ASIC has turned up the heat on the so-called "pre-insolvency" advisers.

Recently there have even been a number of raids on unlicensed operators.  It seems like there are a number of firms out there advising people incorrectly.   Most noteworthy is they advice they are giving on how to rort the system and avoid paying tax.  We all know that the government calls this a scheme.  As a result they are acting quickly and decisively to deal with this.

Anyone who is struggling to meet their tax or other obligations, should ensure they talk to a licensed adviser.  There are a number of good insolvency experts out there.  In our experience, they are always available to assist in cases of financial hardship.  This can be due to any number of reasons and we are able to guide and direct you to the next steps.

There are reports of cases where people have been charged as much as $9,000 for no real help.  If you are finding things tough and want to have a look at your options, talk to us.  We have worked with a number of reputable and relaible experts over the years and can refer you to them.

Read more on this concerning issue here.

Even worse, some advisers have been caught assisting with the creation and wind-up of Phoenix companies, here’s  a link to the ASIC release on this.