distressed times. We have developed an internal pol icy and guidance allowing our team to work from home /… Read more

DIRECTOR PENALTY NOTICES – AN OVERVIEW
2 March 2020 Industry Insights

Director Penalty Notices are notices issued by the Australian Taxation Office ( “ATO” ) that can make the Directors of a company personally liable for the company’s tax obligations. The DPN has two purposes: to advise of the company’s tax liability and the cor responding penalty raised, and to set out the options that may… Read more

ISHKA Administrators’ Statement
20 February 2020 Announcements

Cor Cordis confirms the appointment of Rachel Burdett and Barry Wight as Administrators of Michael Sklovsky Pty Ltd (Administrators Appointed) trading as Ishka on 20 February 2020. Rachel Burdett of Cor Cordis says “We confirm our appointment as administrators of the ISHKA business. We will hold an initial creditors meeting in very early March. We… Read more

NEW PARTNER AT COR CORDIS (SYDNEY)
3 February 2020 Announcements

Cor Cordis is very pleased to announce the appointment of Jonathon Parker as a new Partner in the firm’s Sydney office, effective 3 February 2020. Jonathon joins us from Deloitte where he was a Director in their Financial Advisory Restructuring Services practice. He has worked in both the Australian and UK restructuring and insolvency markets, has… Read more

Cash is “Queen” – THE IMPORTANCE OF WORKING CAPITAL
2 December 2019 Industry Insights

Whilst not negating the importance of long term profit and strategic imperatives, understanding your working capital cycle and how you create liquidity is often over looked. To maintain effective and efficient working capital , a company must manage the four key elements of working capital , being: cash, debtors, creditors and inventory. The latter three… Read more

FINANCIAL PRODUCTS: GOT A GRIPE?
11 November 2019 Industry Insights

From time to time your business or a client may have dealings or issues with an AFSL (Australian Financial Services Licence) holder . The Australian Financial Complaints Authority (AFCA) was founded in November 2018 and is the impartial and independent dispute resolution scheme for financial services, specially relating to financial products and services. AFCA considers… Read more

DIRECTOR PERSONAL LIABILITY FOR GST
14 August 2019 Industry Insights

The Federal Government re-introduced legislation to parliament on 5 July 2019 which will provide for Director Penalty Notice (DPN) for Goods and Services Tax (GST) from 1 October 2019. This would operate in a similar manner to the existing Pay As You Go (PAYG) and Superannuation Guarantee Charge (SGC) DPN regime. Cor Cordis is monitoring… Read more

TO FEE OR NOT TO FEE?
15 July 2019 Industry Insights

Case Study – A complex fee structure tied to a shareholding raised questions as to the deductibility of fees for income tax purposes. Ultimately the ATO ruled that it was not a deductible expense, resulting in a large tax debt and a reduction in the return to stakeholders of the external administration. We were appointed… Read more