News & Insights

With Christmas just around the corner, new data from leading insolvency firm, Begbies Traynor, covering the first 10 weeks of Q4 2023 (1 October to 14 December), has revealed the full impact of the current economic environment on the retail sector in the UK.

Business operations have expanded globally in many industries and while growth is good, it does increase susceptibility to fraud and embezzlement.

Forensic accounting, a subset of accounting and financial advisory, can help in situations where these things may have occurred.

An amnesty is a period of time where the consequences of not following a rule are removed.

If your late lodgements and fear of penalty have been keeping you awake at night, you are in luck, thanks to the small business lodgement penalty amnesty. So far, more than 7,000 Australians have taken advantage of the initiative that was announced as part of the 2023-2024  federal budget.

There are always going to be challenges and setbacks in business. It’s par for the course, however, the difference between a business birdie and a business bogie is in how you deal with what is happening. It’s about having the ability to see when things are off course and being willing to adapt and correct the path. Even more important perhaps is the willingness to ask for help, take advice, and then act on it.

TCP Partners Business Guide: Challenges and Opportunities For The Cosmetics Sector in Brazil.

The weight of financial stress is heavy and the emotions involved can be overwhelming. In Australia, insolvency has an unfair stigma attached to it, for reasons that really are unknown, but it possibly stems from a lack of understanding amongst the general public about what insolvency is and what it means. Aiko Wang of Rogers Reidy points out the following observation:

The UK’s SME manufacturing businesses are in the crosshairs of several inter-connected macro and supply chain disruptions, casting a shadow over their near-term financial outlook and potentially posing a serious solvency risk.

Buoyant travel demand over the summer has given the travel and tourism industry some much-needed respite in recent months. However, the outlook has already begun to soften as accelerating macroeconomic and geopolitical headwinds start to blunt the growth momentum.

On the surface, the U.S. economy appears to be humming along. Total U.S. retail sales have exhibited growth year-over-year, with consumer spending supported by low unemployment rates. However, there are underlying economic issues that threaten to crack the foundation and have already started to weaken certain sectors.

The latest Begbies Traynor “Red Flag Alert” report, which has provided a snapshot of British corporate health for the past 15 years, paints a worrying picture for UK businesses as nearly 40,000 companies are revealed to be in a critical financial situation as the pressure of higher interest rates, resilient inflation and weaker consumer confidence take their toll.

With the ATO ramping up its collection activity following the trials and tribulations of the pandemic, the Personal Insolvency Agreement (“PIA”) appears to be returning.

British retail sales dropped more than expected in September, coinciding with the sharpest drop in consumer confidence in more than three years, snapping signs of a recovery in August.

Finance liquidity for SMEs in the UK are dwindling over the course of this year. Elevated inflation, diminishing government support, and banks’ ongoing loan book rationalisation have combined to constrict access to financing for SMEs.

Risk Watch from Rodgers Reidy provides a synopsis of the insolvency market in Australia for September 2023.

Automakers increased production to meet pent-up demand in the first half of 2023 as supply chain issues eased.
New vehicle sales have been stronger than expected due to robust fleet sales and the continued resilience of buyers, with more electric vehicle choices on the market than ever.