It is important that directors are aware of their obligations under the Corporations Act regarding the management of a company, particularly in circumstances where it may be insolvent or likely to become insolvent. By not acting within certain timeframes, directors can further and unnecessarily expose themselves financially.
Whilst we encourage pro-active action to be taken by directors, we also understand that when a company enters a cycle of financial crisis quite often many other avenues or plans of action are considered before getting professional advice from a Firm like ourselves. Unfortunately unless the plan has a professional that ensures it is correctly implemented, it typically does not deliver the benefits originally envisaged.
There are many forms of external administration to consider when examining the best option for the company and the various stakeholders. By clicking on the options below you can find out more about these options. Remember however, that the information is seeking to provide information of a general nature and we would be happy to discuss your specific circumstances during an initial free meeting. To arrange one, please click here or ring (612)9251 5222.