The closure of many well known retailers shows the plight of bricks and mortar stores in Australia.

The collapse of many household names, including Pumpkin Patch, Marcs, and David Lawrence highlights the plight of Australian retailers, who are struggling to compete with the rise of e-commerce websites.

The convenience and instant gratification of online shopping revolutionised the retail industry. However, this is only the beginning. With global giants such as Amazon entering the Australian market, there are grave concerns about how local retailers can sustain themselves against such large scale competition.

The plight of bricks and mortar stores is exemplified through the demands of the industry, particularly fast fashion. Instant gratification plays a huge role in consumers constantly searching for the next best thing. With the bombardment of Instagram trends and what certain influencers are wearing, the climate has shifted to benefit retailers who can meet these demands.

Subsequently, traditional bricks and mortar operations are left to shrivel as they fail to adapt to changing customer desires.

If you would like more information on company liquidations, or are considering one yourself, then please contact CRS Insolvency Services. Our consultants are all highly trained in corporate insolvency assignments. We will provide professional advice to help you make the best decision for your company while avoiding personal liabilities. Contact CRS Insolvency Services on 1800 210 073 for 24/7 free expert advice now.

Here at CRS Insolvency Services, we understand that the bankruptcy process can be very confusing and daunting for many people. As such, we’ve broken down the key points to know and answer the question ‘What assets can I keep during bankruptcy?’

Firstly, if your assets include tools used to perform a trade, you can keep them as long as they are no more than the saleable value of $3,750.

Secondly, if you own a vehicle or vehicles for transport, you are also allowed to keep them, provided that they are no more than the saleable value of $7,900. However, if you owe finance on the vehicle then this will vary. In this scenario, the $7,900 threshold will be determined by the vehicle’s value less the secured debt.

Thirdly, here is a non-exhaustive list of other possessions that you are allowed to keep in bankruptcy:

• Household goods, such as appliances, furniture and clothing
• Personal injury claims and compensation
• Life insurance policies

These statutory thresholds are maintained by AFSA, and these values are correct at the date of publication.

For more information, we offer a FREE initial consultation so that you can get unbiased, expert advice on how a bankruptcy can be best for you. Call the CRS Insolvency Services hotline at 1800 210 073.

Here at CRS Insolvency Services, we understand that the process of filing for bankruptcy can seem difficult and daunting. However, our personal insolvency advisors have helped simplify the process for you.

Here’s what’s required to file for bankruptcy in Australia:

Choosing a Bankruptcy Trustee

There are two options when appointing a bankruptcy trustee.

The first option is to appoint the Official Trustee from the Australian Financial Security Authority (AFSA). If you lodge your application directly with AFSA, the Official Trustee will automatically become your Bankruptcy Trustee.

Otherwise, for your second option, you can choose to appoint a Registered Trustee in private practice. A registered Trustee must be registered by AFSA to accept appointments under the Bankruptcy Act. If you choose this option, you must lodge your application with the Registered Trustee as they will need to sign and attach a Consent to Act with your application.

Completing the Bankruptcy Forms

You will need to complete the following forms before AFSA will accept your application:

• Debtor’s Petition; and
• Statement of Affairs

AFSA may also request certain supporting documentation to support the information provided in your Statement of Affairs.

Here at CRS Insolvency Services, Anthony Warner is our in-house Bankruptcy Trustee if you choose to appoint a Registered Trustee. If you want bankruptcy advice that you can trust call CRS Insolvency Services on 1800 210 073 today.

Here at CRS Insolvency Services, Anthony Warner is a highly experienced insolvency specialist. We assist businesses with our simple, low cost company liquidations. We provide professional advice to company directors who are concerned about the solvency of their companies.

Our team brings you the expertise, knowledge and experience to help you make the right decisions in recognising and dealing with a business under stress. We follow a simple, low cost company liquidation process to help businesses find the most appropriate insolvency solution for them.

If you are struggling with your company debts, we would like to help you too.

At CRS Insolvency Services, we understand that it can be difficult making the first move to help solve your insolvency issues. This is why we offer a FREE initial consultation for everyone who calls our toll-free, 24/7 hotline on 1800 210 073. We also offer a FREE initial meeting at our head office in Sydney. If you elect to call our hotline you may wish to remain anonymous until you decide to proceed with a service we offer.

We do this because we want to make sure that we can help and steer you in the direction that is best for you before you make any commitments.

When you call us, you can expect expert advice that is tailored to your situation based on years of experience and knowledge. And everything that is said in the phone call will remain confidential.

Our 24 hours insolvency advice line is FREE of charge and without obligation. We have assisted thousands of Australians with our simple, low cost company liquidation process. If you have insolvency concerns call us now on 1800 210 073.

Liquidating your company is something that many company directors want to avoid. However, if you find that your company is insolvent and your company debts are piling up, then liquidation may be the only solution for you. The decision may seem daunting and challenging, but there are some benefits to liquidating your company that can offer you some relief and peace of mind.

Eliminates risk of insolvent trading

Insolvent trading is when a company continues to trade knowing that their company is insolvent. It is illegal and should a company director be found guilty of insolvent trading, they risk civil and criminal penalties.

As the director, it is your responsibility to take appropriate action when your company is unable to pay its debts as they fall due. By appointing a liquidator on a voluntary basis, you are minimising the risk of insolvent trading and any future claim.

Legal action cannot be taken against the company

When you liquidate your company, creditors are unable to hassle or pursue you or take any legal action against your company. This gives you breathing space to take a moment and explore your options without the constant harassment from your creditors or the added stress of potential legal action.

Peace of mind

Gaining a peace of mind is one of the great benefits of liquidation. It lifts the weight off your shoulders and stops creditors and debt collectors from constantly calling you. While it is sad that your company has come to an end, the benefits of liquidating your company means that you have the chance to start over and build a new company, learning from the financial situation of the previous one.

If you are thinking of liquidating your company, you need to consult with an insolvency specialist. At CRS Insolvency Services, our consultants are all highly trained in corporate insolvency assignments. We will provide professional advice to help you make the best decision for your company while avoiding personal liabilities. Contact CRS Insolvency Services on 1800 210 073 for 24/7 free expert advice now.