Above all, If you or your business are facing insolvency, you are most likely not the only one. Accordingly, with inflation and the cost of living going through the roof, administration and bankruptcy are a new part of our life.

Moreover, it affects business on two levels, both in trading and when you are buying things from a business that is trading insolvent, and you might find what you ordered won't be coming due to a supplier restricting another business due to no payments.

What should you do if this is real life for you?

For one thing, New South Lawyers recommend firstcalling us and getting help. ( Maybe we can get one of the lawyers to help with the steps.)

Given that, with an increase of nearly 57 per cent nationally in the last quarter, insolvency is becoming a very real thing. And to clarify, the Australian business landscape is now a minefield, and you should use water-tight contracts to help your business avoid significant downfalls, given the insolvency rates within Australia.

For one thing, creditors and the ATO pose the most significant threat when insolvency and are often responsible for pushing your business over the edge. Don't become another statistic or story. Get the help you need now.

What do I do if you're stuck in an insolvency cycle?

Given the current insolvency cycle within Australia, you will need to chase your invoices, arrange payment plans, and ensure your business partners meet and communicate with you at all times. As your acting insolvency lawyers, we can ensure that other businesses that owe you money make payment on time, thus maybe saving your business.

New South Lawyers’ communications are intended to provide commentary and general information. To that end, people should not rely on this communication as legal advice. Accordingly, they should seek formal legal advice for matters of interest arising from this communication.

To find out more, chat with a member of New South Lawyers' Business and Insolvency Law Team today.