Best Business Insolvency Advice

Prevention is better than cure.  We all know that.  Nothing could be truer than when you see your business heading towards overwhelming debt and serious financial problems.  Problems tend to get worse with time, if they are ignored.  Try and deal with them as soon as possible.

If you can start taking steps before you face insolvency, so much the better.  There is such a lot of really helpful advice available to you, and if you seek it before things get out of hand, you may be able to save your business.

You need to find specialists in the field of business insolvency who can find solutions tailor-made for your business and your problems.  Whether it means avoiding insolvency or going through the process of insolvency, they will know how to make it as painless as possible for you.

If you get the right company to support you, they will help you get the safest protection for your assets and then go on to negotiate the best possible deal with your creditors.

So before you take the route of going to an administrator or a liquidator, why not try an insolvency solution broker first and hear what he has to say?

You need to choose a broker or company who is registered with a recognised body such as IPAA, which stands for the Insolvency Practitioners Association of Australia.

These are normally professional people with accounting and / or legal backgrounds, and they are experienced in the field of finding solutions to the individual situations of Australian businesses that are in financial difficulties.

The IPAA has a code of conduct to which its members have to adhere.  This will ensure fair play and legal protection for you.

As far as the type of assistance that you need goes, it depends upon the nature of your problem.  You need to enquire as to what they can do for you.  There may be many aspects that do not relate to you and your business at all.  Contact them and talk to them and see what they have to offer as well as what solutions they have in mind.

Should it be necessary for you to go into liquidation, it may be a forced liquidation or you may be advised to go into voluntary liquidation.  This last step may even save you losing your business.  The object of these measures is not to crush or punish you, but to find fair solutions both for you and for your creditors.

ASIC is the Australian Securities and Investments Commission.  Your liquidator should be registered with this organisation.  They are there to enforce company and financial services laws so as to protect consumers, investors and creditors.  They are the watch dogs of, among other things, insolvency and liquidation procedures. They demand very high standards of conduct from liquidators registered with them.

Your financial affairs will be investigated and fraud investigations in certain circumstances may be conducted.  Some of your assets may be sold off to pay your creditors.

However, if continuing business is viable, you will be allowed to do so.  In some cases the powers of the administrator will allow him to appoint or replace senior staff members in the best interests of the company. 

These measures are intended to allow the company and the administrator time to assess the situation fully and to come up with a permanent plan.

All these things may turn out to be unavoidable, but if you do consult a reliable firm of business insolvency experts, they will be able to tell you whether there is a chance of avoiding the whole insolvency issue and finding another solution.