What is Insolvency?
Insolvency generally means when a company is not able to pay its debts when and as they fall due (means on the date that you have to pay).
This means that if a company is not able to pay its debts by the due date, and cannot enter into an agreement to extend the agreement or to pay by installments the company might be insolvent. This is a serious offense under the corporations act as the directors may be deemed to be trading while the company is insolvent. This has serious consequences and potential penalties for the company and its directors.
What My Lawyers Are Able To Do For You
My Lawyers are able to advise and work with your accountants, financial advisors and other experts to advise the company and its directors to avoid the pitfalls of insolvency.
Serious Consequences and Penalties of Insolvency
There may be options open to the company and its directors to re-arrange their affairs and debts and to avoid the serious consequences and penalties of insolvency.
My Lawyers are ready and able to advise you extensively on matters of insolvency and thus ensure that you take all the reasonable steps to keep your company and it's business as a going concern without unforeseen and devastating consequences to the company and to you as directors or interested business parties.
Take Urgent Action
Contact My Lawyers as a matter of urgency to avoid the numerous pitfalls, serious unforeseen consequences and penalties usually encountered by unprepared directors or interested parties involved with Insolvency.
Get in Touch
To speak with one of our legal experts, please complete the contact form below or telephone us on (03) 8379 1000 to get in touch with us today.