File Info

I can’t pay my debt

I’m owed money

My clients need help

WHAT SHOULD I DO?

BANKRUPTCY QUESTIONS?

Watch our bankruptcy video to get the answers to the FAQs

If you're struggling with personal debt—you have options that give you a fresh start.

A bankruptcy trustee can give you the right advice, and whether bankruptcy in view of other options—like a debt agreement—is the right solution for your circumstances. The last thing you'd want is to add extra stress or obligations on yourself, when bankruptcy may actually gives you the fresh start you need. Remember, bankruptcy is designed to give relief—not to punish.

LIQUIDATION QUESTIONS?

Watch our liquidation video to get the answers to the FAQs

If your company is struggling with business debt—you have options that give you a fresh start.

Worrells can give you the right advice which may include, an informal arrangement with creditors, liquidation or even a Deed of Company Arrangement. Remember, insolvency law is designed to give relief—not to punish. To find out how we can help you, act now, by answering some simple questions on our online solution finder, or give us a call.

WHICH SOLUTION BEST SUITS ME?

Please give us some quick information for us to identify your position. Your information is kept strictly confidential. You'll find our privacy policy here.

Find your solution below via the journey below.

View our 4 Step Process

1
I HAVE A MONEY / DEBT PROBLEM
2
SPEAK TO WORRELLS
3
MEET WITH WORRELLS
4
SOLVE YOUR PROBLEM
Find Your Solution

ABOUT WORRELLS

Worrells is a firm dedicated to solvency management, insolvency administration and forensic investigation.

We use plain talk, we give straight answers and we get fast results. Our unique systems and resources mean we leverage more experience and skill to achieve the best outcome to anyone facing insolvency. Communicating directly with partners and team members to get advice or general information is straightforward.

WHY WORRELLS?

Worrells is a well established firm having being founded in 1973. With 29 partners and over 100 staff in 33 locations across QLD, NSW, ACT, VIC, SA, and WA we draw upon broader resources and technical expertise enabling us to be focused locally while being resourced nationally.

But, why Worrells? There are 7 good reasons >

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Specialist Firm

Worrells has 29 partners

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Capable

We have undertaken in excess of 26,000 appoinments

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Technology

We use the latest technology

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Communication

Our communication procedures tell you the how, what, where and how much

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Reporting

We deliver information for a living.

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Costs

Our simplified solvency management rates combined with our state of the art systems provide a price competitive result.

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Respect

We make sure that everyone is treated fairly, with respect and due consideration.

WHAT IS LIQUIDATION?

Liquidation is the only way to fully wind up the affairs of a company and end its existence.

A registered liquidator will dismantle the company's structure by conducting appropriate investigations and enabling a fair distribution of company assets to its creditors.

Liquidation occurs either because the company cannot pay all of its debts (i.e. it is insolvent), or its members want to voluntarily end the structure and have it struck off from the Australian Securities and Investments Commission.

WHAT IS BANKRUPTCY?

Bankruptcy is a legal process where a trustee is appointed to administer an insolvent person’s affairs, in order to provide a fair distribution of that person’s assets to their creditors. Bankruptcy is a legitimate and just way for a debtor to solve their debt problems, and it is one way for creditors to take action against someone for unpaid debts.

The Bankruptcy Act 1966 exists to protect debtors (i.e. the bankrupt) and creditors.

The debtor is protected from being pursued by creditors and, with limited exceptions, is released from their debts at the end of the bankruptcy. Bankruptcy provides a debtor with a fresh start.

Bankruptcy protects creditors’ interests by having an independent, qualified accountant control and investigate the bankrupt’s affairs, and collect and distribute the bankrupt’s assets.

Worrells Guide to Insolvency

We offer our Guides to Insolvency to help assist and inform in any role that you may find yourself in, when advising on, or contemplating an insolvency administration. Our initial advice is always available on a complimentary and confidential basis, and with respect and openness as the cornerstone of all that we do.

WORRELLS IN THE MEDIA

In this section you can access our media releases, publications that Worrells has been mentioned in and you can listen to audio interviews we have participated in.

MY CLIENT CAN'T PAY THEIR DEBT

PARTNERING UP WITH A PROFESSIONAL ADVISOR

Commonly, it is the accountant, solicitor, or advisor that have the onerous task of discovering their client's true financial position. It doesn't end there a responsible advisor will use this information to provide options and appropriate advice that will best serve their client.

We believe we have a duty to ensure advisors and their clients are well-informed and supported on insolvency issues. We recognise that the level of dependence on advisors is understated and for this reason we believe we need to be "working together".

VIEW OUR 5 SIMPLE STEPS

View our 5 Simple Steps

1
MY CLIENT HAS A PROBLEM
2
EXPLORE THE OPTIONS
Find your client's solution
3
MEET WITH WORRELLS
4
CONSIDER THE BEST OPTION FOR YOU
Voluntary Administration Deed of Company Agreement Liquidation Personal Insolvency Agreements / Part X Bankruptcy
5
WORRELLS FINDS YOUR SOLUTION

WHY WORRELLS?

Worrells is a well established firm having being founded in 1973. With 29 partners and over 100 staff in 33 locations across QLD, NSW, ACT, VIC, SA, and WA we draw upon broader resources and technical expertise enabling us to be focused locally while being resourced nationally.

But, why Worrells? There are 7 good reasons:

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icon

Specialist Firm

Worrells has 29 partners
icon
icon

Capable

We have undertaken in excess of 26,000 appoinments
icon
icon

Technology

We use the latest technology
icon
icon

Communication

Our communication procedures tell you the how, what, where and how much
icon
icon

Reporting

We deliver information for a living.
icon
icon

Costs

Our simplified solvency management rates combined with our state of the art systems provide a price competitive result.
icon
icon

Respect

We make sure that everyone is treated fairly, with respect and due consideration.

SIGN UP TO OUR NEXT EVENT

We give complimentary seminars for advisors. Topics are presented by Worrells partners and managers, ranging from current issues impacting insolvency, insolvency case studies to business structuring commentary. We invite you and your professional colleagues to join us. Our seminars can contribute to your 'continuing professional development' programs.

Sign up for seminar invitations offered quarterly in capital cities: Brisbane, Sydney, Canberra, Melbourne, and Adelaide. Along with a range regional locations to choose from throughout the year.

Worrells Guide to Insolvency

We offer our Guides to Insolvency to help assist and inform in any role that you may find yourself in, when advising on, or contemplating an insolvency administration. Our initial advice is always available on a complimentary and confidential basis, and with respect and openness as the cornerstone of all that we do.

I'M A CREDITOR, HOW DO I GET MY MONEY BACK?

Are you a Creditor?

IF SO, PLEASE PROVIDE NAME OF ADMINISTRATION BELOW:

Not yet under administration?

THE ENTITY IS NOT YET UNDER ADMINISTRATION, WHAT ARE THE NEXT STEPS?

 

FOLLOW OUR 4 EASY STEP PROCESS

View our 4 Step Process

1
ISSUE LETTER OF DEMAND
2
ENGAGE A LAWYER
I need a lawyer
3
ISSUE A BANKRUPTCY NOTICE / STATUTORY DEMAND
4
FILE AN APPLICATION

Worrells Guide to Insolvency

We offer our Guides to Insolvency to help assist and inform in any role that you may find yourself in, when advising on, or contemplating an insolvency administration. Our initial advice is always available on a complimentary and confidential basis, and with respect and openness as the cornerstone of all that we do.

I want to know…
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  • Bankruptcy

    Bankruptcy is a legal process where a trustee is appointed to administer an insolvent person’s affairs in order to provide a fair distribution of that person’s assets to their creditors.
    Read more »

  • Part X—Personal Insolvency Agreement

    Part X (Part 10) is a part of the Bankruptcy Act that allows a debtor to enter into an arrangement with their creditors without being made bankrupt.
    Read more »

  • Liquidation

    Official liquidation is a process of a Court ordering the winding up of a company's affairs and the appointment of a liquidator in order to provide for a dismantling of a company's affairs and a fair distribution to creditors.
    Read more »

  • Voluntary Administration

    Voluntary Administration is designed to assist companies to either come to a formal arrangement with their creditors to pay their debts, or are quickly and inexpensively placed into liquidation.
    Read more »

  • Personal Property Securities Act

    The Personal Property Securities Act (PPSA) came into operation on 30 January 2012 and replaced a number of provisions in the Corporations Act dealing with the registration and exercising of securities over assets. The operations of the PPSA are significant in the event of the appointment of an external administrator or trustee.
    Read more »

  • Director Penalty Notices

    Company directors are legally responsible for ensuring that their company meets its pay as you go (PAYG) withholding, “net” GST (goods and services tax, wine equalisation tax and luxury car tax) and superannuation obligations. If a company fails to comply with their obligations to pay the debt by the due date for payment, company directors are held personally liable for the amount the company should have paid.
    Read more »

STEP BACK
Are you trading a business?
Yes
No
What is the value of the assets?
$
$
$
$
$
$
$
NEXT
What is the value of the creditors?
$
$
$
$
$
$
$
NEXT
Which creditors are pressing for payment?
Trade Creditors
Australia Taxation Office
Other
NEXT
Is the business still trading?
Yes
No
Do you want a solution that enables your business to continue to trade?
Yes
No
Which income bracket (after tax) do you fit into?
>
Under $50,000
>
$50,000 to $70,000
>
$70,000 +
Do you own any of the following assets?
Home
Investment Property
Listed Shares
Other
No assets
NEXT
What is the level of your creditor debt?
>
Less than $20,000
>
$20,000 to $50,000
>
$50,000 +

This is a summary of your situation:

Assets:
Liabilities:
Total:

Please contact us to discuss a solution

Please contact us urgently for a possible solution to save your business

Please provide us with your details below.

STEP BACK
What is your client's structure?
Company
Trust
Personal
Who is the trustee of the trust?
Company
A person
Which industry is the entity involved in?
Building, Construction
Hospitality
Manufacturing
Transport
Primary production
Professional services
Retail/Wholesale
Other
NEXT
Is the business still trading?
Yes
No
Do you wish to continue to trade the business?
Yes
No
What is the value of the assets?
$
$
$
$
$
$
$
NEXT
What is the value of the creditors?
$
$
$
$
$
$
$
NEXT
Are creditors pressing for payment of their debt?
Yes
No
Have legal proceedings been commenced against the company?
Yes
No
Has the ATO issued a Director Penalty Notice?
Yes
No
What is the expiry date of the notice?
NEXT
Are you, or have you, traded a business?
Yes
No
Do you wish to continue to trade the business?
Yes
No
Which industry is the entity involved in?
Building, Construction
Hospitality
Manufacturing
Transport
Primary production
Professional services
Retail/Wholesale
Other
NEXT
Do you own any of the following assets?
$
$
$
$
$
$
$
$
$
$
NEXT
What is the value of your creditors?
$
$
$
$
$
$
$
$
NEXT
Which income bracket (after tax) do you fit into?
>
Under $50,000
>
$50,000 to $70,000
>
$70,000 +
Are creditors pressing for payment of their debt?
Yes
No
Have legal proceedings been commenced against you?
Yes
No

This is a summary of your situation:

Assets:
Liabilities:
Total:

Based upon the information you have disclosed, it is our view that you have the following options available to you:

  1. Liquidation
  2. Voluntary administration / Deed of Company Arrangement
  1. Bankruptcy
  2. Controlling trustee
  3. Personal Insolvency Arrangement

Please select the office:

  • Your details

  • Advisor

  • Who do you want us to contact?

Thank you for your response. Our office will contact you within 1 business day. If you want to contact us directly, please call us on (07) 3225 4330.

Contact our teams across Qld, NSW, ACT, Vic, SA, and WA

Contact us
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