What is company insolvency?
Regardless of any assets or financial prospects that may be held, any company that cannot meet its financial obligations at the time they fall due for payment is said to be “insolvent”.
The Insolvency of your company is likely to involve a range of issues potentially affecting not just the company and its continuing existence, but also the Directors, in person. Use the drop-down menu above or the following links to find answers to questions concerning the following important, related topics
- Voluntary Administration
- Director Penalty Notice
- Deed of Company Arrangement
- Personal Guarantees
- Statutory Demand
- Insolvent Trading
- Alternatives to Bankruptcy
Can solvent companies be wound up?
A solvent company may be wound up by a resolution of its members in a Members Voluntary Winding Up. The Courts may also wind up a solvent company following an application by the company’s Directors or members, for example when there are irreconcilable differences such as a conflict in the company’s leadership. If you need assistance in voluntarily winding up a solvent company, including getting independent support to help you resolve internal differences, call TAP Turnaround Professionals on 1300 518 070
What to do about company insolvency
If you know or suspect that your company is insolvent, it is important for you and your family to act without delay. If you are a director of a company that is continuing to trade, that is, incurring new debts, while insolvent — see Insolvent Trading — you personally as well as your assets may be at serious risk. TAP Turnaround Professionals is dedicated to supporting, informing and helping companies and business owners who are experiencing financial difficulty, and with enough time it may be still be possible to save both your financial reputation and your business.
Our service begins with a free, friendly, no-obligations discussion about how we can help you with your financial circumstances. Call us any time on 1300 518 070