Insolvency presents many challenges to accountants and lawyers. Without a knowledge of the Corporations Act, tax law, GST and stamp duty even the simplest case of insolvency can present real challenges and difficulties for people who need to make quick decisions about whether to resurrect a failing entity or whether it should be put to death by bringing in the insolvency undertakers.
Distributions from incapacitated entities also present challenges to tax advisers because there are income tax, CGT, and GST issues to deal with. Division 7A can also be a real problem if the insolvency process is not properly managed.
These important seminar materials discuss the practical effects of insolvency and taxation.