It is important to get advice from an insolvency lawyer who understands company insolvency and personal bankruptcy.
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Your lawyer and accountant are the only parties that will act in your best interests in insolvency. Liquidators and Administrators must act independently and do not act for those that appoint them, whether it be yourself or another party.
If you are experiencing difficulties in paying your bills or have been issued with a demand for payment you should seek advice. The sooner people act the higher the chance you have of avoiding liquidation or bankruptcy.
Considering your options regarding insolvency is important as there may be some options you haven’t considered and there are many disreputable advisors who claim they can help. There have been warnings issued about obtaining advice regarding insolvencies from professional advisors.
Insolvency issues can arise during the normal course of business and directors should be careful to comply with their directors duties.
Getting legal advice regarding insolvency is also important for company directors as this offers directors important protections under the corporations act called safe harbour provisions.
These safe harbour provisions allow you time to turnaround with being liable for some directors’ duties.
It is unlawful for a director to continue to trade a company if it is insolvent. Insolvency is where a company cannot pay it’s debts when they fall due.
Our commercial lawyers have extensive experience in helping business owners and directors in insolvency matters.
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