Insolvency and Restructuring

Insolvency and Restructuring

In response to the COVID-19 crisis, the Federal Government has effectively eliminated the prohibition on insolvent trading until 30 September 2020. However, safe harbour provisions should still be followed. Please call us if you find yourself in a position of insolvency.

Also, be alert; your customers may now be permitted to trade while insolvent for longer than before, running up a lot more debts and taking good businesses like yours with them when they go down. Credit control and debtor management are now more critical than ever.

Significant decisions need to be made when a business or individual is facing financial difficulty. Decisions often need to be made quickly and can have serious consequences. P.M. Lee & Co. Lawyers can assist clients to analyse the issues and provide a range of options for dealing with the difficulties.

Our services include:

• Company Liquidation
• Receivership
• Statutory Demands
• Restructures

Recent changes to the Corporations Act called “Safe Harbour” provisions provide a mechanism for directors to maintain control of their company in circumstances that may previously have been trading while insolvent.

However, formalities are required, so please call us so we can help you make use of the very beneficial provisions.