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YOU’VE HEARD ABOUT INSOLVENT TRADINGWhat does it mean in plain English:

  • The stick – If a company is insolvent then a director may be personally liable for debts that the company incurs.
  • So what? A director will need to take action to ensure no further debts are incurred, or if they are, then they are paid in full.
  • The carrot – the Law provides a range of practical options for directors who suspect their company is insolvent.
  • So what? If a director acts quickly, those steps can save the business and protect the director from personal liability.

WHAT DOES "PERSONAL LIABILITY" MEAN?

  • If a company incurs a debt, say to a supplier, then a director is not automatically personally liable for that debt.
  • But if the company was insolvent then it’s possible the director will to pay the debt to that supplier themselves – from their own money.
  • There may be a legal action against the director by either the liquidator, ASIC or even the supplier.
  • Does that mean your house is potentially on the line – yes!

THAT SOUNDS BAD!!! ARE THERE SOLUTIONS?

Absolutely! There are a number of actions that can be taken to save the business and avoid the personal liability.

But the opposite is also true – if you do nothing then a director is far more likely to face the prospect of personal liability.

WHAT IF YOU CAN'T AFFORD TO PAY FOR ADVICE?

Don’t worry! At Dissolve we provide free advice. Contact us and we will be happy to discuss your situation.

HOW DOES DISSOLVE PROVIDE THE ADVICE

  • At Dissolve, we specialise in providing fast, easy and professional advice to directors with companies facing financial difficulties. That can take 5 minutes or continue as long as you like.
  • We are happy to meet with you if you want, but there is usually no need.
  • You are dealing with a firm of highly experienced experts, with professional qualifications including Chartered Accountants, Registered Liquidators, Members of Australian Restructuring & Turnaround Association and Turnaround Management Association. Check Cliff Sanderson’s credentials here.
  • You are NOT dealing with unqualified "pre-insolvency advisors" (you may have read about them in the media).
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WHAT SORT OF SOLUTIONS ARE THERE?

At Dissolve we are experienced in providing a range of solutions. We’ve listed a few below. But there are a whole range of possibilities.

Saving your company and avoiding personal liability through a Voluntary Administration.

Restructure the company which could involve reducing costs or implementing asset protection strategies.

Sometimes we liquidate the company or sale of the business to better protect the director.

STILL CONFUSED?

Yes that’s understandable. It’s a complicated area. In fact, we’d say you are unlikely to be able to understand all of the issues yourself. You will need advice from an insolvency expert.

Why Choose Us

  • At Dissolve, we specialise in providing advice to small and medium size companies and directors of those companies.
  • Over each of the last 8 years we have provided advice to over 300 directors – we have the experience and industry knowledge to know the best way forward
  • In around 50% of calls we receive from directors, we are able to provide free advice over the phone that gives the director a specific way forward – that is we are not there to sell our services – we provide genuine advice for the situation.
  • If we do recommend you use our services we will be clear on what that will cost you – in most cases we’ll provide a specific fixed quote so you know what it will cost, what we will do for you and what will be the potential savings to a director and their company.

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