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Early numbers regarding the collapse of Tagara Builders

in Our articles by Prathamesh July 21, 2015 0 comments

What has happened so far

Tagara Builders Pty Ltd was up until late June this year a large construction company based in Glynde, South Australia employing nearly 50 people and $70 million of projects under construction. But the company has now fallen into liquidation and early reports have started to indicate the scale of damage which has resulted from this event.

Here are some of key points from these early reports

There are more than 700 businesses listed as creditors.
Early creditor reactions seem to suggest that they’ll be lucky to even get 10 cents on the dollar.
Some of largest creditors are owed money to the tune of $875,000.00, $727,348.44 and $644,973.74.
Considering the the fact that the company chose to go into liquidation rather than administration, the likeliness of creditors receiving any money at all is very remote.
The company directors are deeply saddened by this event and will try and get the most they can for their creditors.

The bigger they are, the harder they fall

And while you’re reading this article it’s important to remember that even though these are just numbers, real people and their families are affected. And as the saying goes, “The bigger they are, the harder they fall”. And in this case, the fall will be hard. Hard working and honest men and women along with their families for no fault of their own will be made to bear the brunt of this collapse. All we can hope for now is that the liquidation in some miraculous way, turns in their favour.

Hard working and honest men and women along with their families for no fault of their own will be made to bear the brunt of this collapse.

But then there are ways this can be avoided. Luck can never be guaranteed to always be on your side. What’s needed is a way to make your own luck. A guaranteed way to ensure that if a business engages in work with another business, the funds owed are secured so that once work is finished, they are released and paid immediately. This is exactly what we at CheckVault have developed. We want to avoid future Tagara incidents which put businesses and their families in tough financial situations. Our aim is to make the industry safer when it comes to payments.

Our product is currently being used by over 400 businesses mostly in New South Wales, and not just in the construction industry but across other professional services like accounting. Their stories are available on our website.

Start your registration today

But coming back to what’s happening in South Australia with Tagara Builders, we sincerely hope that the liquidation comes through with good results for the businesses affected.

Numbers don’t lie – if you’re an unsecured creditor, the numbers aren’t pretty

in Business / News / Our articles by Prathamesh March 24, 2015April 7, 2015 0 comments

ASIC recently released their corporate insolvencies report for the 1st July 2013- 30th June 2014 financial year. This report collects and summarises information on the lodgements made by liquidators, receivers and voluntary administrators (external administrators) in the financial year for businesses that went insolvent. It gives us an insight into the

number of businesses that failed
the size of these businesses
the reasons for them failing
how much unsecured credit was never paid etc.

If you wish to view this report in full, you can find it here. In this article, I will be looking closely at certain pages in this document and bringing them into discussion.

You don’t start a business to chase money

in Business / Our articles by Prathamesh March 24, 2015 0 comments

Why does one start a business? To make money of course.

But it’s also because you know you’re good at something and you want to offer these services to your community, country or even globally. And in return you receive a remuneration, most commonly in the form of money. But if you’re finding yourself worrying more about the money side of things, like chasing payments, doing court rounds because of a dispute etc., then there is something wrong in your invoicing methods/payments receivables department of the business which is preventing you from doing that very business.

Just pay me when you’ve got it. I don’t mind waiting

in Business / Our articles by Prathamesh August 8, 2014March 24, 2015 0 comments

“Yeah no worries, just pay me when you’ve got it. I don’t mind waiting” is listed among an extensive line up of things you’ll never hear from a tradie in a hilarious satirical clip “S#!t Tradies NEVER Say” produced by Tradies National Health Month.

Many tradies, like other small-medium sized business operators, are greatly affected by cash-flow issues caused by not getting paid on time, or in some cases not getting paid at all. This can put enormous pressure on their mental health, self-esteem and spill over into their family life. While this is particularly rampant

Security in ‘the cloud’: How to make sure your information remains secure while using cloud-based software

in Business / Our articles / Technology by Prathamesh July 31, 2014March 24, 2015 0 comments

Cloud computing gives you greater freedom than ever before. No longer tethered to a desk, you can manage your business, and with CheckVault your payments as well, on the go from anywhere.

So with the growth in cloud-based software services available we thought we would share with you a few tips on how to keep your information secure when using these tools for your business or at home.

Use an internet browser with good security protection – Google Chrome is acknowledged as the most highly secure of the most popular browsers. We have optimised our site for Google Chrome to give you the best and most secure CheckVault experience.
Check that the website is secured – Look at the top left hand side of the

What is Escrow? It’s as easy as 1-2-3.

in Business / Our articles by Prathamesh July 17, 2014March 24, 2015 0 comments

Escrow refers to money which is held by an independent third-party on behalf of transacting parties. In laymans terms this means while a job is being done, someone unbiased holds the money which keeps things fair.

There are three basic steps to an escrow service:

Poor cash-flow, including getting paid on time, is cited as the cause of 90% of

7 Common Goal Setting Mistakes to Avoid

in Business / Our articles by Prathamesh July 10, 2014March 24, 2015 0 comments

Last week we looked at setting goals. Hopefully you have created an opportunity during the week to look at your business achievements and set goals for the financial year ahead.

Let’s now look at what not to do when setting your goals, as we look at a few common goal setting mistakes to avoid.

Not making them SMART. If you don’t make your goals Specific, Measurable, Achievable, Relevant and Time Based, you are creating a

7 Steps To Setting Great Business Goals

in Business / Our articles by Prathamesh July 3, 2014March 24, 2015 0 comments

There’s an old saying by Benjamin Franklin: “If you fail to plan, you are planning to fail.”

So with the start of the new financial year, it’s a perfect time to set your business up for success as you plan your business goals.

To help you on your way, here’s seven easy steps that will have your first goal set before your first meeting tomorrow, or even by the end of today. Set aside 30 minutes without your phone, without disruption and just focus.

Reflect – as we spoke about in our last blog post, it’s important to

Business Health Check – End of Financial Year is the perfect time

in Business / Our articles by Prathamesh June 27, 2014March 24, 2015 0 comments

There are only three days to go until we wrap up the 2013/2014 financial year in Australia. It’s a great time to take a few minutes and reflect on the year that was, then use this insight to start planning your year ahead.

Take stock of where you are; what worked well; what didn’t; what you’ve achieve and where you can improve.

Think about: