The Bankruptcy Amendment (Enterprise Incentives) Bill 2017 has now lapsed The controversial Bankruptcy Amendment (Enterprise Incentives) Bill 2017 officially lapsed on 1 July 2019 and as such will no longer be proceeding. If the Bill was passed, it would have had the effect of amending the Bankruptcy Act 1966 so that the default period of […]
Companies can face insolvency for a number of different reasons not all of which need be fatal to the business.
When the underlying business is still viable, options usually exist to restructure the business via a new entity. But don’t delay, the sooner you act the better off you will be.
If your business is suffering financial hardship or insolvency because of the collapse of a major customer, litigation or poor planning or management, the timely implementation of restructuring strategies will give the business a second chance at success and reduce the risk of personal liability.
The earlier you act, the greater the prospects of a successful restructure. Don’t wait until you receive one of the following to discuss your options:
- Statement of Claim,
- Statutory Demand,
- Notice for a Secured Creditor, or
- ATO Director Penalty Notice.