Knowledge Base


Bankruptcy

What is a Personal Insolvency Agreement?

If you find yourself unable to pay your debts when they are due, a Personal Insolvency Agreement is a flexible way to negotiate with creditors and manage your debt. Entering into a Personal Insolvency Agreement is a serious commitment that carries lasting consequences. While the outcomes are preferable to bankruptcy, it’s important to explore your […]

Voluntary Administration

What Happens to Employees When a Company Goes Into Voluntary Administration

When a company is insolvent, its directors can elect to enter into Voluntary Administration. Voluntary administration allows directors to work with an insolvency expert and develop a plan that could potentially save the company from liquidation. Companies that enter voluntary administration are facing significant financial challenges. This can have a major impact on employees and […]

Voluntary Administration

Administrator Appointed – What Does it Mean?

Contending with financial difficulties is a simple fact of business for many. As stressful as it can be to find yourself in this situation, Australia’s insolvency provisions mean help is readily available. Voluntary Administration is one form of assistance that aims to maximise returns for creditors, protect jobs and allow companies to recover from unfavourable […]

Liquidation

What Happens to a Director of a Company in Liquidation – Updated 2024

Outcomes for Directors of a Company in Liquidation When a company goes into liquidation, directors may face personal liability if found guilty of insolvent trading or breach of duty. This can include being required to pay company debts from personal funds, especially if they’ve acted against creditors’ interests or continued business knowing the company couldn’t […]

Liquidation

The Difference Between Receivership & Liquidation – Updated 2024

Receivership vs Liquidation in Australia Receivership and liquidation are distinct processes for addressing financial distress in companies. Receivership allows a company to operate under the management of a receiver to repay creditors, preserving some control for the company’s owners. In contrast, liquidation marks the company’s end by selling off assets to settle debts, completely removing […]

Liquidation

How to Check if a Company is in Liquidation in Australia – Updated 2024

Taking on risk is a part of doing business. Every time you supply goods, services or money to a company, you are accepting that they may be unable to repay the debt.   This can put you in a tough financial position. To avoid the worst, it’s important to keep an eye on the affairs […]

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