How We Help
Thoughtful insolvency when at an end point
VA, small business restructuring, liquidation, receivership, bankruptcy. We’re subject matter experts and that means we’ll have the answers when our clients need them most. Importantly, we’ll always deliver this advice with thought and care for the individuals going through the insolvency process and those parties impacted by it.
Background
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.
Considerations
Business debt can be complicated. Several factors influence the options available, including the following considerations.
Whether the business is still trading.
The business structure (sole trader, partnership, company, or trust).
The amount of debt and whether outstanding employee entitlements are included in that debt.
The business assets’ value and any securities attached.
Whether legal action is pending.
The desired outcome.
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Many directors are completely oblivious of their obligations and duties, thinking only of what they will make from the successes of their new enterprise.
They do not consider the downside or risk, particularly their personal exposure, should things go wrong...
How we help
Delve into the latest news and insights from the Worrells teams on all things corporate insolvency solutions.
FAQs
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 (FEG) scheme. 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. Contact us to find out more.
Corporate insolvency solutions are for businesses trading through a company structure (incorporated companies and trust structures). For businesses being traded through a sole trader structure, then those debts can be addressed through personal insolvency solutions.
We speak with people and their advisors every day. We do this as complimentary and without expectation.
Principal, Gold Coast, Northern NSW
Principal, Gold Coast, Northern NSW
Principal, Western Sydney, Central West
Principal, Western Sydney, Central West
Principal, Canberra, Wollongong
Principal, Canberra, Wollongong
Principal, Melbourne, Ringwood
Principal, Melbourne, Ringwood
Principal, Perth
Principal, Perth
Business can be tough
Our team is focused and ready to help
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