If your company is doing it tough, take comfort in knowing that we can help you understand the options that are available to deal with your sources of financial distress.
Why we do what we do
At HLB Mann Judd Insolvency WA, we are all about upholding and safeguarding financial security and wellbeing. Even if the outcome is an undesirable one, our professional and respectful approach ensures that the interests of stakeholders are protected.
We identify options and provide honest, objective feedback on how to deal with sources of financial distress and move past them.
How we help companies in distress
We are highly experienced in all forms of corporate insolvency administrations and tailor pragmatic solutions that focus on the interests of external stakeholders, as well as the impact on directors and shareholders.
For directors, we provide relief from the pressures of managing increasing debt and a plan to deal with sources of stress.
For employees and other creditors, we bring a strategy for moving on and order where there is uncertainty.
We work with a variety of professionals such as solicitors, valuers, auctioneers and insurers when we conduct out appointments to ensure that we always receive the right advice.
Read more below about the formal and informal corporate insolvency options available to directors:
Corporate insolvency relates to companies, as distinct from individuals, who are dealt with in similar, but different ways.
The Australian Securities & Investments Commission has created some useful guidance for various stakeholders about corporate insolvency that can be accessed on our Resources page.
The signs of financial distress include
- Poor or deteriorating cash flow
- Difficulty collecting debts from customers
- Financial statements that show a history of unprofitable trading or shortages of working capital
- Difficulty paying debts when they fall due
- Non-payment of statutory taxes or employee superannuation
- Banking overdraft and other finance facilities at their limits
- Creditors attempting to payment of outstanding debts
If there is a suspicion of insolvency, a director should consider the interests of all stakeholders, including employees, suppliers and other creditors.
There are serious consequences for breaching general director duties and the duty to avoid trading whilst insolvency.
The first step to mitigate these risks is to seek proper advice. Get in touch with us today to arrange a cost and obligation free meeting.
CHECK OUT OUR LATEST CORPORATE INSOLVENCY INSIGHTS
In March 2020, amongst several other economic initiatives set in motion in response to the COVID-19 pandemic, the federal government imposed temporary ‘safe harbour’ relief
In preparation for the approaching possible ‘tidal wave’ of insolvency appointments likely to commence in early 2021, the Federal Government has announced its intention to
Key takeaway Be mindful of the disqualification criteria of the Superannuation Guarantee Charge (“SGC”) Amnesty and exposure to Director Penalty Notice (“DPN”) liabilities