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.

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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IN THE MEDIA / CASE STUDIES / LATEST NEWS

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!

A voluntary administration is an appropriate option for a business that is insolvent (or is likely to become insolvent) and would like to try to restructure or settle its debts whilst continuing to trade. A voluntary administration may also provide directors with an opportunity to put forward a proposal to the company’s unsecured creditors to settle the debts for less than the original amount.

The appointed administrator (who must be a licensed insolvency practitioner) will take control of the business whilst the future of the company is carefully mapped out. Many successful company restructures have been achieved through a voluntary administration, however many businesses, like Australian children’s clothing label Rhubarb Enterprises, may make the decision to cease trading after voluntary administration.

After facing a rough financial battle for the last 12 months, the Melbourne clothing brand, as well as related companies, entered into voluntary administration in March 2015. This saw the closure of their six Rhubarb stores across Melbourne, Sydney and Brisbane.

If your business’ finances have seen better days, seek professional financial assistance before it is too late. As specialists in all corporate insolvency matters, we possess the knowledge, experience and expertise to assist you with your voluntary administration case.

So give CRS Insolvency Services a call today on 1800 210 073. We operate a toll-free 24/7 hotline and are available to provide you with impartial advice at any time that suits you.

Former high-flyer Peter Drake, founder of the collapsed global investment empire LM Investment Management, declared bankruptcy last Friday. He owed his creditors $337 million.

Despite a long history of being extremely wealthy and successful, the 59-year-old has had to resort to filing for bankruptcy after he was unable to pay back his debts as they fell due. The only assets he now owns are a block of land worth $500, two second-hand cars and a little over $1,000 in the bank.

Cases like these show that anyone can be affected by insolvency and bankruptcy.

In fact, most people are in some kind of debt, be it credit card debt, student or personal loans, or secured debt to purchase a property or vehicle.

Recent statistics released by banking and insurance comparison website Mozo reveal that Australian credit card holders are still struggling from their overspending during the Christmas period. 40 per cent of cardholders have inflated credit card balances and/or decreased personal savings.

If you need help exploring your options for managing your debt, CRS Insolvency Services can help. At CRS, our team of highly experienced insolvency specialists can help those who are considering bankruptcy or wishing to explore alternatives to avoid bankruptcy.

We provide impartial, expert advice on debt, bankruptcy, Personal Insolvency Agreements and Debt Agreements. Call our friendly staff today on 1800 210 073.

Despite the negative stigma surrounding corporate insolvency, it’s not an uncommon occurrence and can be handled effectively by the right experts.

The experts at CRS Insolvency Services can make a thorough corporate insolvency assessment to determine whether voluntary liquidation is necessary for your company. A professional, independent insolvency assessment is a crucial step, as many directors can find themselves blinded by their financial pressures and unable to see the situation for what it is. There is a risk of finding yourself in even deeper waters if you continue to trade whilst your company is insolvent.

After the corporate insolvency assessment is completed and it is established that your company is in fact insolvent, the next step is to decide on the type of liquidation. You can choose either a Voluntary Liquidation (which is initiated by the directors and shareholders) or Court Liquidation (which would involve waiting until a creditor makes an application with the Court).

Many directors find that choosing to place their insolvent company into liquidation is like the release of a pressure valve. Once the insolvent company is liquidated, a director is free to move on with his/her life after a long, stressful battle with corporate insolvency. All enquiries are automatically directed to the liquidator, who becomes the sole point of contact for the affected parties/creditors.

If you are facing corporate insolvency,it is easy to make the mistake of placing your difficult situation into the wrong hands. Our team at CRS Insolvency Services is equipped with the expertise, knowledge and experience to help you make the right decisions in recognising and dealing with a business under financial stress.

If you are struggling with company insolvency and have spoken to other registered liquidators, call us before making your decision. You will have peace of mind knowing that CRS Insolvency Services will handle your company’s insolvency case with ease and sensitivity and will continue to manage it from the beginning through to completion.

We are always available for advice by way of a free company insolvency hotline. Call CRS Insolvency Services today at 1800 731 155 and help your struggling company take its next steps.

Many previously successful businesses have had no choice -thanks to circumstances beyond their control – but to enter into voluntary administration in order to salvage their companies. Many Australian stores have struggled to stay afloat financially in recent years, due to the echoing effects of the high Australian dollar. Others suffer as a result of a highly competitive market or misfortunes in their operations.

The Australian Securities and Investments Commission’s first quarterly insolvency statistics for the 2014-15 financial year show a rise of 6.6 per cent in the number of voluntary administrations across the nation, as compared to the previous quarter.

Just last month, Australian fashion designer Josh Goot placed his popular label into voluntary administration, in an attempt to save his decade-old business through restructuring. Goot listed the reasons for the downfall of his business as the high Australian dollar and the overcrowded fashion retail market, which is currently dominated by international luxury fashion brands.

Last year, another famous Australian clothing designer, Kirrily Johnston, placed her business into administration. Like many other store owners, Johnston put the insolvency of her business down to the inability to bounce back from the high Australian dollar and GFC, high rent and general manufacturing bad luck. Moreover, she said her label suffered due to the increasing number of sales lost to online purchases.

A business facing a financial crisis caused by such factors may find itself unable to pay back its creditors. A company in this situation has several options, with liquidation at the more extreme end of the scale. A voluntary administration offers a less serious alternative to liquidation, by providing an opportunity under the Corporations Act to restructure and preserve the business. It can pay back its debts and avoid winding up, whilst also providing a better result for the creditors.

If you are looking to place your company in administration, CRS Insolvency Services can help. We are a team of fully licensed insolvency practitioners who have successfully helped many businesses to settle their debts and keep trading.

For more information on our services, or simply to get free advice, call us today on 1800 210 073.

When seeking help for unmanageable debt, it is recommended that you use the services of a fully qualified insolvency practitioner who is registered with both the Australian Financial Security Authority (ASFA) and the Australian Securities and Investments Commission (ASIC). AFSA and ASIC thoroughly tests all applicants’ knowledge of the insolvency laws so as to ensure that those who obtain registration are highly competent and knowledgeable in all insolvency matters.

At CRS Insolvency Services, you can engage our services with the confidence knowing that our managing partner and his support team of qualified insolvency practitioners are fully registered and licensed. Whether you are an insolvent company or an individual facing financial difficulty, CRS can help. We specialise in both personal and corporate insolvency cases.

The qualified insolvency practitioners at CRS provide impartial, expert advice for anyone in need of financial assistance. We can help individuals to explore bankruptcy and its alternatives, and work with them to determine which course of action one would be better off taking. We can also help insolvent companies by providing professional liquidation or voluntary administration services.

Understanding the difficult financial situation you are in, CRS offers our services at the lowest possible price. Your first meeting with one of our qualified insolvency practitioners will come at no cost to you. For more information on how CRS can help you, contact one of our qualified insolvency practitioners today by calling us on our 24 hour hotline at 1800 210 073.

A Welsh engineering firm has won $16.8 million AUD in a lawsuit against the British government after a spelling error in their records, mistakenly stating that the company was liquidated, led to the collapse of the 124-year old family business.

Taylor & Sons was mistaken for liquidated firm Taylor & Son Ltd by government agency Companies House, which acts as the registrar for all companies in the United Kingdom.

For the five-generation family business, this had a devastating impact on both their corporate and personal solvencies. The error on the record was corrected within three days, however, Companies House had already sold the details to credit reference agencies and the misinformation had spread like wildfire. All 3,000 of Taylor & Sons’ suppliers cancelled orders, credit from suppliers was withdrawn, equipment was taken off site and contracts were lost. Eventually the firm did in fact enter into administration, and was dissolved in 2014.

The need to file for bankruptcy, liquidation or voluntary administration can arise due to unforeseen circumstances, although not all are as extreme or sudden as the case of Taylor & Sons.

The Australian Securities and Investments Commission’s first quarterly insolvency statistics for the 2014-15 financial year shows a rise of 7.0% in companies entering external administration. Compared to the last quarter, court liquidations were up 23.3%; receiverships were up 15.5% and voluntary administrations up 6.6%.

Statistics also show that corporate insolvency can lead to personal insolvency, and to the subsequent need to file for bankruptcy or explore bankruptcy alternatives. If you or your company are facing insolvency, CRS Insolvency Services can help. Our team of professional and licensed insolvency practitioners are specialists in all areas of debt management and can help you through every step of the recovery process.

For free expert advice, or to find out more about our services, call us today on 1800 210 073.

The experts at CRS Insolvency Services have the skills and experience required to accurately assess your financial situation and provide you with the best possible personal debt solution.

If you are unable to pay back all of your unsecured debts, there are a number of personal debt solutions you can consider. Debt Agreements or Personal Insolvency Agreements are two options that many people consider over bankruptcy. Both of these agreements are quite similar, differing slightly depending on what you earn and how much you owe your creditors.

These personal debt solutions provide an affordable repayment plan which is negotiated with your creditors. Once the agreement is set up and agreed upon, all interest on your debts will be frozen. The agreements run over a flexible period of time, which can make the repayments a lot more affordable. They also provide you with protection from your unsecured creditors, stopping them from being able to initiate legal action and try to have you made bankrupt.

It is possible that your creditors will not accept your proposal for one of these arrangements; however in our experience it is fairly rare. If, by chance, the proposal is not accepted, you will still have the option of submitting a revised proposal or applying for an informal hardship arrangement with your creditors. If you do need to consider bankruptcy because your proposal for one of these personal debt solutions was rejected outright, we can help you with that as well.

Call CRS today on 1800 210 073 to discuss your personal debt solution options.