How We Help

Corporate Insolvency

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

What is corporate insolvency?

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

What are my options?

We operate as specialists in a unique sector, dealing with bad debts and distressed businesses and personal finances. We have the tools and framework to lead all parties through choppy seas. Business debt can be complicated. Several factors influence the options available, including the following considerations.

Trade status

If the business is still trading.

Structure type

The business structure (sole trader, partnership, company, or trust).

Quantum & extent of debt

The amount of debt and whether outstanding employee entitlements are included in that debt.

Business value

The business assets’ value and any securities attached.

Litigation

Whether legal action is pending.

Next chapter

The desired outcome.

The Worrells Guide

Guides to Insolvency: Personal & Corporate

Our Guides to Insolvency are not intended to be read from cover to cover.

It’s here as a reference to get the answers when particular questions arise either to support the decision-making process, get the reassurance your client needs, or to empower different outcomes during the course of an administration.

Each topic is set out in a question and answer format and is explained in non technical terms, yet has sufficient detail to allow advisors to gain a broad understanding of insolvency concepts and practice.

How we help

Difficult business financial situations

We operate as specialists in a unique sector, dealing with bad debts and distressed businesses and personal finances. We have the tools and framework to lead all parties through choppy seas. Tough situations often mean honest conversations and we will never shy away from the straight talk that insolvency demands.

FAQs

Some questions you might like answered

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're here to help

We speak with people and their advisors every day. We do this as complimentary and without expectation.

Jason Bettles

Principal, Gold Coast, Northern NSW

Jason Bettles

Principal, Gold Coast, Northern NSW

Aaron Lucan

Principal, Western Sydney, Central West

Aaron Lucan

Principal, Western Sydney, Central West

Stephen Hundy

Principal, Canberra, Wollongong

Stephen Hundy

Principal, Canberra, Wollongong

Matthew Kucianksi

Principal, Melbourne, Ringwood

Matthew Kucianksi

Principal, Melbourne, Ringwood

T: 03 9613 5518

F: 03 9613 5599

EMAIL Matthew

Mervyn Kitay

Principal, Perth

Mervyn Kitay

Principal, Perth

Business can be tough

Our team is focused and ready to help

Contact a Principal

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