The Sounds of the Baskerville: Recent Episodes
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That's info-tainment! Chris Baskerville is an astute businessman, Chartered Accountant, Liquidator, Bankruptcy Trustee and State Managing Partner of a national firm. Chris is also able to share his expertise and experience in an entertaining and informative way. James Flaherty talks with the showman himself. You may laugh, you may cry, you may throw things at whatever device is playing this podcast . Tune in and join in.
ASIC's biggest ever review of voluntary administration is out, covering 5,000 companies over four years. Chris Baskerville and James Flaherty pull seven lessons from it, and the numbers reframe how VA and SBR sit next to each other.
Bigger companies restructure more successfully, but 15% of VAs still had debts under $250,000. VAs' share of external administration has dropped from a third to just 10% since SBR arrived, and two-thirds of DOCA proposals now involve a third party funding the deal rather than the company itself. The related-party voting rules also work in opposite directions between VA and SBR, which changes how a proposal gets built.
SBR numbers have nearly halved. Acceptance rates have dropped from 80% to the mid-60s, then jumped the moment the 2026 budget landed. Chris Baskerville and James Flaherty ask why, and what it's costing.
Creditors want more now. Twenty cents in the dollar used to cut it. Now it's closer to 30, and even generous offers are getting knocked back. Chris breaks down the real maths: when does an SBR actually beat just paying the tax debt outright?
The pair also put a dollar figure on what's being left on the table when a plan doesn't go ahead, and it's not small change. They make the case for lifting the $1 million threshold, with a pointed message to the ATO about consistency along the way.
If you've ever wondered whether an SBR stacks up, this one's got the numbers.
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty take a fascinating detour into the world of business ideas. The good, the bad, and the ones that consume everything a founder has and still don't fly.
From zombie unicorns burning through venture capital to the classic small business trap of pouring personal savings into a product the market never actually wanted, Chris and James explore why passion alone is never enough. Chris unpacks what the ideal business actually looks like, one that makes money while you sleep, and why the greatest risk for any founder is failing to ask the market one simple question: does anyone actually want this?
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty explore one of the great inequalities in Australian business, the stark difference between what's at stake for a small business director versus the director of a large corporation when things go wrong.
Chris unpacks why small business owners intertwine their entire lives. Family home, personal assets, reputation. With their company, while large company directors often walk away unscathed, protected by governance structures, D&O insurance, and other people's capital. He also shares a sobering war story about a brilliant manufacturer undone by stepping away for too long.
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty pick up where they left off, exploring the wave of business distress building across Australia and what it really means for directors, accountants, and advisors navigating an increasingly complex environment.
Chris unpacks the psychology of the director who holds on until the bitter end, why accountants are bearing the brunt of every new tax change, and what the rise of AI actually means for the professions built around numbers and judgment. The message isn't panic. It's adaptation. Survival of the most adaptable, not the fittest.
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty take stock of where Australian small businesses find themselves right now. Budget changes, tightening capital gains tax concessions, a harder ATO, and rising interest rates on second-tier lending have quietly closed the escape hatch that many directors have been relying on — drawing equity from the family home to prop up a leaking business.
Chris unpacks why pouring money into a broken business model is just buying time, not buying survival. He also pulls back the curtain on what insolvency practitioners actually do — and why the directors who call early get options, while those who wait until the plane is nosediving pay a much steeper price.
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty bring the SBR vs Voluntary Administration debate to life with real war stories from the coalface. First up: a nightclub owner who poured his personal injury compensation into a business, only to find himself trapped in the wrong restructuring tool and how switching to VA changed everything.
Then Chris flips the script with a COVID-era engineering firm that was the textbook case for SBR: a fundamentally sound business, a hockey stick recovery in sight, and a director who just needed one clean break from legacy debt. The lesson? Neither tool is universally better. The right answer depends on who you owe, what assets you hold, and how early you ask for help. And the earlier you call, the more options you have.
In this second instalment of The Sounds of the Baskerville's deep dive into restructuring, Chris Baskerville and James Flaherty get into the mechanics of the decision, what Chris calls the Creditor Matrix. Because the right path isn't just about cost or control. It's about who you owe money to, how much power they hold, and whether they like you.
Chris unpacks why the ATO dominates nearly 80% of all SBR creditor pools and what happens when it doesn't. He explains why voluntary administration is the only real option for businesses with complex assets, related party creditors who want a vote, or directors who need to buy time. He also tackles licensing and why a construction company entering VA may never trade again. The matrix isn't complicated. But getting it wrong is.
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty go head-to-head on one of the most important decisions a distressed business can face. Both tools exist to restructure and preserve viable companies, but they are not interchangeable, and choosing the wrong one could cost you dearly.
Chris breaks down the key differences: who stays in control, what the eligibility thresholds really mean, why unpaid super can be a dealbreaker, and why voluntary administration offers flexibility that SBR simply can't. He also explains the compelling maths behind SBR, how a director contributing $200,000 can wipe out $1 million in debt, and when that equation no longer makes sense.
In this episode of The Sounds of the Baskerville, Chris Baskerville and Pierce Carstensen are back — and this time the gloves are off. Pierce delivers two jaw-dropping war stories that bring the family law and insolvency crossover to vivid life: a diamond merchant framed on death row, and a debtor who tried to hide everything behind a conveniently timed divorce.
But beneath the remarkable storytelling lies a serious message for creditors, directors, and insolvency practitioners. Pierce reveals why the family court can actually be a more powerful forum to recover assets than the state courts — and why failing to intervene in family law proceedings could mean walking away empty-handed.
If Episode 117 was the theory, Episode 118 is where it gets real.
In this episode of The Sounds of the Baskerville, Chris Baskerville is joined by James Flaherty and family law specialist Pierce Carstensen for a fascinating deep-dive into one of the most overlooked intersections in the insolvency world — where family law and insolvency law meet head-on.
Pierce reveals why insolvency practitioners routinely leave money on the table when a family law element enters the picture, and why that needs to change. From spouses quietly transferring assets to defeat creditors, to the Family Law Act's little-known power to tear apart those very agreements, to the complex dance between trustees in bankruptcy and the family court — this episode pulls back the curtain on a space that most practitioners avoid but can't afford to.
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty tackle one of the most common and quietly dangerous traps facing Australian businesses right now: the labour and margin squeeze.
When you can't hire enough people to meet demand, and rising costs are eating into what little margin you have left, the ceiling on what your business can earn becomes very real, very fast. Chris and James explore what business owners can actually do about it, from smart pricing strategy (you can lose 20% of customers and still come out ahead) to the role of automation, offshoring, and knowing when a business model has simply run its course.
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty take a candid, unscripted look at the economic storm clouds gathering over Australia. From the cascading effects of global conflict on fuel prices, to the squeeze on household disposable incomes, to tightening credit across second-tier lenders, the conditions for a wave of business distress are quietly falling into place.
Chris unpacks the concept of externalities, the economic shocks no business owner can plan for and what history tells us about the insolvency cycle that follows. With recession talk returning and the cost of living biting harder than ever, this episode is a timely reality check.
In this episode of The Sounds of the Baskerville, Chris Baskerville and Ginette Muller take stock of where the SBR landscape stands today. After years of record uptake, the numbers are starting to dip and the reason why matters for every business owner, accountant, and advisor in the room.
The ATO, creditor in 93% of all SBRs, has sharpened its scrutiny. Red flags like poor compliance history, Division 7A director loans, and underpowered offers are killing proposals that might once have slipped through. Chris and Ginette unpack what practitioners need to do differently: front-load your evidence, get clients match fit, and make your one shot in seven years count. The stakes are real. Tighten the process too much, and phoenixing fills the void.
In this episode of The Sounds of the Baskerville, Chris Baskerville and James Flaherty tackle one of the most overlooked conversations in business: how to close up shop the right way. Whether you're exhausted, retirement-bound, locked in a deadlocked shareholder dispute, or simply watching a once-great business run out of road, there's a world of difference between walking away cleanly and watching chaos consume everything you built.
Chris breaks down every option on the table, from simply letting a company deregister, to members' voluntary liquidations with serious tax advantages, to the expensive mess that shareholder disputes become when there's no agreement in place.
The bottom line? Meeting danger head-on halves it. Ignoring it doubles it. If you've ever wondered what "closing well" actually looks like, this episode is your roadmap.
In Episode 112 of The Sounds of the Baskerville, James and Chris are joined once again by restructuring specialist Ginette Muller to explore one powerful concept every director should understand: being “match fit.” Before walking into liquidation, voluntary administration, or Safe Harbour, are directors truly prepared for what lies ahead?
Ginette and Chris unpack the full toolkit available to struggling businesses: Safe Harbour, voluntary administration, restructuring, and when to simply hand over the keys. Chris shares frontline insights on identifying the real problem behind a struggling business, while the trio discuss Safe Harbour, concentration risk, ATO pressure, and why hope is not a strategy
In this riveting episode of The Sounds of the Baskerville, insolvency expert Chris Baskerville pulls back the curtain on the shadowy world of money laundering, Ponzi schemes, and financial crime. From poker machines in 1980s pubs to cryptocurrency wallets hiding stolen millions, Chris reveals how fraudsters are getting smarter and how investigators are getting smarter right alongside them.
Discover why a looming March 2026 AML compliance deadline could expose accountants and practitioners to serious fines, how liquidators wield surprising legal powers to chase stolen funds across borders, and why the most dangerous person a fraudster can cross is a well-funded, angry creditor.
In this high-stakes episode of The Sounds of the Baskerville, James, Chris, and Stephen unpack the difficulties of running a small business. Looking at one of the most confronting realities facing Australian directors, the Director Penalty Notice. As ATO enforcement accelerates, unpaid PAYG and superannuation can quickly shift from company debt to personal liability, often catching directors off guard.
Chris and Stephen break down exactly how DPNs work, the critical 21-day deadline that can make or break a director, and the common mistakes business owners make when panic sets in. The team unpacks how liability arises, when it can be remitted, and what happens if action isn’t taken in time.
Season Six of The Sounds of the Baskerville kicks off with a powerful question. How do you run a business when the world refuses to behave predictably? From COVID shutdowns and supply chain shocks to tariff tensions, population surges, labour shortages, and the rapid rise of AI, James and Chris unpack the reality of operating in an era of permanent uncertainty.
Reflecting on global events, economic fundamentals, and frontline insolvency experience, Chris explains why supply and demand still rule everything, and why uncertainty isn’t something to fear, but something to exploit. The conversation explores government intervention, infrastructure pressure, workforce disruption, and the stark truth that there will always be winners and losers in times of change.
A year in review, looking back at some highlights and lowlights of small business restructuring.
What really happens when a business collapses and creditors want their money back? In this gripping episode of The Sounds of the Baskerville, James and Chris dive deep into the emotional, financial, and often unpredictable world of creditor behaviour. From million-dollar grain traders who rally behind the liquidator, to small business owners devastated by losing just a few thousand dollars, Chris unpacks why some creditors cooperate while others come in swinging. Hear stories of deception, sympathy, rogue directors, furious investors, and the surprising ways creditors can actually fund investigations to “chase the pot of gold.” Chris reveals how goodwill, timing, transparency, and the director’s own behaviour shape whether a liquidation becomes collaborative — or confrontational. Packed with real cases, sharp insights, and the human drama behind insolvency, this episode is a must-listen for business owners, advisors, and anyone curious about what really drives creditor anger
In this compelling new episode of The Sounds of the Baskerville, James Flaherty sits down with Chris Baskerville to explore one of the most powerful and misunderstood tools in business survival: time. From Voluntary Administration to Safe Harbour, Small Business Restructuring, and even the mysterious “holding DOCA,” Chris breaks down the real mechanisms struggling businesses can use to press pause, regroup, and fight their way back to viability. Packed with practical insights and surprising behind-the-scenes stories, this episode reveals how directors can legally buy breathing room, protect themselves, and negotiate better outcomes with creditors, including the ATO. Whether you’re a small business owner feeling the pressure, an advisor navigating tough conversations, or just fascinated by the mechanics of corporate rescue, this episode shows how the right strategy (and the right practitioner) can turn the clock in your favour.
Strap in for one of The Sounds of the Baskerville’s wildest episodes yet! Host James Flaherty and resident “hound” Chris Baskerville are joined by special guest Hansel Hizola from Jirsch Sutherland to share unbelievable stories from the front lines of insolvency. From toothless cows and crocodile trainers to million-dollar tax debts and small business rescues, this episode is equal parts jaw-dropping and insightful. The trio dive into the real challenges facing small businesses in 2025, from ATO pressure and cash flow traps to the emotional rollercoaster of directors facing bankruptcy.
In this episode of The Sounds of the Baskerville, hosts James Flaherty and Chris Baskerville dive deep into the world of insolvency to answer one big question: what truly makes a good liquidator? Forget the stereotypes, this candid conversation explores the balance between empathy, integrity, and commercial acumen that defines the best in the business. Chris shares insights from 20 years in the industry, revealing the human side of liquidation, the moral challenges practitioners face, and the importance of teamwork under intense pressure. From saving businesses on the brink to managing complex bankruptcies, this episode gives listeners a behind-the-scenes look at the grit, judgment, and ethical backbone required to succeed in such a demanding profession.
In this episode of The Sounds of the Baskerville, James Flaherty and insolvency specialist Chris Baskerville shine a spotlight on what happens when dodgy directors and their advisors get caught out. From illegal phoenix activity to sham asset transfers, Chris explains how regulators, including ASIC, the ATO, and the Illegal Phoenix Taskforce, step in to dismantle fraudulent schemes and why the fallout is often severe. With sharp analogies (poker tables, DeLoreans, and even omelettes you can’t unscramble), Chris walks through how investigators uncover hidden trails, the power of public examinations, and the mistakes directors inevitably make under pressure. The message is clear: shortcuts and “advice you want to hear” may buy time, but they come at a high cost when the truth emerges. Packed with gripping stories, practical warnings, and essential insights, this episode is a must-listen for anyone navigating business risk. Tune in and learn how to exit with grace, not disgrace.
In this hard-hitting episode of The Sounds of the Baskerville, James Flaherty and insolvency specialist Chris Baskerville shine a light on the shadowy tactics some directors and advisors use to “game the system.” From exploiting loopholes in Small Business Restructuring rules to creating the illusion of being a secured creditor, Chris explains how these strategies often unravel and why they rarely end well. Listeners will hear about the rise of dodgy pre-insolvency advisors, illegal phoenix activity, and the risks directors face when they chase the advice they want to hear instead of the advice they need. With stories of raids, seized assets, and directors left holding the bag, this episode is a stark reminder that shortcuts in insolvency come at a high cost. Packed with candid insights, sharp anecdotes, and practical lessons, The Gamers is essential listening for business owners, creditors, and anyone curious about how the rules of insolvency really play out.
In this milestone episode of The Sounds of the Baskerville, James Flaherty and insolvency specialist Chris Baskerville reflect on over 100 episodes of insights, lessons, and hard truths for business owners and creditors. From risk alerts and creditor tools to the evolution of Small Business Restructuring (SBR), they unpack the strategies that protect businesses when cash gets tight and the traps that catch directors who leave things too late. Chris explains how creditors can use publicly available data, the PPSR, and updated terms of trade to safeguard their position, while also revealing why the ATO is tightening its grip as Australia’s largest (and often last-paid) creditor. The conversation culminates in a deep dive on Director’s Penalty Notices, what they are, why they’re skyrocketing, and why ignoring one is a ticking time bomb for directors. Packed with practical wisdom and sharp takeaways, this episode is essential listening for anyone navigating today’s financial landscape.
In this milestone episode of The Sounds of the Baskerville, James Flaherty and Chris Baskerville pull back the curtain on two decades of insolvency tales, hard-earned lessons, and the entrepreneurial spirit that keeps small businesses alive. From COVID-era chaos to digital-age dilemmas, they reflect on the top themes that shaped their journey—and yours. Whether you're a seasoned business owner, a curious startup founder, or just love a good story, this episode is packed with real-world insights, surprising twists, and the kind of advice you won’t find in textbooks. Hear how failure can be your MBA, why some people are destined to succeed after falling three times, and what creditors need to know to protect themselves. It’s raw, it’s real, and it’s a tribute to those brave enough to have a go. Tune in and celebrate the grit behind the glory.
Episode 99 of The Sounds of the Baskerville equips directors, creditors, and entrepreneurs with the tools to “Get Smart” about cash flow and insolvency risks. Host James Flaherty teams up with insolvency expert Chris Baskerville to reveal why cash is king—and how overlooking a 12-week forecast can leave your business exposed. From the red flags of rounded-sum invoice payments to the dangers of triple-mortgaged homes, Chris shares real-world stories that bring the lessons home. You’ll learn how to:
* Quarantine tax liabilities before they spiral,
* Lock in supplier agreements to strengthen your position,
* Avoid personal guarantees that could put your family home at risk,
* Trace margins and assets with precision,
* Leverage commercial loans strategically.
Whether you’re considering a Small Business Restructuring (SBR) plan or simply want to bulletproof your balance sheet, this episode is packed with clear, actionable tactics to protect profits and safeguard assets. With Episode 100 just around the corner, there’s no better time to sharpen your financial game. Tune in now and take control of your cash—before it takes control of you.
In this episode of The Sounds of the Baskerville, James Flaherty sits down with trustee Chris Baskerville to unpack the often-overlooked realities of personal insolvency. Together, they explore the lasting effects of the Hayne Royal Commission, which saw bankruptcies fall dramatically from 30,000 a year to just 10,000, and reveal why banks are now leaning toward alternatives over formal bankruptcy. Chris breaks down the complex idea of vesting property—how a bankrupt’s estate effectively “clones” itself, continues beyond the individual, and captures inheritances, delayed settlements, or even family homes. With gripping real-world examples—from Mickey 17-style cloning analogies to cross-collateralised loans and multi-million-dollar plumbing disasters—listeners get a rare look at how personal guarantees and poor structuring can spiral into financial ruin. Packed with sharp insights, memorable stories, and practical strategies, this episode is essential listening for anyone wanting to protect their assets and future from unexpected risks.
In this episode of The Sounds of the Baskerville, James Flaherty and insolvency expert Chris Baskerville reveal the high-stakes reality of choosing the right legal support when your business is on the line. Forget the theory—this is a straight-talking, fast-moving look at real disputes, tough settlements, and the dangers of relying on a generalist when you need a specialist. With colourful stories (yes, unicorns and dental mishaps included), Chris shows how experienced litigators outsmart the unprepared, why chasing “certainty now” often beats gambling on “maybe later,” and what really happens when creditors, directors, and lawyers clash in the final act of a company’s life. Packed with sharp insights, practical takeaways, and a dose of humour, this episode is your guide to making commercially smart choices under pressure. If you want to understand how to survive, and even win, when the legal battles heat up, this one’s unmissable.
In this action-packed episode of The Sounds of the Baskerville, James Flaherty and insolvency expert Chris Baskerville channel a little Wesley Snipes flair to unpack a high-stakes corporate collapse. The case? One trustee company controlling five separate trusts—saving a few hundred dollars a year in compliance costs, but setting the stage for a catastrophic unravelling. When litigation, unpaid debts, and a court-ordered liquidation collide, Chris steps in as liquidator and receiver, armed with a “guillotine order” and, ultimately, a sheriff-backed warrant of seizure. You’ll hear how stubborn silence, missed deadlines, and poor structuring led to police and the sheriff physically taking possession of multiple properties—while businesses and, sadly, families were still inside. Packed with lessons on risk management, trust structuring, and acting early to negotiate, this episode is a gripping blend of legal drama and practical advice. If you own assets through trusts, this is one you can’t afford to miss.
Recorded live in Bali at the HAA Assist Collaboration Conference, this high-energy episode of The Sounds of the Baskerville pulls back the curtain on some of Australia’s most audacious financial schemes. James Flaherty and insolvency expert Chris Baskerville share gripping real-world stories—from chasing down millions through last-minute freezing orders to uncovering forged investment documents and elaborate Ponzi structures. Chris reveals the red flags every investor should recognise, including the “magic 20% return” trap, bait-and-switch tactics, and the use of fake information memorandums to dodge corporate regulations. You’ll hear how greed, charm, and complex structures are used to disarm victims—and how sharp investigation work can still bring fraudsters undone. Whether you’re a finance professional, business owner, or simply fascinated by high-stakes financial drama, this episode is a masterclass in spotting scams before it’s too late. It’s part education, part true-crime—and 100% eye-opening.
They call him in when there is a dodgy scheme to be unpicked. Can he get back the money stolen from Mum and Dad investors by fraudsters who game the system? And how does he even know where to look for the assets hidden in odd legal structures, or just missing?
Listen in to Chris Baskerville live in the first of 2 podcasts recorded live at the HA Assist/GM Advisory Collaboration Year Conference in Bali, July-August 2025. As colourful and engaging as always, Chris shares with James and the conference delegates lessons for investors to avoid these scams, and a few tips for fellow practitioners on what to look out for when trying to sort out the mess!
In Episode 93 of The Sounds of the Baskerville, James Flaherty and Chris Baskerville take you inside the often-misunderstood world of insolvency—where fairness, strategy, and timing can make or break a recovery. If you've ever wondered how small business liquidations work behind the scenes, this is the episode for you. Chris breaks down the tools available to liquidators to claw back value, protect mum-and-dad creditors, and hold bad actors accountable. From chasing unfair preferences to working within statutory frameworks, you'll hear real-world examples of how liquidators are using the law to fight for equity and justice. With sharp insights, engaging storytelling, and just the right dose of humour, this episode lifts the veil on the processes designed to bring order to financial chaos. Whether you're a business owner, advisor, or curious listener, this is a masterclass in how insolvency really works—and why it matters more than ever.
In this timely episode of The Sounds of the Baskerville, James Flaherty and insolvency expert Chris Baskerville unpack ASIC’s latest report on the Small Business Restructuring (SBR) regime—and what it really tells us about the state of Australian businesses post-COVID. With over 3,400 companies having used the SBR process and more than $100 million returned to creditors, the numbers are promising. But behind the stats are real stories of survival, smart planning, and hard decisions. Chris shares first-hand insights from the front lines—what’s working, where the ATO is shifting its stance, and why some businesses thrive while others collapse. Whether you're a practitioner, a business owner, or just curious about how restructuring can rescue a company from the brink, this episode delivers practical insight with trademark humour and clarity. It's not about doom and gloom—it’s about second chances, financial discipline, and doing the right thing.
The courtroom battle may be won, but the war isn't over. In this powerful sequel episode of The Sounds of the Baskerville, James Flaherty reunites with insolvency specialist Chris Baskerville to explore what comes after securing a $1.5 million court judgment. With the land still unsold and an appeal looming, Chris walks us through the gritty realities of recovering funds on behalf of mum-and-dad investors. From navigating statutory demands to preparing for a potential trip to the Court of Appeal—or even the High Court—this episode captures the high-stakes world of post-judgment enforcement. It’s a masterclass in commercial litigation strategy, trust-based legal relationships, and the relentless pursuit of fairness. If Episode 90 was about the win, this one’s about the work it takes to make that win real. Essential listening for anyone interested in justice, insolvency, or the human cost of corporate collapse.
In this gripping episode of The Sounds of Baskerville, James Flaherty sits down with insolvency expert Chris Baskerville to unpack a real-life legal drama involving a $1.5 million court battle. Chris reveals the details behind a high-stakes dispute in the Victorian Supreme Court over a failed land deal, where a liquidated company sought the return of investor funds. With sharp insights, contract intricacies, and a showdown over possession vs. entitlement, this episode captures the tension, strategy, and legal nuance of corporate recovery. Learn how timing, contract language, and good legal relationships can make or break a case—and why being slow to act can cost millions. If you enjoy courtroom chess, business intrigue, or are fascinated by the human impact behind commercial litigation, this episode is a must-listen. Don't miss the line that could become your new motto: "Equity does not favour the tardy."
Science fiction, a water treatment plant, and a guy owing money getting nabbed while belted up in his allocated seat, just before he escapes on a plane.
Another eclectic combination of topics packed into just one episode – this time, the latest, number 89, of The Sounds of The Baskerville Podcast. Now in its fifth season, Chris Baskerville continues to delve into insolvency and restructuring, and he unpicks compelling issues for business owners, their advisors, and anyone interested in a good, informative yarn.
In this episode, we think about time. How long does it take for the wheel of justice to spin? How long a bad business can keep dragging on and on… how denial can prolong financial struggles and the severe consequences that come with it. As always, this episode offers valuable insights on avoiding financial business pitfalls and getting on with seeking sustainable success.
Worth your time!
“What does it mean to be match fit?” In the first episode of Season 5 of "Sounds of the Baskerville," hosts Chris Baskerville and James Flaherty, along with special guest Ginette Muller, delve into what need to occur before small business restructuring. The episode kicks off with a discussion on the critical timing for businesses to seek restructuring help, emphasising the dangers of waiting until the last minute, such as when a Director Penalty Notice (DPN) is about to expire.
Ginette highlights the essential role of trusted advisors in navigating the complex landscape of pre-restructuring and restructuring, noting that while accountants are crucial to the process, they often lack the necessary insolvency knowledge or time to research it. The conversation underscores the importance of businesses being "match fit" by having all financial statements and tax returns in order before starting the restructuring process.
James, Chris and Ginette explore the challenges directors face, including denial and pride, which often delay seeking help. They provide an overview of the Small Business Restructuring (SBR) process, discussing eligibility criteria and the role of restructuring practitioners.
As always, director need to seek help early to improve their chances of success. This insightful discussion is a must-listen for any small business owner facing financial difficulties.
In the second espode of the season 5 prologue of the TSOTB podcast, Patrick Schweizer from ALARES joins Chris Baskerville and James Flaherty to discuss the changes and challenges faced by small businesses. The guys reflect on the past year and share insights on what lies ahead. Despite being recorded a few months ago, the discussion remains highly relevant
.Key points from the episode include:
* The increasing uptake of Small Business Restructuring (SBR) appointments, driven by the Australian Taxation Office (ATO).
* We keep hearing it, but the importance of early intervention for small business owners to avoid liquidation and explore restructuring options.
* The impact of government stimulus and policy changes on the economy and small businesses - what's it like the now the tap is well off?
* The challenges faced by specific sectors such as hospitality, cafes, and building construction due to cost pressures and labor shortages.
This episode is packed with valuable insights for small business owners. Tune in to learn more about navigating the current economic landscape and making informed decisions. Tell your followers to listen in too!
In this episode of the "Sounds of the Baskerville" podcast, Patrick Schweizer from ALARES returns to chat with Chris Baskerville and James Flaherty. They discuss the importance of the sorts of alerts you can get from ALARES, which stands for Adverse Legal Action Risk Alert System. Patrick explains what his business does and its role in providing valuable extra insights and reports for credit providers and professional services.
Patrick, Chris and James look at the lingering impact of the pandemic on businesses and the returned importance of extra due diligence. There are some examples where ALARES uncovered risks for insolvency practitioners and other professionals. Recorded as part of two insight sessions, this podcast comments on James and Chris' predictions for 2025, and with Patrick on board, their timing estimates are likely much more accurate.
Business owners and their advisors should listen to this episode to gain insights into managing legal risks and understanding the aspects of risk insight tool selection. This episode is the first of two in the Season 5 prologue. Tune in!
Chris Baskerville and James Flaherty discuss the challenges and predictions for the upcoming year. They have made bold predictions before...
How do they see the business landscape in 2025? What are the difficulties businesses face during the December-January period, and what is behind the tendency for directors to make significant decisions before the new year? TWhile they once again talk of the need to face up to business challenges - they also chat through the potential changes in the ATO's approach to different industries.
Business owners and their advisers should definitely listen in on their predictions and advice on navigating the challenging business environment, especially during the holiday season. Their discussion on insolvency trends, small business restructuring, and the ATO's evolving policies can help you stay ahead of potential issues and make informed decisions. And if you agree, or don't, tell Chris and James so they can include your feedback!
Chris and James wrap up 2024, sharing their insights. This will be interesting...
What were the events and trends that shaped the business landscape in 2024? Listen in for the takeaways for business owners and their advisors. Key issues:
* Economic Impact of COVID-19: Chris discusses the ongoing effects of the pandemic on global economies.
* Government Responses: how governments supported businesses during and after the pandemic.
* Corporate Insolvencies: the rise in corporate insolvencies, surpassing the peak levels seen during the GFC.
* Staffing Challenges: So offshoring workforces continues and WFH.
* Technological Disruptions: James and Chris touch on the role of AI and automation.
* Real Estate Trends: what is the impact of the continued rise in house prices despite economic pressures?
Tune in for a look ahead to 2025 next up.
Following on fBuilding on the insights from "Let's Make a Deal," this episode dives deeper into strategies for navigating what can often be a stressful time for directors and creditors.
Understanding Settlements: Chris shares why resolving an insolvency-related claim through settlement is often better than going to court. What are the costs, risks, and practical methods that can lead to a successful agreement?
Legal Insights: This ep delves a little into the legal intricacies of settlements, underscoring the old adage - put it in writing! Chris also discusses the vital role lawyers play in ensuring that all terms are transparent and mutually agreed upon, which can prevent complications down the line.
Negotiation Tips: Chris and James share compelling real-life scenarios and stress the importance of trying to address all potential claims in one to minimise the risk of future disputes and nasty surprises.
Business owners and their advisors should listen in on how insolvency, administration, and restructuring can be managed by talking through a deal upfront.
In ep 82, "Let's do a Deal" Chris Baskerville talks us through the intricacies of making deals and settlements in the context of business insolvency and litigation.
Chris explains why most legal matters are settled before going to trial, although where does court-ordered mediation fit in? How does it help resolving disputes avs going all in and taking on the the risks and costs associated with prolonged litigation?
Chris shares a specific case involving a construction company. The directors transferred significant funds to a new company just before declaring insolvency, which led to a thorough investigation and the use of public examinations to hold the directors accountable.
Directors need to be mindful of their options - and the potential consequences when approaching disputes and negotiating settlements. Get legal advice! Accountants and business owners should listen to this episode to learn how Chris and his team track transactions and keep directors accountable.
Consumer spending, industry trends, rights of creditors, etc. Isn't running a small business hard enough without having to factor all that in?
James Flaherty asks Chris Baskerville to look over industry trends and how they can buffet small businesses, the challenges faced by the construction and accommodation sectors, and the importance of restructuring/change to maintain profitability. Chris and James also delve into the significance of understanding consumer spending patterns and the role of creditors in small business restructuring.
Listening to their conversation could provide you with ideas or simply the encouragement needed to make tough but necessary decisions. Don't miss out!
Chris Baskerville, the managing partner of the Brisbane Office of Jirsch Sutherland, lets us in on why small business restructuring has grown by 300% compared to last year. This trend is crucial for small business owners to understand, as it offers a strong alternative to voluntary administration, which can be costly and complex.
There are other things going on at the moment, though! Chris and James touch on the role of receivership and the importance of securing proper restructuring help to avoid aggressive actions from short-term lenders. Small business owners should listen to this podcast to gain insights into managing their business debts effectively and exploring options that can help them sustain and thrive in challenging times.
Everyone hates a nasty surprise. That's why Chris Baskerville asked Patrick Schweizer of ALARES to come explain what his business does. Patrick wasn't the nasty surprise, but the near misses and lessons he shares might have been. The key lesson of this episode is knowing what information is out there (and things you may not have immediately thought of) and what can really impact a big financial decision.
Chris and James Flaherty chat with Patrick on this, the first of a mini-series on what special intel you can get on the business and the economy if you know where to look and what it means. Watch out for the podcast of these episodes too!
And find out this week how a classic cricket catch in the slips can be expertly worked into a discussion. Yep, Patrick is an expert.
In the latest episode of the Sounds of The Baskerville Podcast, Chris Baskerville and James Flaherty discuss the most recent insolvency statistics, delving into the headlines to explain what business people need to know about the current situation and the implications of the changes in the Small Business Restructuring law over the past few years.
Why do the guys stay on this issue? Because they are constantly amazed about how few people know about these things and how much incorrect information is out there. And – it's new, things are changing all the time.
What are the 'need to know' what's causing the spike in numbers, and what are the 'watch-outs'?
This episode will also set the stage for an upcoming vodcast/podcast session featuring industry expert Patrick Schweizer from Alares.
Remember to tune in for an informative session (infotainment!) with Chris and James on the Sounds of The Baskerville Podcast.
Through real-life examples and a touch of humour, this podcast provides a wealth of practical knowledge for anyone considering starting a business or currently encountering business challenges.
Whether you're a seasoned business owner or just starting, this episode is a must-listen for valuable lessons on staying financially fit and avoiding common traps that can lead to business failure.
Delving into the intricacies of business ownership, financial literacy, and the often-overlooked responsibilities that come with it, Duncan Perkins again joins Chris Baskerville in a candid discussion on the common pitfalls that new business owners face, emphasising the importance of understanding the financial and legal structures of a company. How often does Chris hear people blame their accountants or bookkeepers for business failure?
Listen in to Chris and Duncan's insights on the crucial role of accountants and the dangers of shifting blame when businesses face challenges.
We’re always told to do personal budgets, but what is the impact of financial decisions on both business and family life if you have no goal, or are not honest with yourself? Tune in to another practical and entertaining discussion on how to approach business ownership with the right mindset and tools for success.
This week, Duncan Perkins from TaxTime Accountants joins Chris Baskerville and James Flaherty to discuss the potential tax headaches that can arise when a side hustle grows into a more significant business venture.
Always a lively forum, in this podcast episode, Duncan steps up the tempo on The Sounds of The Baskerville in a fascinating conversation on topics such as investment properties, the transition from a hobby to a business, and the importance of understanding tax implications and risks. Duncan provides practical insights and shares stories to illustrate the snares one can fall into without proper tax advice.
Duncan is practical, relatable, and entertaining. He joins the Showman himself, Chris Baskerville, in offering valuable insights for listeners who may be considering buying property portfolios or running something on the side.
In another great instalment on the Ken Grace saga, on The Sounds of The Baskerville Podcast, Chris Baskerville again explains in everyday terms the complex world of insolvency practice, exploring the quasi-judicial role of trustees in a balance between law and accounting. He explains to James Flaherty and listeners his challenges chasing down the Goldsky Ponzi scheme, the importance of making informed decisions, and the impact of such schemes on real lives.
Chris shares his experience being challenged by the Australian Securities and Investments Commission (ASIC). He then discusses how strategic decisions were made to secure assets and gain the cooperation of ASIC and great help from their lead investigator. And don’t forget the crucial role of the creditors themselves!
In Chris's easy-to-listen-to style, learn more about the legal and emotional ramifications of financial fraud, the importance of quick settlements, and the value of turning adversaries into allies. The conversation also touches on the personal toll these cases take on investors, highlighting the human side of financial crime. This episode is a must-listen for anyone interested in the intersection of law, finance, and the human stories behind the headlines.
Following the money to uncover the truth.
In this episode, Chris highlights the investigative process, the challenges faced by liquidators, and the legal strategies he employed to recover assets from financial fraud. Listen in to hear how meticulous work was required to unravel what looked like a complex financial scheme but was, in reality, a simple fraud.
What trade-offs did Chris have to make in chasing down the money, and who got what? What were the red flags, the clues he and his team uncovered, and—without giving away the secret sauce—how?!
FOMO, fear of missing out! And when it all went south, how did a few keep the money they might have known wasn't so legit?
In this episode of The Sounds of the Baskerville, Chris Baskerville continues the story of his investigation of the Goldsky Ponzi scheme.
The scam defrauded investors millions by promising a 20% guaranteed return on their money. Chri explains how the fraudster, Ken Grace, used fake documents, celebrity endorsements, and a shell game to fool e people into his scheme and how he paid the early investors with the money from the later ones to create a word-of-mouth effect.
How did Ken Grace use the credibility of some people to abuse the trust of so many? Some people got their money back and kept it. How? Chris discusses the differences between the Goldsky case and the Bernie Madoff case (the largest Ponzi scheme in history). He looks at the different outcomes for the fraud's winners and losers.
Why should those who knew or suspected the fraud and walked away with profits give back the money? Why don't so many have to give back what they got and share it with the victims who lost their life savings?
In this next episode of The Sound of the Baskerville, Chris Baskerville continues the story of Goldsky, a fraudulent investment scheme that claimed to use sophisticated algorithms and behavioural science to generate high returns for its clients.
This time, Chris talks James through 'the information memorandum' that Gold Sky used to lure investors and points out the red flags and inconsistencies that should have raised suspicion.
Listen in as Chris tells how the founder of Gold Sky, Ken Grace, uses fake credentials, copies websites, and exploits the names of celebrities and reputable firms to create a false image of legitimacy and credibility. Don't try this at home!
What's the psychology behind the investors' decisions, and the challenges and risks involved in investing in unregistered and unregulated schemes - that all too often target unsophisticated investors? Let's face it, that's most of us...
What do a real estate agent, a restauranteur, a meat worker, a concreter, and an alleged mistress have in common? They were all supposedly in the Sydney office of the Goldsky Ponzi scheme, senior investment advisors.
This episode of our mini-series continues on the Gold Sky Ponzi scheme, a fraud that involved a fake hedge fund and deceived investors in Australia and the US. Chris Baskerville explains how the mastermind of the scheme, Ken Grace, used a loophole in the Australian regulations to avoid getting an AFSL licence and claimed to have an SEC licence in the US. Brazenly, Grace copied content from other websites to create a false impression of legitimacy and credibility. Chris tells how he was eventually exposed by the SEC and ASIC. The podcast also explores the role of various people who were involved in the scheme as senior investment advisors despite having no relevant qualifications or experience. The podcast aims to expose the deception and manipulation behind the Gold Sky Ponzi scheme and to warn potential investors about the risks of such scams.
Welcome to the first episode of 2024, the start of our series on the Goldsky Ponzi Scheme, one of the more brazen frauds in Australian history. Many people say they are ‘experts’ on this case, but let’s get the story from the man who had to unpick it.
In this mini-series, we will follow the trail of Kenneth Grace, the mastermind(?) behind Goldsky. Grace contrived to be named hedge fund manager of the year and swindled millions from unsuspecting investors. Chris Baskerville and his team were appointed to recover the money that they could and unravel the web of lies. Chris will share his insights and anecdotes on how he pursued Grace's falsehoods across the globe, from Singapore to the US, and exposed his deception.
While a serious topic, we hope you will find this series entertaining and informative as we explore the anatomy of a Ponzi scheme and the lessons we can learn from it. Stay tuned for the next episode, where we will dive deeper into the details of Goldsky and its operations.
In this Prologue to The Sounds of the Baskerville Podcasts for 2024, James Flaherty, talks with two insolvency experts, Chris Baskerville and Bill Cotter, about the Small Business Restructuring (SBR) regime in Australia. SBR is a relatively new option for businesses with less than $1 million in debt to restructure their affairs and avoid liquidation, with the help of a Small Business Restructuring Practitioner (SBRP).
Bill and Chris explain that the SBR process is fast, efficient and a bit more flexible than formal insolvency events. , SBR allows businesses to propose a plan to their creditors that can reduce their debt and improve their cash flow. The SBR process has a high success rate, with over 80% of the plans being accepted by creditors, often the Australian Taxation Office (ATO), which is typically the largest creditor.
What works, what doesn't and why act now (we always say that, but why this time?)
A short podcast that mixes MC hammer, cliches and mixed metaphors (yes, we've probably done most of these before, but maybe not all in the one episode).
Good things come to those who wait. And, increasingly, Director Penalty Notices those Directors who do not lodge r need with the ATO about tax Debts.
Everyone knows (well, maybe not self-funded retirees) that the squeeze is on. Interest rates up, prices up, ents up, business activity OK,ish...
The Taxman cometh. We know what the Directors owing tax need to do. We looked back at some numbers and looked at formal insolvencies by type and what they are.
As the boss of the business, the entrepreneur, the one who understands the risks, whose advice do you respect? We often talk about getting trusted advice from qualified people, but what about other business leaders? How can you engage with them and talk shop in more detail and still keep what needs to be secret under lock and key?
In this week's episode, Chris Baskerville and James Flaherty are joined by Simone Dunlop to hear how her organisation helps business owners get useful business advice from peers and respected individuals. Simone, the CEO of My Business Team, shares insight into how her company provides business owners with a platform to connect, discuss, and address their business challenges successfully. As an entrepreneur, it is not always easy to find the advice you can easily accept or sometimes be able to pay for. However, with a peer perspective and building mutual respect, there are ways to get help with business challenges - or face issues you haven't wanted to deal with. And you can always get handy contacts!
Tune in to this episode to learn more about the benefits of seeking peer advice, from the right peers!
A topic we often come back to! How come there are so many scams? How do people get trapped? And how do the crooks still get away with it?
Chris Baskerville, The Ponzi King (as in the man to get who'll go after the money and the bad guys) shares the 'watch-outs. Yes, we've covered a bit of this ground before, but what does Chris see now? After some big wins in court, anything to add to the watchlist?
Sure, if it sounds too good to be true, it usually is. But the smart trickster can disguise a scam. And sometimes, the bad scheme doesn't start out that way, or the promoter loses sight of who they are supposedly investing for.
Whatever the story, hear the master storyteller himself, Chris Baskerville, fills us in.
In this episode of The Sounds of The Baskerville, we talk about managing business cash flow from week to week. How often do small business owners rely on inconsistent income to cover their expenses?! Be it seasonal fluctuations, delayed payments, or unexpected expenses – business can be a rollercoaster ride of cash flow. How many days do things seem to be like you are 'robbing Peter to pay Paul' or 'living from payment to payment.'
While these strategies may provide temporary relief, they can have negative long-term outcomes. Constantly playing catch-up and prioritizing immediate needs over long-term stability can hinder growth and lead to financial instability. To highlight the most extreme example of mismanaging cash flow, we also contrast these strategies with the extreme - Ponzi scheme. They are not the same, Chris Baskerville explains the difference! Understanding the dangers of relying on inconsistent cash flow and unsustainable practices is crucial for small businesses. You know it - but listen in!
In the latest episode of "The Sounds of the Baskerville," join Chris Baskerville as he uncovers the challenges faced in business when landlords and tenants during a crisis. In this case, usually lessors and lessees!
Chris is joined by special guest Brenden McGrath, Special Counsel with extensive expertise in property issues. Get ready for an insightful conversation as Chris and Brenden explore the myriad problems that both landlords and tenants can encounter when navigating through tough times. But it's not all about the problems – Chris and Brenden also offer practical solutions and valuable insights to try to protect business owners and their personal assets.
Tune in now to gain invaluable insights from Chris Baskerville and Brenden McGrath on "The Sounds of the Baskerville"Tennant vs Landlord"
In this episode, Chris Baskerville and James Flaherty sit down with special counsel Brendan McGrath to discuss real estate issues in business interest rate squeeze. Specifically, what is he seeing about property law, insolvency, and the potential warning signs for landlords and renters alike? To property law, insolvency and small business restructuring? What is Brendan seeing out there?
This week, the trio discusses the possible advantages and disadvantages of various rental arrangements, the role of small business restructuring in protecting landlord and tenant interests, and what tenants need to consider when negotiating a lease. Brendan explains how lawyers can help create agreements that are better suited for each side's needs and issues to consider in handling potential disputes.
The conversation also touches upon the importance of financial literacy, preparation for potential unexpected costs, and understanding personal guarantees on business leases. They talk about common pitfalls that people may encounter when dealing with property-related matters, such as not understanding certain aspects of the law or what they will be paying.
Another timely instalment!
We’re continuing our series on personal insolvency, and this week he's discussing what to do when you haven’t thought about the best structure for your business .... yet. Insolvency advice can mean many things – #bankruptcy, #debt relief negotiations, Part IX, administration, and more. Whatever you’re dealing with, the best advice is to seek out professional help from a qualified insolvency practitioner. Chris shares his insights from probably 2000 or more case studies on what to do and what not to do!
This week, Chris and James Flaherty are at the Association of Independent Insolvency Practitioners conference in Canberra – so we might just be lucky enough to get some extra podcast recordings with industry experts! Stay tuned.
https://lnkd.in/gCjju748 or Spotify and iTunes.
Where is all this taking me? And what do I need to think about before I begin the journey? And, what do I do if I am already walking the small business path but haven't got everything I need?
This episode of the Sounds of the Baskerville podcast with hosts Chris Baskerville and James Flaherty combines wisdom and wit as they discuss the critical topics of asset protection and planning for the future.
This week's topic is part of a series about how a business owner needs to be clear in the beginning, on the journey and at the end about business risks and potential bankruptcy. What protections are there for personal family assets like the family home? With around 2000 case studies, Chris has invaluable advice on what business owners can do now to plan ahead for potential risks.
Episode 60 of the Sounds of the Baskerville. This week we have Ginette Muller (Safe Harbour specialist of GM Advisory) joining us to discuss the recent budget and the options available for Directors in a business crisis. With uncertain economic conditions, many businesses are at risk of facing threats or being in trouble. Thankfully, Chris Bakerville has reminded us of the new options available to help businesses get back on their feet, such as Small Business Reconstruction, and Ginette updates us on what she has seen in the Safe Harbour provisions.
Chris gives us a light-touch view of the budget and the economy and notes the ATO's extra funds to help chase up debts. Like we said last episode, maybe, times are changing for businesses in trouble. And what do we make to the drawbacks of SBR like a risk to credit? Stay tuned to hear more about these topics and how Directors can make the best decisions for their businesses in times of crisis.
Don't forget to stay tuned for more interesting conversations with Ginette Muller and other experts in the Sounds of the Baskerville. Tune into Episode 60 now
Chris Baskerville and Patrick Coghlan meet again to share a wide range of issues with James Flaherty in this new vodcast. This time is all about the trade-off. The risk you take in extending credit, not paying tax or operating in a risky region or industry. And what does all that mean?
Creditor watch has an uncanny ability to predict insolvency, so when people register a default, all too often, the company fails. This week we look a little at the Debtor's Journey to Insolvency.
As we discuss the Monthly Business Risk Index. And we name names. Which regions are worst 'at risk'? Chris lets us in not a particularly big secret on which place in Australia he relies on as a barometer of the economy or things to come. And which industry sectors are most risky now – maybe not a huge surprise - but some of the reasons and the failure rate are good indicators of what's happening and what we might expect. With the ATO not as accommodating as they were in the pandemic, is Small Business Restrcuring (SBR) the primary way to negotiate a business tax debt? But not so fast. Patrick outlines the genuine implications that it has on your business credit rating.
In this episode, we crown Chris Bakerville as the "Ponzi Scheme Killer" for his dedication (and that of his team) in trying to help victims of financial fraud get justice. After the successful Gold Skyprosecutions, Chris shares warning signs he has seen time and time again in these scams, such as promises of high returns with little to no risk and a lack of transparency in investment operations. Listeners are urged to take note of these red flags to protect themselves from falling victim to financial fraud.
Back to before, but this time it's different. A timely update on the latest ASIC insolvency statistics, which were released this week, revealing that numbers are back to pre-COVID levels. And now, as Chris says, SBR is the new option.
On this Vodcast episode of The Sounds of the Baskerville, Chris is joined by Patrick Coghlan, CEO of CreditorWatch.
It's a wide range of issues Chris and Patrick share with James Flaherty. Equal Opportunity on International Women's Day, Sexually Transmitted Debt, as well as the 'Great Unfix' as fixed rates come off homes this year.
We hear more about the Business Risk Index and insights that CreditorWatch see that can help you manage the financial risks of your business. Patrick gives his insights on what we need to do to prepare for a future insolvency rise (don't call it a wave). Are businesses better prepared for shocks post-Covid?
Plus, we hear about all the predictions during Covid that Chris Baskerville made that came to pass! And what happened to the zombies? How can it be good for the economy when insolvency and reconstruction firms are busy?
Tune in for all this and more on The Sounds of the Baskerville!
This year is shaping up to be a busy one for insolvency experts, with Director Penalty Notices still coming and ATO wind-ups back again.
But what does it mean for businesses, and what will the insolvency and restructuring world do to fill the demand for help when things get tough? Doesn't look like AI can really step in!
Chris Baskerville shares his thoughts on the challenges ahead. With people like Chris so busy, now might be the time to ask for help if your business is in need.
It takes a while to learn the ins and outs of restructuring a business, but why should we care? Because demand causes inflation and causes shortages... where have we heard that before?
Tune in to hear what Chris has to say. With economic challenges on the rise, now's the time to take action and listen up. Don't miss out!
How much will you trust?
Welcome to episode 55 of the Sounds of the Baskerville.
In this episode, we explore the question: how much do you trust someone who has been through bankruptcy or insolvency?
Tune in now to see if bankruptcy or insolvency really is a new beginning. Has the Director come out of the problems a better business person, or have they just learned some new tricks?
Chris Baskerville explains the two sorts of people he sees, how the way people approach their problems can impact the outcome, and the steps a Creditor can take to work with a person who has had a business fail in the past. Do they understand the lessons the person has learned? Do they give them another chance? When might they commit or walk away?
How often are family identity and lifestyles tied up with business? When it comes to the family's business, in a breakup, what is a fair share? And how can former spouses navigate the legal complexities surrounding divorce and business valuation?
This time we have special guest Peirce Castensen, family lawyer, joining Chris Baskerville and co-host James Flaherty to discuss family law, divorce and what people think a business is worth. We'll have to look at some of the reasons why expectations don't meet, where a business valuation is not what it seems, and, at times, related topics like 'Sexually Transmitted Debt' or when one spouse is open and honest with the other.
An informative and dispassionate view of what is so often a cause of the business failure or a result.
Yes, we are looking at James' new favourite topic, Small Business Reconstruction (SBR). And critically, what do business owners and their advisers need to take away from the report and experience so far?
In this first episode of Season 3 we look back on the start of the SBR legislation and the results shown in this week's report from ASIC. The report reveals that despite challenging conditions, insolvency professionals have used the rules and their experience to make a difference in the survival rate of businesses in distress.
We compare our experiences with some of the findings. Something born of experience, not in the report, Chris and his colleague have also devised three Golden Rules for Small Business Reconstruction, which have proven crucial in helping a business survive and thrive. We also cover the eligibility criteria and what to do if you are not quite there yet. Tune in for some great advice on Small Business Reconstruction and Chris Baskerville's "Golden Rules".
As the year draws to a close and holiday cheer fills the air, it's important to remember one thing: Debt never sleeps. We know that when Christmas comes around, some creditors take advantage of the season and send out a Creditors Statutory Demand. Thrown off guard by the holiday festivities, debtors may not realize that they only have 21 days to act on this demand.
As we enjoy the warm weather, Chris Baskerville reminds us about the attempt to catch debtors off guard who might be away enjoying the summer holidays and not paying attention to deadlines. An old trick. Always a good idea to open the mail around this time of year, even the envelopes with windows in them.
Listen in to the last of season 2 of The sounds of The Baskerville Podcast; we're back again in 2023!
Have a safe and joyful festive season!
Sure, it's a cliche. But if you're in business, you must be clear on what's best for your bottom line. It is, however, also it's essential to know your rights and to make considered decisions. Contracts and agreements are a part of every business, so it's vital to make sure that you understand them before signing on the dotted line. How often people don't...
In this week's Podcast, Chris Baskerville shares how he has seen firsthand how many Directors go into agreements and contracts without understanding what they're agreeing to. He offers sound advice on why investing time is important to ensure you understand any document, lease, or contract before signing it. And also, despite the pain upfront, also investing money in good advice.
He also warns of the pitfalls of investing in new business opportunities with friends and family members or accepting a "once in a lifetime" offer for buying into a company. While these opportunities may seem appealing on the surface, it's essential to take a step back and consider all of the risks and rewards before diving in.
Welcome to the Fiftieth Episode of Sounds of the Baskerville! This week, we'll be looking over some of the stories we've told about business restructures and insolvency, as well as discussing how to get the right advice you need for the business path you choose - and why getting that advice earlier is always key.
Join us for this milestone episode with Chris Baskerville, a business restructuring and insolvency expert who has nearly 2000 business scenarios under his belt. Thanks to those listeners who tune in each week to tap into lessons learned from real business experiences and critical strategies on cash flow.
To be prepared is to be forearmed, or so they say.
Lots of people don't know that in Australia bankruptcy and insolvency are two different things. In Australia, bankruptcy applies to individuals while insolvency applies to companies. This can be a bit confusing for those who are unfamiliar with the Australian system, so this week Chris Bakerville takes a closer look at what each of these terms mean, especially for people overseas when they are trying to figure out the business scene.
There are a few key things to keep in mind when investing in a company in Australia, especially if that company goes insolvent. Australia has a different system from countries like the USA when it comes to bankruptcy, so make sure you're aware of how that works before investing.
Chris has nearly 2000 case studies on what to do and not do - so tune into this series of Podcasts - The sounds of the Baskerville, so you can be prepared!
So you're stuck in a situation where none of the options seems any good, and they don't make sense. Yes, it can be tough to know what to do!
When he's asked to step into a failing or insolvent business, Chris Baskervilles says it's important to remember that sometimes the best option is still a "bad" option.
How does that work?
In this episode, we think back to the movie "Argo" to explore what it looks like when there are no easy choices and the decision is difficult. We'll also learn how Chris makes sense of complicated business situations. Chris must be dispassionate in the face of creditors who might be angry. The goal is to steer the business to a rational solution, even if none of the options is easy or seems easy to swallow. The least bad outcome? How do you even decide what that is?
If you're in a business facing a situation where it seems like there's no good choice, or you know someone needs to make some tough calls tune in to this episode for some of the Baskerville perspective.
We've all heard stories about people who have tried one against the tax office, and it's usually because they've been doing something wrong. But what about the people who convince themselves that they're not doing anything wrong nd it's everyone else, or we should just let them get on with it?
In this episode, we talk about the paper shuffler. He pays money from one company to the other and is claiming tax incentives he is not entitled to. Then the music stops. We'll explore how he justified his actions, and how he was so convinced of himself, even though the software he claimed he was creating was just what he bought off the shelf in the shops!
Some people won't be told, some won't listen, and some are so convinced of what they are doing that they don't stop and think. How does Chris Baskerville find these people?
Or the decisions they need to make, having asked the right questions! How often does Chris Baskerville hear, 'I don't know, that's something the accountant set up'.
What do I need to know about my business structure, what risk I am managing, and what is the appropriate way to pay myself, bills and private expenses? Why should I pay myself a wage, not just take money when I need it, or there seems to be some left over?
All too often, Chris sees decisions not appropriately made (or at all). This a great refresher on the responsibilities f being a company director, a business owner, and someone who wants to reduce some of the risks in what they do.
Small Business Reconconrsction. Safe Harbour. Things are hotting up. So what's going on right now with these relatively new tools for qualified advisors and Directors looking for sensible advice. What with interest rates on the rise and the ATO reminding Directors that it wants its money, Ginette Muller shares with us what she sees in a fast-moving business landscape.
For this episode, Chris Baskerville goes Multi-Media. You can listen in to this 'Long Play' version of the Sounds of the Baskerville, or watch out for our 'in studio' vodcast
The developers were insolvent and investors were looking to recoup their losses. The supporters of the project were hoping against hope that something could be salvaged. And the family of the late developer was left to pick up the pieces.
Into this maelstrom came Chris, his then boss and the team. What they found was a potential environmental disaster as well as a financial muddle.
Maybe this is about key person risk. Or just one mega project too many. Or bad luck. Great vision and drive didn't save the project from a financial downturn and the weather. A real lesson in stress testing your ideas, and ensuring that there is a team that can support each other is the key person is gone.
Things got a bit loose in Queensland in the seventies and righties. Some of the big projects developers were able to get approved would likely not stand a chance now. Some developments, like the 'Big Things' that popped up in Queensland around the same era, have become famous and prosper still. Others, not so much...
In this episode, we look at a failed venture in North Queensland. One of the last of the "white Shoe Brigade' turned his hand to a project too many. The luxury marina development of apartments and villas ran into trouble from the start.
A cyclone, economic downturn. There was more than just money going down the drain by the time Chris Baskerville and the team were called in. Another cautionary tale of taking too much risk and the tough decisions left to family and investors when the project hits trouble. The developer's death left the family in an awfully tough situation. What could Chris do to untangle things?
Listen in to part one of this enthralling 2 part saga.
Is this a bit fishy? A trustee of trust uses money held for others, to invest in or give a loan to the business of another trustee.
What could possibly go wrong?
Here is the sad tale (tail?) of the trustee we'll call Barramundi, They should have known better. There is a cautionary tale here, told well by Chris Baskerville.
Inspired by a clue in the crossword, asking for a name given to a military disaster. As a follow-up to “Episode 39’s Tts merely a flesh wound”, we bring you the Omnishambles revisited in ‘Charlie Fox’.
This week Chris Baskerville shares what further investigation uncovers. So the business runs vehicles, but whose assets are they anyway, and (remembering Episode 35 and the tale of the missing Race Horses), where are they?
After having survived some tough years in the bush, a business in this industry, if run well with a close eye on costs, could now do well. Or, instead, having been run like this one, based on gut feeling (and not paying employee super), this company’s contracts will instead go to someone else who can make a go of it.
There is so much wrong here; getting your head around it is hard. It’s a Charlie Fox.
What's that old expression? An irresistible force meets an immovable object?
This week we talk through the early days of helping small businesses that, but for an unmanageable debt, could survive, or at least avoid the worst outcomes for all in a formal liquidation.
Chris Baskerville talks about Small Business Reconstruction, and, what might seem a high bar to jump over to be eligible. Seems like a good deal if you do qualify though, reduce your debts for a simple fee....welll, not so fast! As always, what's in the deal for the creditors?
There are a few practioners who have given these a try, and chris shares what he has seen so far.
So whats thi about standing still? So many businees owners figure if they keep doing the same thing, maybe things will gte better, or maybe the problem will go away. But then inertia comes up against the massive hit(s) of Covid 19.
For once doing nothing up until now might have allowed some Directors some time to take avanatge of the new system.... will they take it?
With Chris Baskerville, this week's #podcast delves into a recent example where Directors kept running a business and incurring more debt. Heard that all before? Maybe not like this one...
Nobody seemed to understand their trouble, and they didn't have the business records or processes to tell themselves anyway. This business reminded us of the Monty Python knight who fights on and on, losing limb after limb until left helpless.
In some ways, this is a good summary of what not to do. Any preceding 38 episodes of the Sounds of the Baskerville had valuable, timely insights for these Directors.
This week, Chris Baskerville looks over some of the 'investments' people have made into the schemes he is called in to save - or liquidate.
We look at the spectrum between the fool and his money soon parted.. through to the professional investor who understands risk. And then to this somewhat unknown group ... the 'sophisticated investor', who may or may not be that sophisticated at all.
Tune in to the sounds of the Baskerville on iTunes, Spotify or Spreaker.
What’s an Illegal Phoenix? It is the phoenix that is not legal. For so long unhelpful definitions like this, gaps in regulation and oversight have allowed Directors to be given (or to seek) advice that might help them avoid paying debts and taxes. Enter the Creditor Defeating Disposition!
As we often say on the Sounds of the Baskerville, there are legitimate circumstances where, through a Voluntary Administration or Small Business reconstruction, an enterprise can have reduced debts and be saved to trade on. Today’s guest, Ginette Muller, Principal of GM Advisory, helps Directors with Safe Harbour as a defence for them as they try and save a business that maybe could potentially be insolvent.
We explore some avenues for the business owner who wants to do the right thing for a business in trouble. And for those who others might try (or be ‘advised’ ) to attempt the odd Creditor Defeating Disposition? The spotlight is brighter…. things are not so grey anymore!
When business is s tight, we are all used to managers and owners asking the team to dig deep, give a bit, and try and pull through….
Often, staff are only happy to help to act as a team, to work to not only help keep their jobs but because they are often loyal to the company and the owners themselves. And some business owners treat their staff like family.
What it if is so bad the doors may need to close? Tensions mount, and timing is critical. Who needs to know what and when? How do you manage the loyalty to your staff (or to the owner) with your own interests?
And, of course, there are those other business owners who don’t have the same focus on the team, who can’t really be surprised when that team turns on them when the business goes sour.
Managing the team’s needs, the business, and the owners is critical. To help us go through this, we were fortunate to have Bradd Morelli join in this episode. Bradd is the National Managing Partner of Jirsch Sutherland, the partnership leader for the firm for which Chris Baskerville runs the Brisbane office.
And what is the role of the administrator or liquidator? You’ll be surprised at what it takes to get to the truth. Listen in!
Some things, and some people, you need to be able to Trust. And there are often in legal and other matters, 'Trust Accounts'.
What happens when someone breaches that trust? It shakes the confidence in the system and has dire consequences. Listen in, Chris Baskerville relates a tale where a pillar of the community made a poor decision so much worse by breaching trust.
You may not want to live a 'high life'. Lots of us may want to live a 'less ordinary life'. You can work hard and achieve something, or, like the subject of this episode, try and take shortcuts.
Crime doesn't pay. Might seem like it does for a while, but not in the end. Especially if Chris Baskerville and his team are on the case.
Positions of trust are a real issue here. Listen in to this week's Sounds of the Baskerville.
If you are going leave the country with debts unpaid, you may as well go somewhere interesting. Just don't expect Chris Baskerville and his team to stop at the water's edge in the pursuit of a dividend to creditors.
Back in episode 24 we talked about the sort of behaviour that might make people think you are a bit of a Jackas**. Well, there is bit more to this case study, where an attempt to go overseas and disappear hasn't been well executed or successful.
Tune in!
We've talks about selling a business as a 'going concern'. This week special guest Terry Kirkham comes back on how to secure and value a business and sell the parts of the broken whole, in parts not as one big lump.
As an industry specialist and valuer, Terry chats with Chris Baskerville about the steps he steps to secure assets, and the site, especially when emotions are running hot.
Tune in!
Last episode Chris Baskerville told us how he and his team unpicked the work of slick advisers and Directors aiming to hide assets.
This week, we look at a ridiculous attempt to do the same, but just not slick. "Not Very Good" advice again. This boat business sunk in big way. Pointless. Untrustworthy advisers strike again, maybe preying on greed and fear?
What if they'd actually spent some time and money on some turn round advice, or get a restructure?
Tune in to see how Chris and his team chased down the amateur efforts of the clowns who tried this play.
Make it really difficult and people will just give up?
Imagine if these guys had spent as much time and money getting #goodadvice to restructure their business up front? No, instead they got their guidance from an bunch of advisors who helped them spend time and money moving stuff about to try and hide it from creditors. There seemed to be a hug effort to move assets and obscure transactions.
Enter 'The Hound', Chris Baskerville. Chris and his team of can unpick elaborate schemes, and will chase a fair return for shifted assets. Follow the story through this twisting path of complex fancy financial shenanigans. How did he get the Directors to pay up? And what about their advisors?
Listen in to The Sounds of the Baskerville
O, what a tangled web we weave when first we practise to deceive! Sir Walter Scott.
Why do people, often quite trusted, stick their hands in the company till? and how do they get away with it?
This week Chris Baskerville channels Sir Walter Scott's great line, on the schemes and methods people use to cheat others. Often people who trust or rely on them. And how does Chris unpick the mess?
In this episode, we cover the fraud triangle, here is a link to some more info: https://www.wallstreetmojo.com/fraud-triangle/.
Tune in...
So the phone rings, the call comes in, the Judge makes their determination.
Who is the liquidator's go to?
We welcome in this time Terry Kirkham, Managing Director of Global Business Auctioneers and Valuers. He shares his insights with Chris Baskerville, Brisbane Managing Partner of Jirsch Sutherland (and the expert behind "The Sounds of The Baskerville).
A broken business that is the work of eccentric genius who has it all in his head? How do you value that business, let alone try and sell in liquidation. Time for Terry to step and and lend a hand, and use his years of experience to help get the deal done.
The Hound. the creature that pursues its quarry until it is found. And what about a dog with a bone? Watch it chewing and growling at any that might look like they might take its meal.
So, how is this relevant? Well, being in insolvency is a tough game, and the way a liquidation works is that it must be funded by what the liquidator recovers from the ruins.
So why on earth would a Liquidator ask to have the court appointed liquidation overturned, and the company put back to rights? This wasn't a restructure, but a mess that found a way to be unmade!
Tune in as Chris Baskerville fills us in on the Liquidator who, having 'sorted out the mess', then 'sacked himself'.
Has he seen a scoundrel. a scammer, a rat bag? When has Chris Baskerville seen a scenario where someone has set up a business, or run it, to just try and hide or take money.
What about a business idea where you take money from clients who would be too embarrassed to chase it. Or at least think twice? This time around Chris talks about a guy who set up an online business that never really existed.
A total scam.
So listen in, the scam to watch for, and an idea that suits just one person. The rat bag.
We're on a theme again this time. Many people don't start the morning everyday, open the shop door or get in the car, all the while thinking they are going to rip people off off.
Bad business. Or doing business badly? The great Anatole France had thinking on this subject "There are very honest people who do not think that they have had a bargain unless they have cheated a merchant".
This week we explore the thinking of people who start well, and end things badly. A reminder to us all of whom to do business with along the way.
We speak about people who make mistakes, or let things get out of hand. But what about people who just do the wrong thing, maybe knowingly? Or those who, by doing nothing, just end up in a bit of a mess?
Two case studies here with Chris Baskerville - with the same assets! The first time around, maybe the owner fits the description. Second time around, new owner doesn't, but because they didn't act immediately, they made a big problem much worse.
So the moral of the story, listen in, and don't be (or end up feeling like) a Jackass.
We've talked about a sequence of unfortunate events, we've spoken about just one thing that went wrong. But what about the 'omnishambles', where it all goes horribly off track.
Not a voyeuristic view of business failure, but a good look at a bunch of events that snowballed into a real mess. And. as always, what are the lessons learned ?
Listen in as Trainspotters Chris Baskerville and James Flaherty look at home one venture went to badly off the rails.
What is a victimless crime? So, is it where no harm is done?
More often than not it is one of those situations where the right thing has not been done, and the real losers may not be too inconvenienced, or more often, the loss isn't particularly apparent.
Where has Chris Baskerville been involved in a liquidation that in insolvency event where perhaps no one was massively out of pocket? Maybe someone had 'done the wrong thing', but lucky for those concerned the impact seems not that bad?
Of course, he has, and it still irks that, as always, life is never that simple. Tune into another lively discussion with James Flaherty as Chris talks through the business lessons he has learned over the years.
What can be the connection between Lemony Snicket and a real estate development west of Brisbane? And when can being transparent in business verge on oversharing?
Chris Baskerville will once again a share a tale, this one of a some unfortunate events that alone may have caused grief, but one after the other they combined into an omnishambles.
Bear with some vague dates and a bit of flaky maths as we sift through the 'how not to' show lending risk and by not taking a few steps, a well-intentioned business owner put it all up for grabs. At the time, perhaps things were always going to going bad, but they couldn't have been much worse at the time.
As always, take note of a few things that might have changed the outcome. Listen in!
Working with family. So there's that old saying in showbiz that goes something like 'never work with children or animals'. What if you are in business with a child or relative, and things go sour?
The episode starts off with the tale of two grumpy old geese, goes to a golden egg, and then too people who definitely were not geese - but had a dispute that cost a lot of money to sort out.
So this time, are people still employed, clients are still being looked after and the business is sold to a good home for a great price. However, there are costs and some large and unexpected.
Listen in to a cautionary tale well told by Chris, with some useful hints about what to do if in business with family. And is that James being a goose, or their really (another) a goose in the studio?
But some of us are having a bonanza. Not all the stories were gloom and doom. In some cases success and lots of money around has caused an entirely problem, lack of supply of materials,
and labour. How any cafes have you seen with help wanted signs?
So what about those who are gunning it, or are in the uptick, or who have seen a squeeze from too much, not too little money around? What are the lessons for those people? Chris Baskerville recorded this segment several months ago, and we've played it over the summer as a review of what things were like then, and also as a very good prediction of what we're now seeing, and what to expect.
How often did we hear about the Zombie Apocalypse in 2020 and 2021. A bit like zombie stories themselves, Covid has mutated to haunt us again anew. Chris Baskerville taped this segment a few months back and we've put this in as not only a point in time view from around mid year, but a really telling predictor of what we still had and have ahead.
In this episode we look at watching out for the Zombies, identifying them, not being one yourself. How do you re-invent yourself when the ground rules keep changing? Don't worry, there'll be plenty more on this topic..
If it looks like a duck, swims like a duck, sounds like a duck, chances are, it’s a duck. So why do
some businesses miss out on what is clearly in front of them despite the painfully obvious?
Chris Baskerville uses his 1500 plus case experiences to take us through examples of
businesses that couldn’t see the duck for the duck.
When businesses are dealing with government contracts, sometimes it’s difficult to see that the
wave has already passed. Clients felt that FOMO on what appeared to be a lucrative opportunity, however we know governments and policy changes come and go even quicker than
the waves themselves.
Don’t be a quack. Let Chris’s stories point you toward the key factors in why some businesses
just miss the duck.
What happens when your business experiences a Squid Game of sorts? Where the one thing that
splits up management is the people themselves?
The legend himself, Chris Baskerville returns this week with a story from his years in the front
lines of corporate insolvency and restructure. Here five board members happily joined into business together - only for two to cause a rift that a split of the board members into two factions.
How is a shareholders agreement similar to a marriage pre (or post)-nup and more importantly,
how could having a shareholders agreement have helped in the process of the
in this company’s split?
Join Chris as he takes us through this fascinating case of breaking up a successful business caused by tone of the most volatile of factors, the people...
Businesses, like people, should never sit still for too long. Chris Baskerville says a business is either growing or it's stagnant or dying
How does a company director decide to expand their business, and, how do they go about it successfully? Chris talks us through the ins and outs of expansion by acquisition versus expansion by organic growth. Ever heard the old one about buying extra cashflow? Often more like forcing the golden goose to lay more 'golden eggs' to prop up shortcomings in less than stellar new business (ad)ventures. Chris also delves into how gaining equity in a company can cost you more than debt itself.
Another "can't miss" episode for the business owner looking to avoid the pitfalls and prosper!
Yep, a sorry tale of snatching defeat from the jaws of victory on today’s episode of The Sounds of the Baskerville! Chris Baskerville shares with us an example of an up-and-comer with an IT background developing the next big thing online app. But, a simple oversight on how who would actually pay who for what resulted in some serious litigation and ultimately the liquidation of the company.
Chris delves into how your business strategy should not revolve around just one client (sounds easy enough - is it?) as well as the importance of developing a business plan around preparing for the worst while you are hoping for the best.
What could possibly go wrong if you tuned in with Chris and host James Flaherty? Only one
way to find out!....
Everyone knows business can be risky as well as rewarding. But how long do you 'stay in the game'? when things have gone well. So when is the right time walk away with what you have won through hard work?
This week we take a look at a social media content maker who realised too late she should have taken a sizable cash offer and 'run'. Case two highlights the importance of receiving as large an upfront and controllable asset or payment you can when your company is purchased. Beware the earnout or multi-year buyout.
Once again great insights from businessman, insolvency practitioner and great communicator Chris Baskerville. Case studies shared with sympathy and passion from someone who wants to help others avoid mistakes and get a better business outcome.
All it takes sometimes is a bit of bad luck (or a global pandemic) and the best laid plans can be thrown to waste.
Chris Baskerville delves into one of his 1500 business case examples where were it not for several instances of bad luck (including several acts of god followed by Covid-19), a business could’ve been the “Uber of tourism.”
Chris also explains how having a Plan B and pivoting as a business are different and how
setting your business up to include a Plan B could prevent an unnecessarily painful course correction t later on.
We're looking at what was the the one thing that made a good business bad. This week (M)C Baskerville takes us though one of the things in business you just can't touch.
How about $ that should be going to the taxman? How many Directors mistake that truck of money backing up to the door as a chance to go on a shopping spree. That’s someone else’s tax, PAYG instalment, Super, GST...
Join us as Chris Baskerville shares one of his1500 case studies on business success and failure. And how do you serve "Director de Jour?
Just the one thing? Out of the over 1500 case studies @Chris Baskerville has been a part of, there are plenty of examples of both brilliant and poor business decisions. Often, they come down to that one thing or decision that either turned the business around or burned the whole thing down. In these instances, what happened, what went wrong, what acts of hubris upset the business gods, and most importantly, if they managed to turn it around, how?
This episode Chris will talk us through two delicious examples, one featuring a pie company that attempted to bake too quickly and another where the owner's fatal flaw may have been his deep belief in what the market was for a “new” donut. (Hint, donut).
In today’s episode, Chris Baskerville explains how mutuality in a partnership will only get so far
and how it often takes something different, because if two people in a business always agree,
one of them is redundant.
IF running a business is part of your life, do you need a business soulmate? And other than shared goals, values, experience, and trustworthiness, what is it you should look for
in your business soulmate?
Join Chris as he discusses the importance of finding yin for your yang and why someone
offering a complementary skill set is one of the strongest assets a business team can have and
how respecting those differences in actions and abilities can create a lasting partnership.
Chris also covers some tips on getting started in a partnership or setting up shareholder agreements and having those tougher conversations up front to spare emotions down the road.
One of those things isn't it? The longer you don't talk about something, or fess up, or confront an issue, the worse - usually- it gets. This time it's all about:
Having the chat with a business partner (who is often a friend or family member),
Talking openly and frankly with clients,
Some tips on getting the conversation going and avoid the negative outcomes.
Lots of us just get straight into it. Not so much planning, more on the doing! Maybe we get an accountant to set us a company, or maybe we just suddenly find ourselves busy all of a sudden and 'in business'. Chris Baskerville gives us some great insights into why you need to get organised, even if you don't have the time (who does?), In this episode:
When two's not company but an partnership,
Getting a company structure right first off,
Make agreements while you are in agreement,
What sort of agreements do you need?
How many directors is a good number?
Listen to people who are different to you!
Once again, a fair bit for the business owner to absorb. Chris has seen it all, listen in!
You've got your dream, or you've taken the leap, and you're in business! So, thinking of the movie of your business, when you've made it .... you probably didn't imagine it was 'Lights, camera, corporate structure, ACTION!" did you? Well, there's lots of reasons you might not go it alone and spend on a Pty Ltd company. In this episode we talk over:
Sole Trader vs Company
The Tax you have to Pay
Ways they can still get you as a director
It's still worth putting the money aside to get the right structure
Why a company?
Another set of insights from Chris Baskerville on 'where to go right' running a business.
What's the difference between an illegal phoenix, a legal phoenix and a restructure. Is a legal phoenix even really a thing?
In this bumper episode, Chris throws the light on the mythical bird that rose from the ashes - as it relates to a company in financial distress. We discuss:
A how to guide to the classic illegal phoenix and why you'll get in trouble now
When it isn't illegal but it's just bad
Options on how to legally restructure
What should a creditor keep in mind?
Chris is a humanitarian, what's his proudest restructuring moment?
Tune in, we packed a fair bit into this 'long play' episode!
Chris Baskerville is a member of the Insolve Panel, to find out more, go to www.insolve.com.au/chris-baskerville/
We often hear people put down a business person who 'had a go' but it didn't work out. Often enough though, that same person comes back, having learned the lessons of business failure - and they go on to build something better. How is that?
This episode Chris chats through:
Coming back after business failure,
The mind of the risk taking entrepreneur,
Running a good business if I'm not not particularly 'entrepreneurial',
Understanding and using the lessons from mistakes and things that just didn't work out.
Chris has good businesses and bad. Listen into hear what he has uncovered in over 1500 business cases of failure, restructure and success.
This time we talk with Chris about the when and why of:
1. One page business plans
2. Test your business idea first, or right now
3. Are you doing the same thing as you've always done?
4. What revenue line should a business owner never sell or surrender?
5. Examples of how thinking a bout a business 'real time' can save it.
Another set of great insights for business owners and their advisers.
Need advice? Chris Baskerville was saying last time he has a lawyer and an accountant on speed dial. Ok, so what about us mere mortals? Listen in. Where do you get decent advice on a budget, or when you have a great concept and no money? Or things are tight? And ask yourself, what are you in this game for anyway?
Businessman. Advisor. Liquidator. Raconteur.
Chris Baskerville shares his experience over the years. What are the easy wins for a business person and some of the tough choices they need to make? And when do you know which is which? Meet Chris as he chats with James Flaherty on some 'how to' stories he has experienced of success - and also what not to do. Opening, running or closing a business in Australia should be for the right reasons - a business owner himself, Chris is keen to share what he knows!
Music intro Free Mickey (c) copyright 2012 Licensed under a Creative Commons Attribution (3.0) license. http://dig.ccmixter.org/files/myfreemickey/40663