Shows
The Sounds of the Baskerville73 The Man with No Grace 4 FOMOFOMO, 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 o...
2024-05-3017 minThe Sounds of the Baskerville72 The man with no Grace 3In 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...
2024-05-1720 minThe Sounds of the Baskerville71 The man with no Grace 2What 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...
2024-04-1017 minThe Sounds of the Baskerville70 The man with no GraceWelcome 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 lie...
2024-03-2817 minThe Sounds of the Baskerville69. The Prologue to 24In 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...
2024-03-0613 minThe Sounds of the Baskerville68. Delayed DetrimentA 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...
2023-12-0815 minThe Sounds of the Baskerville67. More Places for Good AdviceAs 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...
2023-11-2116 minThe Sounds of the Baskerville66. Watch outs for investment scams, what's new?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...
2023-10-1218 minThe Sounds of the Baskerville65. Hang on, is my business a ponzi scheme?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 ca...
2023-08-2817 minThe Sounds of the Baskerville64. Landlord vs TennantIn 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 bu...
2023-08-1420 minThe Sounds of the Baskerville63. Real Property in Times of TroubleIn 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...
2023-08-0320 minThe Sounds of the Baskerville62. Protection it's never too lateWe’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...
2023-07-1219 minThe Sounds of the Baskerville61. Begin by thinking about where you might be goingWhere 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...
2023-06-1616 minThe Sounds of the Baskerville60. Yes it can be fixed, mostlyEpisode 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...
2023-05-1915 minThe Sounds of the Baskerville59. There is always a trade offChris 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...
2023-05-0522 minThe Sounds of the Baskerville58. The Ponzi Scheme KillerIn 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...
2023-04-2015 minThe Sounds of the Baskerville57. Business Risks with Patrick CoghlanOn 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...
2023-03-3022 minThe Sounds of the Baskerville56. Things are Getting BusyThis 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...
2023-03-0316 minThe Sounds of the Baskerville55. How much do you trust Director 2.0How 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...
2023-02-1015 minThe Sounds of the Baskerville54. When it's the family that goes BustHow 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...
2023-01-2522 minThe Sounds of the Baskerville53. SBR so far and The 3 Golden RulesYes, 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...
2023-01-1919 minThe Sounds of the Baskerville52. Always Open the Christmas MailAs 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...
2022-12-2015 minThe Sounds of the Baskerville51. Don t Understand Don t Sign itSure, 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...
2022-12-1515 minThe Sounds of the Baskerville50. Episode Fifty! Getting Match FitWelcome 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...
2022-11-2419 minThe Sounds of the Baskerville49. Doing business in Australia, what could go wrong?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...
2022-11-0416 minThe Sounds of the Baskerville48. When there are only bad ideasSo 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...
2022-10-2914 minThe Sounds of the Baskerville47. The Paper shuffler. What if I refuse to be wrong?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...
2022-10-2115 minThe Sounds of the Baskerville46. Questions business owners need to askOr 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...
2022-10-1315 minThe Sounds of the Baskerville45. Audio of our Vodcast with Ginette MullerSmall 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
2022-10-0445 minThe Sounds of the Baskerville44. White Shoes in the Sand Part 2The 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...
2022-09-1213 minThe Sounds of the Baskerville43. White Shoes in the Sand Part 1Things 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.
2022-09-0613 minThe Sounds of the Baskerville42. An unfortunate case of BarramundiIs 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.
2022-08-1514 minThe Sounds of the Baskerville41. The Charlie FoxInspired 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...
2022-08-0114 minThe Sounds of the Baskerville40. Just occasionally procrastinating might pay offWhat'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?...
2022-07-2515 minThe Sounds of the Baskerville39. It's merely a flesh woundWith 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...
2022-07-1415 minThe Sounds of the Baskerville38. It's Your Money, Don't Give it AwayThis 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.
2022-06-2017 minThe Sounds of the Baskerville37. Ways to get and out of the SpotlightWhat’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...
2022-06-1016 minThe Sounds of the Baskerville36. Loyalty to the teamWhen 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...
2022-05-2720 minThe Sounds of the Baskerville35 Who and what do you trust?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.
2022-05-1319 minThe Sounds of the Baskerville34. Bills, Bank, Bankrupt - Crime Doesn't Pay Part 1You 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.
2022-05-0719 minThe Sounds of the Baskerville33. What happens when you take the money and runIf 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!
2022-04-2913 minThe Sounds of the Baskerville32. Value of the bits and piecesWe'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!
2022-04-2119 minThe Sounds of the Baskerville31. Amateur Hour ways to attempt avoiding paying debtsLast 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...
2022-04-1415 minThe Sounds of the Baskerville30. Elaborate ways to try and not pay your debtsMake 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...
2022-04-1418 minThe Sounds of the Baskerville30. Elaborate ways to try and not pay your debtsWhen faced with a business crisis, say a cash flow crunch or a business problem, savvy Directors usually seek qualified advice from trusted advisors. Then you get Directors who try and shuffle things around, maybe get an Untrustworthy Adviser, who might make up some elaborate way to hide money or shift things about. Enter 'The Hound', Chris Baskerville. He and his team of experts can unpick elaborate schemes, and will chase down the wrongdoer. How did he get the people, and their advisors, who tried fancy shenanigans? Listen in.
2022-04-0818 minThe Sounds of the Baskerville29 Those whose intent it is to deceiveO, 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/.
2022-04-0115 minThe Sounds of the Baskerville28. The Value or a Good ValuerSo 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...
2022-03-2315 minThe Sounds of the Baskerville27. Bumper episode - the Liquidator who sacked himselfThe 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...
2022-03-1424 minThe Sounds of the Baskerville26. The RatbagHas 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...
2022-03-0414 minThe Sounds of the Baskerville25. When good guys go bad (or behave that way)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...
2022-02-2214 minThe Sounds of the Baskerville24. The JackassWe 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...
2022-02-1716 minThe Sounds of the Baskerville23. The Business Equivalent of a TrainsmashWe'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.
2022-02-1014 minThe Sounds of the Baskerville22. There is never a Victimless Crime - one that got awayWhat 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...
2022-02-0414 minThe Sounds of the Baskerville21. Timing and a series of unfortunate eventsWhat 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...
2022-01-2515 minThe Sounds of the Baskerville20. Animals, children and familyWorking 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...
2022-01-2114 minThe Sounds of the Baskerville19. Summer Series 2 - What do do when things are going well?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...
2022-01-0514 minThe Sounds of the Baskerville18. Summer Series 1 - Zombies and Survival in a Covid WorldHow 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...
2022-01-0514 minThe Sounds of the Baskerville17. If it looks like a duckIf it looks like a duck, swims like a duck, sounds like a duck, chances are, it’s a duck. So why dosome 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 ofbusinesses that couldn’t see the duck for the duck.When businesses are dealing with government contracts, sometimes it’s difficult to see that thewave has already passed. Clients felt that FOMO on what appeared to be a lucrative opportunity, however we kno...
2021-12-1413 min
Getting Closure for your business (and you).26. What is Bankruptcy and what does a Trustee do?Make no mistake, bankruptcy and liquidation are separate. Bankruptcy may be a result for you if there is a liquidation of your company, but in Australia, the company itself cannot go bankrupt. Only you can, as bankruptcy applies to personal debt. Find out how this applies and when.What is the job of a bankruptcy trustee and when should you contact one? When shouldsomeone contact the Australian Financial Security Administration (AFSA) versus trying to find aprivate bankruptcy trustee? All this and more as we continue our talk with Director’s AdvocateCheryl Stainsby.
2021-11-2505 minThe Sounds of the Baskerville16. It s all about the peopleWhat happens when your business experiences a Squid Game of sorts? Where the one thing thatsplits up management is the people themselves? The legend himself, Chris Baskerville returns this week with a story from his years in the frontlines 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...
2021-11-2216 minThe Sounds of the Baskerville15. You cannot stand still in business - but which way do you go?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...
2021-11-1615 minGetting Closure for your business (and you).25. Terms and Titles and Where to Get HelpThis time we take a pause or a bit of deep breath. We have think about what we've covered, and do a revisit on 'who does what'. So our next few episodes are about 'who to see for what'. What are the 'tions' like liquidation, administration and also bankruptcy. We're reminded that we should never assume everyone knows the same things in the same detail as us, and that there are a lot of sources of bad advice.Tune in to find out what to know on this really handy podcast series from Cheryl Stainsby of...
2021-11-1604 minGetting Closure for your business (and you).24. Just because it's been quiet doesn't mean it wil stay that wayWe've been following through the steps a creditor takes when a debt is unpaid. things got to the pointy end in the last few episodes where an application for Wind Up was tables in court and a liquidator appointed. There was a flurry of activity, but what happens now?For many people, after a time it seems to have all gone quiet, there has been the nothing come through for months or even a year or so. Will it stay that way? What should Directors be aware of? Cheryl Stainsby talks us through what to expect...
2021-11-0905 minThe Sounds of the Baskerville14. Just Snatching Defeat From the Jaws of VictoryYep, 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 ar...
2021-11-0915 minThe Sounds of the Baskerville13. Just the one thing. Know when to cash out or walk awayEveryone 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...
2021-11-0114 minGetting Closure for your business (and you).23. Back on the front foot with a wind up applicationSo what if you don't ignore the process and try and get back some level of control. This episode Cheryl Stainsby talks us through the options. You are not in control of a court appointed liquidator! However, you can be on the front foot, by knowing your rights and obligations and getting sensible, professional advice from a reputable source.
2021-11-0105 minThe Sounds of the Baskerville12. Just Bad Luck and Thinking About Plan BAll 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 howsetting your business up to include a Plan B could prevent an unnecessarily painful course correction t later
2021-10-2113 minGetting Closure for your business (and you).22. Wind Up applications - What happens if just goes to the keeper?Some untrustworthy advisors might tell the director of a business business (with a Windup application against it) just to let it go...Cheryl Stainsby feels you should try and stay in control where possible. What are your rights, what the the options, rather than letting things just happen to you?Understand your position, what must you do and what can you refuse - what do you do when someone comes asking for assets. What information must you hand over and to whom?All may not be lost if you get good advice and stay...
2021-10-2105 minGetting Closure for your business (and you).21. Windup applications and Ambulance ChasersOk, so you've ignored it, you never got any letters or emails, or they really want their money back now, or things have gone legal in a big way. Someone has lobbed an Application for Wind up!What to do? And what about the number of random people who call you or send you letters offering "help"? "consultants", often from companies that have big sounding names and bad websites will offer all sorts of 'ways out'. Pre-insolvency, anti-phoenix, and a whole lot of other words you may never have really heard of come in to play now.
2021-10-1505 minThe Sounds of the Baskerville11 You Just Cant Touch This One ThingWe'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 J
2021-10-1414 minGetting Closure for your business (and you).20. Watch out for the Creditors Statutory Demand!What do you do if you get a Creditors Statutory Demand? (and what is that anyway?) Well, you definitely don't ignore it, or just hope it goes away!Over the last few episodes we've been talking through the increasing heat if you or your business owes a debt and it remains unpaid longer and longer. Sometimes the process is fast - but what is 'the process'? Not all of the steps need to be taken before you find out about a court date for a large debt. To be warned at least is the start of...
2021-10-0805 minThe Sounds of the Baskerville10. Just the One Thing- The High Cost of HubrisJust 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...
2021-10-0618 minThe Sounds of the Baskerville9. Finding Your Business SoulmateIn today’s episode, Chris Baskerville explains how mutuality in a partnership will only get so farand 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 forin your business soulmate?Join Chris as he discusses the importance of finding yin for your yang and why someoneoffering a complementary sk...
2021-09-2713 minThe Sounds of the Baskerville8. Having the Tough ConversationsOne 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.
2021-09-1315 minThe Sounds of the Baskerville7. Got into a business? Why and how to get organised on the go.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?...
2021-08-2415 minGetting Closure for your business (and you).19. Statements of ClaimHaven't been getting your mail? Haven't update your business address? Always best to keep things up to date. It's not like the movies - the process continues for those who have not paid their debts and don't respond. In this episode we talk about:What is a Statement of Claim?Who issues them and when?What happens if you don't respond?What to do if you get one.Once again, Cheryl shares insights on what to do, and what not to do if you r business is struggling with some unpaid bills.
2021-08-2005 minThe Sounds of the Baskerville6. Start your startup rightYou'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 CompanyThe Tax you have to PayWays they can still get you as a directorIt's still worth putting the money aside to get the right structureWhy a...
2021-08-1715 minThe Sounds of the Baskerville5. What sort of phoenix is it?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 nowWhen it isn't illegal but it's just badOptions on how to legally restructureWhat should a creditor keep in mind?Chris is a humanitarian, what's his...
2021-07-3017 minThe Sounds of the Baskerville4. Failure is an option!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...
2021-07-1615 minGetting Closure for your business (and you).18. What if my business owes money to the ATO?This time we talk about tax or other debts owed just to the ATO. We discuss:How will the ATO try to contact you?How do you make sure the contact is real and not a scammer?Some steps to take if you owe money to the ATO.What might happen if they can't reach you or you ignore them?Over the next few episodes we'll continue our walk through what you might expect if your business has a debt you can't or won't pay. What are you options, and what are the implications...
2021-07-1605 minThe Sounds of the Baskerville3. A business without a plan is sawdustThis time we talk with Chris about the when and why of:1. One page business plans2. Test your business idea first, or right now3. 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.
2021-07-1415 minThe Sounds of the Baskerville2. Where's decent business advice (without the mega fee or con job)?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?
2021-07-1214 minThe Sounds of the Baskerville1. Why listen to the Sounds of the Baskerville?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...
2021-07-0914 minGetting Closure for your business (and you).17. What to expect if my business hasn't paid a debtSo you haven't paid that bill. And now it is getting a bit overdue. There may be a good reason, such as 'I don't agree with it', 'they haven't done the work for my business as agreed', or 'I just don't quite have the cash flow right now'. What are steps people can take to get the money from you, and what should you expect along that journey, for for lots of reasons can be more common than you think. Lets go through the steps and what to know at each one.
2021-07-0905 minGetting Closure for your business (and you).16. Family and other trusts for businessA matter of Trust? What are trusts for and how are they used in business structures? What are the pros and cons? You see them a bit, they can be used in the building industry and trades, often set up by an accountant and lawyer. A business owner usually actually knows what they are for - often to help protect the family home and so on - but they don't know how to run them or what the traps are. so let's chat through the issues.
2021-07-0105 minGetting Closure for your business (and you).15. Why should I use a company for my business?Why set up a company? You may have a Pty Ltd company that your accountant has set up and you don't understand. Or you have a business you run under an ABN. Things might have been 'as they are' for quite a while....is any of that wise? Why is a corporate structure so important? People often say 'isn't that just too complicated and costly'. Sure. some of that may be true too, sometimes, but the costs of getting it wrong can be dire. So listen in to what you need to know about the advantages and risks.
2021-06-2205 minGetting Closure for your business (and you).14. What could possibly go wrong? Sole TraderLots of businesses are pretty small, some grow fast and soon enough the structure of the business and its ownership hasn't kept pace with what's going on. So what are the pros and cons of just having an ABN operating as a Sole Trader? Cheryl shares her experience on some of the pitfalls.
2021-06-1005 minGetting Closure for your business (and you).13. What if it's worth less than you oweLots of people think their company or business is worth at least what they borrowed to buy it or set it up (or to keep it going when the trouble signs started appearing). Sadly, that's not often the case. Some people been keep working on the business because the know it won't pay the debts they've incurred along the way. What are the options when there is less money than you need?
2021-05-3105 minGetting Closure for your business (and you).12. You've worked so hard in this business. So What's it worth?Running a business can mean long hours and sacrifice of family time. There can be great rewards despite the risks we've covered in previous episodes, Many of us want to sell out at the end. Can we? What will the business be worth? What would someone pay me to take over?
2021-05-2405 minGetting Closure for your business (and you).11. Taking the stepWe've spoken about closing a business down that isn't making money. If it has debts, it most often needs to be put into liquidation. Simple enough to say, tough decision to make. How do you do appoint a liquidator, and what happens. Who do ask for help?
2021-05-1405 minGetting Closure for your business (and you).10. What is insolvent trading & should I care?Last year the government gave directors of businesses large and small several months protection from the the consequences of trading while insolvent, We've covered the debts a business might have you can be liable for in other episodes, but now insolvent trading is back in force. What is it, and do people need to worry?
2021-05-0405 minGetting Closure for your business (and you).9. Personal Liability. Any other snares?We've looked into some of the things that make you liable for a company's debts like director or personal guarantees. What are some of the others?
2021-04-2105 minGetting Closure for your business (and you).8. The fine print - personal & director guaranteesYour accountant might have set you up a Pty Ltd company because it can help protect assets like your home from the business if things go wrong. Lots of contracts and leases get around that by making your liable for the company debts. What sorts of guarantees have you made and what happens if they are being chased?
2021-04-1205 minGetting Closure for your business (and you).7. Tax debt - avoiding the liability trapWhat do you need to know if the ATO doesn't know what you owe!? GST, PAYG and Super. All of them now can snare the director of a Pty Ltd company (operating or not) - especially if the company hasn't lodged its BAS for a while. What has Cheryl seen?
2021-03-3005 minGetting Closure for your business (and you).6. My Mum said honesty is the best policyWhen a business is in trouble all to often people try to 'save' things (like cars or valuables) by selling them to family members or friends. Or they just don't tell the whole story when asked. Insolvency professionals have seen all the tricks before. Hear Cheryl on the hard truth...tell it.
2021-03-2505 minGetting Closure for your business (and you).5. Acceptance. So what's that feel like?Cheryl talks about the need to be open and honest. Those who try to hide assets or keep secrets can make things so hard for themselves as time goes on.
2021-03-1705 minGetting Closure for your business (and you).4. Anger's high cost even when you're rightAnger is a natural reaction. What's the cost to you and those you care about? Some hard truths too, what if things went wrong with the business and it's not something you could control?
2021-03-0805 minGetting Closure for your business (and you).3. Taking the leap from denialOften it is easier to do what you have always done, rather than face up to the truth. Or pretending things will be ok, when you need help. Cheryl talks here about seeing people when they have been in denial - and some tips to recognise if you are not facing up to things.
2021-03-0205 minGetting Closure for your business (and you).2. Your business is in trouble, so how do you feel?Our business is often 'part of who we are'. So how do people feel when things are going wrong? What should their partner, family and friends look for?
2021-02-2205 minGetting Closure for your business (and you).Getting Closure Podcast Ep 1Who looks out for you, the business owner when things are tough, and maybe you need to close the doors? Cheryl Stainsby has been asked to share her tips and ideas, so let's start on the journey with what does a Directors Advocate do?
2021-02-2205 min