Vaccinating yourself and your business

Vaccinating yourself and your business

There is a lot of discussion at the moment about vaccinations. Who should get vaccinated first, which vaccine should I have, what rate of vaccination is ok for the country to ‘open up’ again?

We think it is prudent for business owners to also consider the status of how vaccinated their business is against what’s going to happen as the country and economy opens up.

Personal Property Securities Register

In 2012 the Personal Property Securities Act 2009 introduced the Personal Property Securities Register (PPSR) which is an invaluable tool when it comes to documenting security interests. Anyone considering injecting personal funding into their business should ensure appropriate loan documentation is in place between themselves personally and their company, as well as registering any loans on the PPSR.

The PPSR is not just for third party creditors, it’s also available to business owners to protect their personal interests.

If a company that owes you money goes into some form of external administration and your registration against them on the PPSR is defective, then your security can be deemed worthless. It’s always worthwhile reviewing your registrations from time to time to make sure you are secured as best you can be.


Activity in the debt recovery space by virtue of a statutory demand with a view to appointing a liquidator over a debtor’s company remains low.

A statutory demand provides a debtor with 21 days to pay or dispute an outstanding debt. Based on experience, if one of your debtors owes you money, it’s likely that they also owe someone else. The first party to pursue the outstanding debt is more likely to get paid, so, the question is, what are you waiting for? 

Statutory Debts

Debt collection activity by the Australian Taxation Office (ATO) has been incredibly low since early 2020. At some stage, this will change. Before collection activity from the ATO increases and returns to 'normal' levels, now is the time for business owners and their advisors to assess their position and take proactive steps. At some time soon, the ATO is likely to increase activity and you will be reacting to the ATO as opposed to taking control yourself.

Small Business Restructuring (SBR)

As of 1 January 2021, a new regime allowing small businesses with debts of less than $1 Million to restructure came into effect.

This process allows directors to remain in control of their business while a restructuring practitioner works with them to put a feasible plan to the company’s creditors. The website looks at some of the processes and steps in an SBR.    

Personal guarantees

When was the last time you reviewed your personal guarantees that you have provided for your company’s liabilities?

If your company at some stage is not able to pay all of its creditors, do you know what the impact will be on you personally? If you or your clients don’t know the answer to this, it would be prudent to find out the answer.

Please reach out if you and/or your business needs a financial health check. Like all issues that may result in either personal or corporate insolvency, we recommend doing this sooner rather than later. We have a track record of helping businesses both big and small in the turnaround process.

Our team of experts can perform a deep dive into your finances, including a look at your cash flow and debt levels and planning for the future, as well as protecting your assets and personal income. This process can either be formal (SBR) or informal.

Chris Bergin

About the author

Chris Bergin

Associate Director

Meet our Team of Experts

Before joining Rodgers Reidy, Chris spent 5 years in the insolvency and restructuring division of a Big 4 professional services firm. Since joining Rodgers Reidy 2012, he has gained extensive expertise in formal insolvency appointments, restructuring and advisory appointments across a wide range of industries.