Given the impact of COVID-19 on the economy, the casualties will inevitably include businesses as well as individuals. We have all heard of businesses citing
Companies can face insolvency for a number of different reasons not all of which need be fatal to the business.
When the underlying business is still viable, options usually exist to restructure the business via a new entity. But don’t delay, the sooner you act the better off you will be.
If your business is suffering financial hardship or insolvency because of the collapse of a major customer, litigation or poor planning or management, the timely implementation of restructuring strategies will give the business a second chance at success and reduce the risk of personal liability.
The earlier you act, the greater the prospects of a successful restructure. Don’t wait until you receive one of the following to discuss your options:
- Statement of Claim,
- Statutory Demand,
Notice for a Secured Creditor, or
- ATO Director Penalty Notice.
Find out how to protect your business and personal assets today.
Every situation is different and careful consideration and planning is required to achieve a second chance for a business and/or to reduce personal exposure and protect non-business assets.
How We Help
As one of the leading insolvency law firms Newcastle has to offer our experienced team will provide you with advice and assist your business to deal with the consequent of insolvency or financial hardship.
We assist clients by evaluating the company and director’s financial circumstances and assessing and implementing strategies to address or minimise the implications of insolvency.
Our Insolvency and Restructuring Lawyers will work closely with your Accountant and local Insolvency Practitioners, where necessary, to ensure the best outcome is always achieved.
Insolvency and Restructuring Options
We can provide timely advice and assist with:
- Asset Sale and Restructuring Agreements.
- Business Licence and Option Agreements.
- Voluntary Administrations.
- Deeds of Company Agreements.