About your recovery partner
- Accountants Daily
- AFR Top lOO
- CA and CPA
- National Team
- ASIC Registered
Very professional, experts in the industry. I would highly recommend
- David Fitzgibbon
Every business hits a rough patch at one point, and it’s okay.
What is Corporate Insolvency?
When you’re overwhelmed and under severe distress, making the right decisions at the right time can be difficult.
Corporate insolvency is when the business is struggling to pay outstanding debts by the due date. Every business is different, there is no ‘one size fits all’ when it comes to why businesses experience financial distress. What matters is finding the solution. Resolving corporate insolvency can look like entering liquidation, undergoing a restructure, or appointing a receiver. Whichever your solution may be, we will find the process to a positive outcome.
How do I know if it’s time to speak to a professional?
If you are experiencing one or more of the below insolvency indicators, it is best to get in contact with our expert team today.
There is no ‘one size’ fits all when it comes to solutions.
We’re in the business of resolution.
1. Talk to Us
enquiry to our team
2. Review your options
We will present a number of
options, advising on the best
process for a positive outcome
for all parties involved.
3. Reduce your stress
Understanding the weight
of financial stress. We strive
towards a smooth, fast process,
to focus on the next steps.
The first step is the hardest. The next steps?
They may include:
We've helped businesses just like yours.
Reducing debt levels by 85%, back to profitability
An electronic security company in Brisbane with clients ranging from small boutiques to international mega-corporations within Australia was experiencing difficulty with their cash flow, so Mackay Goodwin stepped in to help. An 85% reduction in debt got the company through a major trading and cash flow problem.
Turnaround legal expenses into a positive
When an Adelaide building development corporation found itself in a lengthy and protracted legal dispute over a costly project, it found itself unable to trade out the heavy losses it had incurred as a result of the deal. Thanks to a DOCA, restructuring and dispute resolution managed by Mackay Goodwin, the corporation continues to trade today.
A 75% reduction in debt levels saw Melbourne-based company thrive again
When a Melbourne-based earthmoving firm managed to contact Mackay Goodwin over their financial difficulties, they had built up a $280,000 backlog with the Australian Taxation Office (ATO). Thanks to the advice and actionable solutions of our experts, the firm saw A 75% reduction in tax debt, and it got this earthmoving corporation moving again.
Corporate Insolvency FAQs
Being charged with insolvent trading is rare, complicated and a costly action. There needs to be strong evidence of insolvent trading. If you are concerned of being charged, it is best to get on the front foot and get expert advice.
There have been recent legislative changes to help small businesses who are facing financial distress. This includes simplified liquidation and a small business restructure process. Both have been designed for businesses who have liabilities of less than $1 million. Get in contact today to see if you’re eligible.
Meet the people in your team.
At Mackay Goodwin, we have a nationwide team ready to assist you. Our team of qualified professionals, including ASIC registered liquidators are experts at finding solutions for people facing financial difficulties. Located across all major Australian cities, we’re ready to help you in any situation.