WELCOME

As the 2023 calendar year rapidly draws to a close, chances are you have people in your business and personal circles that are feeling the financial pinch - it’s been a tough year for many. 

The fast-approaching festive season can also bring heightened emotions and additional financial pressures for some. 

In a recent statement, Australian Financial Security Authority (AFSA) Chief Executive Tim Beresford reminded Australians experiencing financial difficulty to seek help early from trusted sources. “Many Australians are facing challenging financial times,” he said.

In this e-news our Restructuring and Recovery team share NEW video and blog content, insightful statistics and general advice to help you and your clients understand your options in the current economic climate. 

We want people to know they aren’t alone - to encourage them to have the tough financial conversations sooner, rather than later, so they understand their options.We’re here for you or your clients. We’re ready to have the tough, but necessary financial conversations.

Until next time Thanks for reading our quarterly RSM Restructuring and Recovery e-news update. If we can help your clients take back some control of their financial situation and review their options, please be in touch. We are ready and able to assist with the tough, but worthwhile conversations and decisions.

Best regards,

Restructuring and Recovery team

RELATED INSIGHTS

We cover the bankruptcy questions people have, but may not want to ask, in these two-minute video segments.

Gavin Stacey, RSM Business Advisory Principal, asks Greg Dudley, RSM Partner Restructuring and Recovery:

• What’s the difference between bankruptcy and insolvency?
• What are the different types of bankruptcy?
• How do you file for bankruptcy?
• What’s the difference between liquidation and insolvency?
• What are the implications of trading while insolvent?
• What is asset protection planning?
• What happens if you can’t pay your ATO debt?

Check out the first two in this seven episode series

If you think your clients could benefit from viewing these brief videos, consider sharing the link. Information is power. 

Financial woes, particularly for residential construction companies, have plagued the industry in recent times and created headlines like this one from Australian Property Investor: ‘Thousands of failed builders reveal scale of industry’s dire plight’.

Between July 2022 and April 2023, 1,709 construction companies across the country entered administration, according to data from the Australian Security and Investments Commission (ASIC).

Economic distress contributors include:

• Increases in interest rates
• Cost of materials
• Labour shortages
• Supply-chain issues. 

It’s particularly challenging for builders with fixed price contracts as they are not allowed to pass on price increases to homeowners.
 

RELATED INSIGHTS