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3 Critical Lessons From the Pie Face Collapse

Franchising is no walk in the park – and no one knows this truth better than food chain Pie Face.

The franchise collapsed into voluntary administration in November last year, leaving many of its employees and owners without jobs one month before Christmas.

Earlier this year, chief executive Kevin Waite spoke at a franchising forum held by Griffith University’s Asia-Pacific Centre for Franchising Excellence and the Franchise Advisory Centre. In his speech, Waite revealed the dire financial situation of the chain before it entered into voluntary administration and outlined the key problem areas that required restructuring.

Here are 3simple lessons that we can learn from the near failure of Pie Face:

  1. Experience is paramount to business survival. Pie Face lacked franchise experience at the top – where it really counted. The turnaround program therefore involved removing its existing senior management team and introducing a management team who had greater franchising experience.
  2. Don’t overpay in rent. Pie Face didn’t make a profit for one decade. Partially to blame was that franchises were overspending in rent in order to gain occupation of hotspots in the CBDs of Australia’s major cities. Reports indicate that they were paying up to 30 per cent more in rent than they should have, putting extra financial strain on them to break even.
  3. Don’t ignore mounting debt. Pie Face owed money to every single one of its landlords. Don’t make their mistake – seek professional corporate insolvency assistance and advice immediately after the warning signs appear (e.g. COD terms from suppliers, bouncing cheques and exceeded overdraft limits).

Although the pie chain’s financial future seemed bleak, with almost 30 franchisee-failed stores, voluntary administration and business restructuring were able to bring it out of its financial turmoil.

CRS Insolvency Services is a licensed and insured insolvency firm that provides professional services in voluntary administration. We have helped thousands of Australian companies successfully restructure their finances – franchises and non-franchises alike – so you can trust that we can help you too.

Call our hotline today on 1800 210 073 for a free initial consultation.

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Become Your Own Bankruptcy Expert

however, that whilst bankruptcy is becoming all too common in our day and age, knowledge of the matter is not so common. For example, did you know the term ‘bankruptcy’ only applies to the personal financial situation of an individual and owners of a sole trader business? however can’t pay its debts, it goes into what is known as ‘liquidation’ and stops operating. The term ‘bankruptcy’ is so often misused a solid understanding of the term, eligibility and consequences is the first step to becoming your own bankruptcy expert and taking control of your financial situation.

In order to lessn the financial and psychological impact of bankruptcy, it is also important to learn how to recognise the signs and symptoms of an impending bankruptcy. Learn to regularly ask yourself these common questions:

  • Are you living from pay to pay?
  • Are you treating your credit card as your main source of finance?
  • Are you maximising your credit cards, yet repaying the minimum?
  • Are you paying unnecessary late fees and receiving endless phone calls from debt collectors?
  • Are you behind in your rent, mortgage or electricity payments?
  • Are you unsure of what you actually owe?
  • Are you lying to yourself and others about your financial situation?

Your answers to the above will offer a clearer indication of your economic situation and allow you to a more proactive approach with your finances.

Finally, becoming your own financial and bankruptcy expert recognising and accepting when to pull the plug and seek professional assistance from a qualified bankruptcy expert. Working closely with you, a bankruptcy expert will analyse your current financial affairs, evaluate your liabilities assets and determine if bankruptcy is the most appropriate option.

For expert advice from a qualified bankruptcy expert, contact CRS Insolvency Services today. With years of experience assisting in the insolvency and bankruptcy cases of Australians that of notorious stockbroker Rene Rivkin, you can rest assured that CRS possess the bankruptcy knowledge and expertise to take on your case. Contact us on 1800 210 073.

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Increase in ATO and ASIC Ordered Liquidations

The Australian Securities & Investments Commission (ASIC) revealed that in recent months, it has placed 12 companies into liquidation. The aim was to help the companies’ employees recover more than $335,000 in entitlements.

Since July last year, ASIC has used its wind-up powers to liquidate 19 other companies.

While company directors usually appoint liquidators for their insolvent companies on a voluntary basis, ASIC has the authority to appoint liquidators to companies when the directors are unable to discharge their duties or have abandoned their insolvent companies.

The substantial number of ASIC wind-ups corresponds with the upsurge in wind-up applications made against small- to medium-sized businesses by the Australian Taxation Office (ATO). In May 2015 alone, 556 businesses received wind-up applications from the ATO – more than double the amount of applications lodged by the ATO this time last year.

Although an ATO-issued wind-up application does not force a company into liquidation, it is a tell-tale sign of corporate insolvency.

If your company has received a notice from the ATO or is facing insolvency, CRS Insolvency Services can help. At CRS, we offer a free initial consultation to help you determine whether a voluntary liquidation is the best solution for your company or whether alternatives such as voluntary administration are more appropriate.

For free immediate professional advice, call our team of insolvency practitioners on our 24 hour hotline now at 1800 210 073. Or, if you prefer, you can email us at and we will get back to you as soon as possible.

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What To Do After Receiving an ATO Garnishee Notice?

Australians are required to pay tax according to their income on an annual basis. Those who fail to fulfil their tax obligations by their due date may quickly become subject to harsh penalties imposed by the Australian Taxation Office (ATO).

One of these penalties, known as a Garnishee Notice, is an official notice issued by the ATO to a third party compelling them to make payments on your behalf in order to recover your outstanding tax debt.

Whilst the distribution of a Garnishee Notice is most common when a taxpayer owes a tax debt, the ATO can also issue a notice where:

  • Your tax has not yet become due;
  • You have already entered into a repayment arrangement;
  • You are negotiating with the ATO; or
  • You have outstanding director’s penalty liabilities.

An ATO Garnishee Notice is a very serious action and can have severe implications for both businesses and individuals. A Garnishee Notice cannot be ignored and it is important that you take immediate action.

At this stage you have two options:

  1. Pay back the tax debt as quickly as possible
  2. If you do not have the funds available, you should seek the professional assistance of a financial advisor who can outline your formal options.

For more information on ATO Garnishee Notices or to find out how CRS Insolvency Services can help you, give our 24/7 toll-free hotline a call today on 1800 210 073.

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Are you getting too comfortable with debt?

Australians have long been taught to save, and according to the latest findings from the Reserve Bank of Australia, they have finally been learning to do so. Figures show that despite Australians still owing a combined total of $33 billion on credit cards, overall credit card balances are down.

‘The Conversation’ furthers this observation, acknowledging that even though Australian households have debt levels three times higher than 20 years ago, they have decreased their inclination to take on debt and have increased their savings.

But with debt continuing to linger whilst savings increase , the question is raised: are Australians becoming too ‘comfortable’ with debt?

We once lived in a world where debt was a force to be feared, and effective saving reaped a multitude of perceived benefits, including coverage for unexpected expenses, comfortable and debt-free living and the ability to indulge in favourable rewards. Nowadays, Australians are becoming more aware of the ‘benefits’ of debt, viewing it as a means of making purchases and investments that would have otherwise been impossible.

At CRS Insolvency Services, we believe that balance is the key. Whilst we encourage our clients to understand that having debt is a natural part of modern life rather than ‘the beginning of the end’, we also emphasise the peace of mind and security that adequate savings present in the long-term.

CRS also emphasises the benefits of talking through your financial burdens, whether it be with a significant other, friend or registered professional. It is for this reason that we operate a toll-free hotline available 24 hours a day, 7 days a week. This means that no matter what time of the day it is, one of our professional team of specialists is always available to talk, impart their knowledge and offer assistance with your financial situation.

So if you feel like debt is getting a little too comfortable in your financial statements, speak to someone with experience. Contact 1800 210 073 and let CRS Insolvency Services help you find your balance.

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Leading Personal and Corporate Insolvency Specialists

CRS Insolvency Services is a team of professional insolvency specialists that cater for both personal and corporate insolvency cases. At CRS, our licensed specialists can help you with all of your insolvency management needs, no matter how big or small.

Our senior partner has many years of experience in the field of insolvency and is available to offer impartial, non-biased financial advice to all potential clients. The insolvency specialists at CRS have successfully assisted business owners, personal debtors, and company directors with their unmanageable financial positions; you can be confident that they have the experience and expertise to assist you too.

The insolvency specialists at CRS provide expert advice and professional services in all areas of insolvency, whether it is corporate or personal, bankruptcy, bankruptcy alternatives, liquidation or voluntary administration.

CRS also offers their services at the lowest price – guaranteed. In fact, your first meeting with us will come at no cost to you. Call our 24 hour hotline today on 1800 210 073 for free expert advice from one of our insolvency specialists.

If you are in need of insolvency advice, call the CRS 24 hour hotline on 1800 210 073, free of charge. Our advice comes with no obligation, so call us now to have your questions answered and your mind put at ease. CRS is based in Sydney, however, our services are available Australia-wide.

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Insolvency Advice in Sydney

For the past few years, the highest number of bankruptcy declarations in New South Wales has been recorded in Sydney. The figures overshadow the rest of the state; an overwhelming 60% of NSW bankruptcies occur in Sydney, indicating a pressing need for quality insolvency advice services in the area.

Whether you are struggling with personal finances or corporate issues, CRS Insolvency Services offers personalised insolvency advice for those in need. If you’re one of the many individuals currently struggling with their finances in Sydney, CRS has over twenty years of reputable experience and is qualified to give you the right advice.

As specialists in the field, the team at CRS are well-versed in all areas of insolvency for both individuals and companies, offering services in liquidation, voluntary administration, bankruptcy, and alternative options. Their extensive knowledge of each and every insolvency option available equips them to give you an honest, well-informed report to best help you or your company. If you find it necessary to take action to deal with your insolvent status, CRS can provide you with the required service.

At CRS, our focus is on your economic well-being. Our unbiased insolvency advice aims to offer you the best possible solution to your unique situation, and to help you avoid a bankruptcy declaration wherever possible. As an individual, you can rest assured that CRS will help you at every step of the process—be it paperwork, questions, or advice—at a flexible price befitting each situation. If you are in need of advice for your company, CRS can help you with voluntary administration, a deed of company arrangement and liquidation, and are happy to conduct a full assessment of your position to ensure that you are making the right decision for your future.

If you are in need of insolvency advice, call the CRS 24 hour hotline on 1800 210 073, free of charge. Our advice comes with no obligation, so call us now to have your questions answered and your mind put at ease. CRS is based in Sydney, however, our services are available Australia-wide.

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How to Manage Household Debt?

Recent reports show that Australian households are now collectively in $1,600 billion worth of debt. Household debt is growing at a rate more than twice as fast as the growth rate for wages.

While other countries have been reducing their levels of debt since 2011, Australian household debt has continued to rise and is presently the highest in the world. Household debt is equivalent to 130 per cent of national income.

The nation’s business and private sector debt has also increased to a national high of 206 per cent of national income.

This substantial amount of debt is putting Australians’ financial future at risk. Those with high amounts of debts will be unprepared for interest rate increases or unexpected financial problems that may arise.

CRS Insolvency Services has compiled a list of ways to manage your personal and household debt:

  • Try to pay back debts now while interest rates are still low
  • Identify actual purchasing needs and limit your consumption
  • Do not over-borrow
  • Be aware of what is happening in the economy and how it may affect you

If you are in serious and overwhelming debt, you should seek advice from a trusted insolvency expert. CRS Insolvency Services is a team of highly experienced debt specialists who specialise in both personal and corporate insolvency cases.

CRS provides impartial, expert advice on how one can manage their debt and deal with insolvency. We have helped thousands of Australians with our free and confidential advice. Call our hotline today on1800 210 073.

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CRS Insolvency Services – the Liquidation Experts

When it comes to managing personal insolvency, CRS Insolvency Services are the experts. Our team of highly experienced insolvency specialists are equipped to handle all sorts of personal debt cases – no matter how complex they may seem at first. We have helped countless everyday Australians with their solvency concerns.

At CRS, the advice provided by our bankruptcy experts is always impartial. We will help you explore your options and determine whether the best solution for your situation is to file for bankruptcy, or to consider other alternatives, such as applying for a Personal Insolvency Agreement or Debt Agreement with your creditors.

We understand that if you are considering bankruptcy, you must be experiencing extreme financial difficulty. That’s why our bankruptcy services, ranging from free advice to bankruptcy form completion and private administration, are the lowest in the industry.

To speak with one of our bankruptcy experts to discuss your individual situation, or to find out more about our services, call us today on 1800 210 073. You can also request a meeting with us by filling out our online form.

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Shoppers Are Becoming Smarter Than Ever Before



Shoppers Are Becoming Smarter Than Ever Before

Shoppers are often accused of recklessness. They are said to spend too much and think too little. But recent figures are showing that shoppers are becoming smarter and savvier than ever before.

In 2014, the Westpac Christmas Finance Report found that about 72 per cent of shoppers use their smartphone or tablet to price check whilste wandering the aisles to see if they can land themselves a better price elsewhere.

Founder and CEO of CRS Insolvency Services, Anthony Warner, praises such actions. “‘For years, financial advisors have tried to teach shoppers the tips and tricks of smart shopping, and with improvements in technology to help us we are finally seeing smarter shopping habits.”

A large proportion of Australians go over their monthly budgets when shopping, with an even larger number not having a budget at all. Over-spending and excessive credit card debts are some of the most common factors leading Australians into insolvency, so the sooner smarter spending habits are adopted, the better.

CRS Insolvency Services provides professional advice and debt solutions to help Australians keep their finances on track. Having helped hundreds of Australian individuals and businesses restructure their finances towards a more positive and fruitful future, CRS possess the knowledge, experience and expertise to assist with the management of your debt problems.

For more information on smarter shopping behaviour or the services available from CRS Insolvency Services, contact 1800 210 073 today!

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