Business is booming for liquidators

[Nom De Plume]

Insolvency practitioners are offering a stark warning to Australian business: get your affairs in order, bad times are ahead.

With their role in turning around failing businesses, or winding them up, the corporate undertakers are an indicator of the broader economy, so it's telling that they're hiring, expanding and preparing for a difficult 2020.

"We're starting to see some interesting signs of distress arising amongst both firms and individuals," said John Winter, chief executive of the industry's peak body, ARITA (the Australian Restructuring Insolvency and Turnaround Association).

"Insolvency practitioners, who are bit of the 'canary in the coal mine' for the economy, are seeing increasing levels of inquiry from people coming in and saying that they are worried about their business or they're worried about their personal finances … and what their insolvency options might be.

https://www.abc.net.au/news/2019-11-15/ ... n=business

[Valkie]

And our last prime minister is one of them.

Betting, banking and counting on the demise of Australia.

I would not be at all surprised if the majority of our political leaders and senior public servants are of the same ilk.
This is perhaps one explanation of why Australia is being steered down the path of failure.

The other might just be that they are all idiots with greed obscuring the final outcome of a third world country Australia is becoming.

[billy the kid]

Not only does bankruptcy apply to businesses, it also applies of course to individuals….
And of course, no one is indebted to the corner store....everyone is indebted to their bank as all
debts are paid by credit card....or cards.....
If a card holder cant pay his monthly balance in full, then he pays the minimum only.
The result is the banks don't get paid...they go broke....
And when a card holder declares bankruptcy, the banks get nothing....not a zac…
Debt recovery laws in Australia are heavily biased in favour of the debtor...
Creditors suffer because there is very little they can do to recover their money from a well
informed debtor....
The banks will scramble for any means possible to survive..at the expense of the peasants.....
But what else is new....nothing changes.....

[Black Orchid]

I got rid of my credit cards years ago. The interest is ridiculous.

[billy the kid]

Someone I once knew maxed out five credit cards on 20K limits using cash advances...then later declared
bankruptcy....to coin a phrase he was laughing all the way to the bank......long story....
As Kenny Rogers once said..."if youre gonna play the game boy...you gotta learn to play it right...."

[Valkie]

I got rid of my credit cards years ago. The interest is ridiculous.

I have three credit cards, had them for the last 30 years.

But I have never paid a cents interest.

I only spend what I have, or what I have covered.

One credit card has a $25,000.00 limit
I used this one solely for work related travel.
Most companies these days expect the manager to use their own credit cards and claim back expenses.
That or use a corporate American Express card, which I refuse to use for several reasons.
I have actually maxed out that card twice.
Once on a 6 week work trip, and once when I had to travel (for work) on very short notice to the UK, Amsterdam and China, before I got home to claim.

Credit cards are great.
But you SHOUKD only spend what you can cover by the time repayments are due.

[Redneck]

I got rid of my credit cards years ago. The interest is ridiculous.

I have three credit cards, had them for the last 30 years.

But I have never paid a cents interest.

I only spend what I have, or what I have covered.

One credit card has a $25,000.00 limit
I used this one solely for work related travel.
Most companies these days expect the manager to use their own credit cards and claim back expenses.
That or use a corporate American Express card, which I refuse to use for several reasons.
I have actually maxed out that card twice.
Once on a 6 week work trip, and once when I had to travel (for work) on very short notice to the UK, Amsterdam and China, before I got home to claim.

Credit cards are great.
But you SHOUKD only spend what you can cover by the time repayments are due.

I am a bit the same, I pay the balance if any off every pay day!

[sprintcyclist]

I got rid of my credit cards years ago. The interest is ridiculous.

good idea

[Black Orchid]

I don't need a credit card. I just pay for what I want with a debit card.

[billy the kid]

Maybe we're getting off the track here a bit...the OP was really emphasizing just how bad the economy
could become due to the liquidators and bankruptcies.....
The lack of payment to banks by card holders will ruin banks irrespective of their ludicrous credit card
interest rates...and if the banks sue for non payment card holders will just go bankrupt quicker....