Case Study

Director ID Enforcement: ASIC’s Shift to Firm, Consistent Action

ASIC’s enforcement of director ID obligations has tightened significantly over the past two years, with penalties now moving into the mid‑range of the statutory maximum and courts signalling a tougher stance on non‑compliance. The first prosecution occurred in March/April 2024, when a NSW director was charged under section 1272C(1) of the Corporations Act 2001 for failing to hold a director identification number. Public reporting on the outcome is limited, but

September 30, 2026

Director & Fiduciary Responsibilities

Overdrafts and Preferences: Liquidator Watters Questions ATO Stance on Preference

At the recent GM Advisory-sponsored Bali Conference 2026, delegates discussed a range of emerging legal and insolvency issues affecting directors, creditors and restructuring professionals. Among the topics generating significant interest was a Queensland court decision examining whether payments made from an overdrawn bank account can be recovered as unfair preferences. Sometimes insolvency law feels like a battle of technicalities. But in Australian Rock Walls Pty Ltd (in liquidation) v Commissioner

August 21, 2026

Director Duties

ASIC’s Small Business Director Essentials: Raising the Bar

ASIC’s Small Business Director Essentials is a standout initiative. I worked through the resource recently and found the roadmap feature intuitive and practical. What impressed me most was the embedded e‑learning module — complete with a quiz and a lock‑out mechanism that prevents you from advancing until you’ve passed. Why This Matters My Takeaway This is a seriously good starting position for working directors. ASIC has delivered a resource that will help directors navigate their duties

August 14, 2026

Case Study

ASIC Conviction Serves as a Timely Reminder of Directors’ Duties and Phoenix Activity Risks

Recent enforcement action by ASIC highlights the serious consequences directors can face when they fail to meet their legal obligations, especially in cases involving phoenix activity. On 2 July 2026, former Western Australian director JJP was convicted by a jury in the District Court of Western Australia for multiple offences under the Corporations Act 2001 following an ASIC investigation. The matter serves as a reminder for business owners and company

July 21, 2026

Director & Fiduciary Responsibilities

ASIC Brings First Criminal Charge for Creditor‑Defeating Dispositions

ASIC has announced charges against a NSW man GD following an investigation into his conduct while employed by Jasa Dining Pty Ltd (in liquidation), formerly trading as The Italian Food Project. The alleged conduct occurred between August 2023 and June 2025. ASIC alleges that GD: The matter was heard in the Downing Centre Local Court and adjourned to 11 August 2026 for further mention. The Commonwealth Director of Public Prosecutions is prosecuting the case. Why this case

July 1, 2026

Director & Fiduciary Responsibilities

When Corporate Governance Fails: ASIC gives the Disqualification Maximum

Recent action by ASIC serves as a sharp reminder that director duties are not just theoretical concepts confined to board papers, but rather practical, ongoing obligations with very real consequences. In April 2026, ASIC disqualified Gold Coast‑based director DJP from managing corporations for the maximum five‑year period available under the Corporations Act. This followed his involvement in the collapse of four companies operating across labour hire, hospitality services, construction, and

May 26, 2026

Director Duties

Calls for Small Business to be Supported

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has released its 2026–27 Pre‑Budget Submission, calling on the Federal Government to deliver practical and meaningful reforms that will better support Australia’s small and family businesses. At GM Advisory, we welcome these discussions — because the challenges highlighted by ASBFEO are the same pain points we hear from clients every day. Small businesses form the foundation of Australia’s economic strength, innovation

March 18, 2026

SBR Trends – SBR Rates Continue to Fall

Executive summaryDecember 2025 closed with a Small Business Restructuring (SBR) conversion rate of 55.5%, reflecting 91 restructuring plans completed from 164 unique SBR appointments. While a majority of businesses still navigated the process successfully, December again underperformed relative to other months — driven by compressed timeframes, reduced stakeholder availability, and practitioner capacity constraints. Looking across 2023–2026, restructuring activity shows clear growth, strong seasonal patterns, and a sustained gap between plans

March 16, 2026

Director Duties

Pre-Insolvency Advisors: Why They Matter and How They Work

When a business starts showing signs of financial distress, early action can make the difference between recovery and collapse. But acting early only works if you choose the right advisor. That’s where pre-insolvency advisors come in. What do Pre-Insolvency Advisors Actually Do? Pre-insolvency advisors help directors explore options before formal insolvency proceedings begin. Their role is to assess the company’s financial position, identify risks, and develop strategies that may include:

March 11, 2026

GM Advisory Posts

Critical Industry Updates

Director ID Enforcement: ASIC’s Shift to Firm, Consistent Action

Overdrafts and Preferences: Liquidator Watters Questions ATO Stance on Preference

ASIC’s Small Business Director Essentials: Raising the Bar

ASIC Conviction Serves as a Timely Reminder of Directors’ Duties and Phoenix Activity Risks

ASIC Brings First Criminal Charge for Creditor‑Defeating Dispositions

When Corporate Governance Fails: ASIC gives the Disqualification Maximum

Calls for Small Business to be Supported

SBR Trends – SBR Rates Continue to Fall

Pre-Insolvency Advisors: Why They Matter and How They Work

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