Bankruptcy & Insolvency
SMR Legal’s lawyers advise businesses that face financial distress and businesses managing financially distressed debtors.
Early intervention is the best remedy. SMR Legal has experience in turnaround and restructuring to bring businesses back from financial distress. This often includes working closely with accountants, negotiating with the bank, and ensuring proper representation when dealing with Australian Securities and Investments Commission (ASIC), the Australian Tax Office (ATO) and other government regulators.
Please feel free to ask us a question and we will be happy to discuss your needs.
Prospective clients should contact SMR Legal if their business:
- is faced with ongoing losses or poor cash flow;
- has received a Director Penalty Notice (DPN) from the ATO;
- is having problems recovering debts and/or meeting creditors’ terms;
- is receiving lawyers’ letters or statutory demands; or
- is having trouble with obtaining finance (eg. reached its overdraft limit, defaulting on loan or interest payments).
It is also important to contact SMR Legal’s lawyers if director or management disputes arise within the business. The loss of management personal is a common precursor to insolvency and must be handled properly.
SMR Legal also advise directors of their personal liability when a company may be insolvent. Again, early advice and proper precautions are important for directors at this time as their duty extends not only to shareholders but to creditors as well.