Insolvency is the term used when an entity is unable to pay its debts when they fall due for payment. In Australia, the term ‘insolvency’ or ‘insolvent’ is used in the context of a company, whereas insolvency for a natural person is referred to as ‘bankruptcy’ or being ‘bankrupt’.
Ensuring that you or your company has sufficient cash flow is essential for any business to prosper. Unfortunately, there are always circumstances outside of our control which could lead to financial distress for an individual or a company. Generally, the companies which are most at risk are small businesses.
In the financial year ending in June 2015, almost 80 percent of corporate insolvencies in Australia were for small businesses, most of which will fail within the first 5 years of operation.
Whether you are an individual, small business or a large company, at Rockliff Snelgrove Lawyers in Sydney we have extensive knowledge and experience in bankruptcy and insolvency law and practice, and we are committed to assisting financially troubled companies and individuals facing insolvency or bankruptcy. With a range of practical solutions and a commercial approach, we can advise you on all types of insolvency queries and issues you may have.
Rockliff Snelgrove Lawyers can provide advice for businesses facing insolvency, including the appointment of a voluntary administrator and deeds of company arrangement. We also provide advice for personal insolvency including bankruptcy, personal insolvency arrangements and legal advice for taxation concerns.
Contact us to find out more or to arrange a consultation with an experienced bankruptcy and insolvency lawyer in Sydney.