At some point in many company director’s career, they will come to face the warning signs of company insolvency. When the pressure is on, it can be very hard to balance everything – from stakeholder expectations to your family responsibilities to trying to make your cashflow work for you. However, you need to be sure that you do not carry on trading when your company is insolvent.
The first thing to do is call us! Our company insolvency experts here at Australian Company Liquidations can assist you by conducting a thorough company insolvency assessment to determine whether your company is solvent or not and whether an insolvency appointment is required. A professional and independent company insolvency assessment is a critical process to undertake, as many company directors can become blinded by their financial pressures and unable to see the reality of their financial situation.
Another risk is that a director might place themselves and their company in further jeopardy by continuing to trade whilst insolvent. After the company insolvency assessment establishes that your company is in fact insolvent, the next step is to decide upon a solution.
The recommended course of action for an insolvent company is to voluntarily enter into voluntary administration, or voluntary liquidation.
Many directors find that the effect of placing their insolvent company into voluntary administration or voluntary liquidation is like the release of a pressure valve. Once the insolvent company is placed into the hands of an insolvency expert, the director is free to move on with his/her life after a long, stressful battle with insolvency.
A Registered Liquidator is appointed to the case and will manage all financial affairs and creditor enquiries.
If you would like to learn more about the impacts of a company liquidation and which path is best for you it is best to consult a registered liquidator. Our friendly and registered liquidators can help you do that and assist you through each step of the way. We offer a FREE initial consultation and expert advice. Please contact us on 1800 731 155 now to learn more about your options.