There has been a lot happening in the world of insolvency since the start of COVID-19, and we know it’s often hard for SMEs to keep up to date with legal changes and be properly prepared for the future. In the Optimum Recoveries webinar on “Surviving Insolvencies in 2022: What Can I Do Now” we unpacked how to survive insolvencies in 2022 and stay ahead of the curve.
In the webinar, we explained and discussed:
- The current state of play and what’s changed for SMEs;
- Industry insights and case studies; and
- The indicators of insolvency and how to be prepared.
While we seem to be sailing in [relatively] calm waters at the moment, the tide is predicted to turn in 2022 and things are going to change in terms of insolvency action. Now is the best time to prepare for what’s to come, and protect our businesses from potential risks.
Check out the full recording of the webinar below, along with more information about the presenters, links to useful resources and key takeaways.
Key Takeaways
Some of the key takeaways from the “Surviving Insolvencies in 2022: What Can I Do Now” webinar included:
- Angela opened up the presentation with a quick overview of the current state of play including which industry sectors are currently most at risk of insolvency
- Sam and Craig took us through some of the recent changes for creditors when trying to recover debt including:
- Payment terms are being pushed out
- Minimum thresholds for CSDs and BNs have increased to $4k and $10K respectively
- In every state but WA, legal recovery action for the purpose of recovering a debt is down
- The ATO and the Banks are taking a slower more conciliatory approach …..for now
- Small Business Simplified Debt Restructuring
- Lee then took over and detailed 14 key indicators of insolvency, as well as the different insolvency appointment types
- Sam and Craig jumped back in to give the audience some final tips for preparing for 2022 and beyond
Links and Resources
You can check out these additional links and resources if you are interested in learning more about insolvency, credit management and preparing your business.
- Optimum Recoveries LinkedIn – stay up to date with the latest industry news
- PPSR – Watch our detailed webinar about Personal Property Securities Register (PPSR)
- Complimentary review of your T&C’s – Email: amcdonald@optimumrecoveries.com.au
- Worrells Guide To Insolvency
- Worrells Solvency Checklist
- New Access for small business owners
Our Presenters:
Lee Crosthwaite
Lee is a Partner at Worrells Solvency & Forensic Accountants and is a registered liquidator with extensive experience in all forms of corporate and personal insolvency. Lee’s expert insolvency advice ranges from individuals to SMEs to high profile administrations.
You can connect with Lee on LinkedIn or check out Worrells Solvency & Forensic Accountants at www.worrells.net.au for corporate and personal insolvency services.
Craig Mason
Craig is the Legal Practice Director of SMS Law and is passionate about giving small business owners peace of mind that the information they receive is comprehensive and right for them. Craig is a lawyer for small businesses and has worked with well over 5000 businesses.
You can connect with Craig on LinkedIn or check out SMS Law at www.smslaw.com.au for a wide range of small business legal services.
Angela McDonald
Angela is a veteran debt collector, credit manager and owner of Optimum Recoveries. She uses her experience to help businesses prevent, manage and recover their debt. Her knowledge of how best to handle the full credit cycle has enabled her clients to reduce financial risk.
You can connect with Angela on LinkedIn or check out Optimum Recoveries at www.optimumrecoveries.com.au for debt prevention, management and recovery services.
