Chloe Moorfoot

Chloe Moorfoot

By the time you’ve noticed cash flow issues in your business, they may have already progressed far enough to pose an immediate threat to its existence.

So even from the first sign of cash flow stress, working with an insolvency lawyer will help ensure you’re in the best position to respond to financial challenges.

Insolvency Lawyers often work with tax accountants and company directors in advising company directors on their potential options when dealing with cash flow difficulties.

Often, a company director or accountant will come to us with a list of information and some financial concerns, such as a trade creditor breathing down their neck, or demands from the ATO.

How Do Insolvency Lawyers Help Accountants and Directors Resolve Cash Flow Issues?

We will sit down with the directors and company accountants and advise them on what their potential options are.

Solutions to cash flow issues could be:

  • A formal insolvency appointment.
  • Restructuring the business in another way to help the directors trade through their potentially insolvent situation.

Whatever the solution, the input of an insolvency lawyer means your business can confidently take the next steps while minimising risk – to both the business and your personal liability.

What Should You Do to Save Your Business?

Act Early!

Many businesses are struggling financially due to the current economic climate and rising interest rates. One of the most important things to remember is that there are options, but a critical piece of the puzzle is to seek advice early.

The earlier a director seeks advice the more likely it is that there will be multiple options available for that director to either save the business and continue trading or potentially sell the business as a going concern We often recommend that our clients be proactive – seek advice quickly and act early. Don’t stick your head in the sand.

If you have any questions, feel free to get in contact with our Insolvency Lawyers. Our expert team will help guide you to make the right decision for your business quickly, so you can avoid further pain in the future and get on with life.

The contents of this article does not constitute legal advice and should not be relied upon as such. If this article pertains to any matters you or your organisation may have, it is essential that you seek legal and relevant professional advice. 

Interested to find out more? Feel free to contact us today.