Bankruptcy & Insolvency
SMR Legal’s lawyers advise businesses facing financial difficulty and businesses managing financially distressed debtors.
Early intervention is the best remedy. SMR Legal has experience in turnaround and restructuring to bring your business back from financial distress. This often includes working closely with accountants, negotiating with the bank, and ensuring proper representation when dealing with the Australian Securities and Investments Commission (ASIC), the Australian Tax Office (ATO) and other government regulators.
Get in touch with us if your 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 (e.g. reached its overdraft limit, defaulting on a 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.
We 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.
Please feel free to ask us a question and we will be happy to discuss your need.