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.