Directors are liable for a range of company debts and lodgements; and have a duty not to trade while insolvent.

The small business restructuring (SBR) process allows a small business that has found itself in an uncertain financial position to propose a single offer to its creditors seeking to settle its debts for a lesser sum than is owed.

Liquidation is a formal process to dismantle a company’s affairs. It can provide relief to those running the company by placing company control into the hands of a third party - a liquidator. The liquidator then deals with the company’s operations and its debts.

Voluntary administration allows businesses to address insolvency issues, and if possible, return it to healthy trading position.

These are the key monetary thresholds and time limits that apply in relevant insolvency appointments.