Thoughtful insolvency when you reach the end point
Worrells has a genuine focus on the wellbeing of the individual going through the process, helping to remove much of the emotional and physical burden that comes with a struggling business or director-related financial situation.
Registered liquidators
Small business restructuring practitioners
Worrells is available Australia wide
Fast, cost effective options
Corporate insolvency solutions can give a helping hand to reach an arrangement with your creditors, or a more formal insolvency process to rehabilitate the business through a small business restructure, a voluntary administration or wind up the business through a liquidation process.
Facing up to a challenge is often the hardest part, but better things can only come from taking the first step on the path to the other side.
PATHWAY 1
Going through financial adversity in business or as an individual is tough. Hardship isn’t something you need to face alone, our experienced team can help you turn around your situation or guide you through insolvency with a genuine focus on your wellbeing.
PATHWAY 2
Business can be tough. Before you throw in the towel, we help you consider what can be done to turn around a business, exploring restructuring options that can buy you valuable time to get back on your feet.
The sooner you seek options, the more you’ll have.
1
Organise a confidential call or meeting with one of our principals
2
Share your info (and your burden) with us so we can assess your situation
3
Say goodbye to that weight on your shoulders
Contact
We have the tools and framework to lead all parties through choppy seas
Get in touch
Business debt issues can be complicated.
Several factors influence the options available to you, including:
We speak with people every day as complimentary and without expectation.
Principal, Gold Coast, Northern NSW
Principal, Western Sydney, Central West
Principal, Canberra, Wollongong
Principal, Melbourne, Ringwood
Principal, Perth
FAQs
A liquidation can occur voluntarily (by a decision of the directors and shareholders) or through a court order. Voluntary liquidation occurs when the business owners determine that the company can no longer satisfy its debts and is insolvent, or likely to become insolvent. It allows for an orderly realisation of the company’s assets, investigations into the company’s failure, and distribution of the company’s assets among its creditors.
Voluntary administration allows businesses to address insolvency issues, and if possible, return it to healthy trading position. This is usually available to directors who are proactive when they see their company is in financial trouble. The voluntary administration process ensures that the business, the company’s assets and affairs are administered in a way that (among other things) maximises the chances of a business continuing to exist by a voluntary administrator taking control as if they are the company directors. The administration process takes place over an interim period, usually lasting between 20 and 30 business days.
Yes, if you are trading through a company and are the director and shareholder. Get in touch and we'll guide you through the process.
Liquidation and voluntary administration are for businesses trading through a company structure (incorporated companies and trust structures). If you are trading as a sole trader and have financial issues in the business, then your debts can be dealt with through bankruptcy or other debt solutions.
Employee entitlements (including wages, superannuation, leave, and termination amounts, etc.) are treated as a priority dividend—as a priority creditor in the insolvency appointment—under the Corporations Act 2001 and Bankruptcy Act 1966 ahead of other types of creditor claims.
The federal government has a scheme to protect some employee entitlements in the event of a company being placed into liquidation—known as the Fair Entitlements Guarantee scheme (FEG). This scheme’s funding assists to satisfy and pay outstanding wages, leave entitlements, and termination amounts (subject to some limits) that employees are owed when the business cannot afford to pay these debts. Call us to find out more.
Directors must be aware of “insolvent trading” laws that can have substantial penalties or implications. If your business is insolvent, it is best to touch base with Worrells to discuss what can be done legally to save your business and to understand what your rights and obligations are.
How we help
Before being appointed, we always provide a clear picture of what options a business or person may have.
Mental health
Facing financial distress is a crushing experience that creates hardship on a personal level. It’s not easy.
Be aware and proactive about your mental health, so you can get out the other side of these challenges.
Ask for help if you need it.
Chat to your doctor or reach out to the following organisations if you are in urgent need of help.
