Restructuring & Insolvency Lawyers Sydney

As a company director, you have a legal obligation to take action when insolvency happens. The worst thing you can do is ignore the facts that your business is failing.

What are the signs?

The first sign any business director will notice is the decline in sales and diminished customer satisfaction. Unfortunately, it is like a landslide when this happens. Creditors will remove all terms of credit, and with a failing business and profits, it will make it virtually impossible to trade unless you get your legal team in to negotiate those contracts and deals.

Restructuring can be the light in the darkness

Like all business, they are only as good as the people running them. Reorganising teams and investments and services can save a business. Sometimes due to mental health issues directors can become negligent and run a business into the ground. A new management structure and using, key people can have skills that have not been utilised due to poor management is one option our leag team at New South Lawyers will explore.

Liquidation

If the business can not be saved due to insolvency, liquidation is often the fastest way to close down a business. A registered liquidator will need to be appointed to close the business down to avoid personal liability.

Voluntary Administration

Any business can borrow too much money, and with a decline in sales, the debt can become difficult to pay back. New South Lawyers can help you renegotiate contracts and loans with more prominent institutions, thus enabling you to pay down the debt while restructuring.

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Safe Harbor Protection

Recently introduced by the Australian Government, Safe Harbor protections company directors from insolvent trading laws while they are trying to obtain further funding to save a potentially viable business.

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