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ARTICLE · 14 APRIL 2021

What happens when your company becomes insolvent?

Rostron Carlyle Rojas
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When your company becomes insolvent, things outside your control may happen, so you should understand your rights.

AustraliaInsolvency/Bankruptcy/Re-Structuring
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When your company becomes insolvent, you can expect a number of things outside your control to happen that you might want to know about and understand your rights.

  1. You Receive Invoices or Demands for Payment that you Cannot Pay

If you have overdue invoices or have received a letter of demand threatening legal action, you may wish to consider seeking financial or legal advice to dispute the debt.

Under the Federal governments new small business debt restructuring process, your company is able to appoint a restructuring practitioner to assess whether your company is still viable and propose a restructuring plan to your creditors.

  1. You Are Served with a Statutory Demand.

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