Liquidation Advice & Assistance Management
Corson Fikse has demonstrated experience and expertise in the rescue and turnaround of Australian Companies.
We have seen many directors come to Corson Fiske who have found their company placed into a financial crisis without knowing where to turn to and how to navigate the financial storm ahead.
These financial issues may be issues related to overdue debts owed to the Australian Taxation Office, Issuance of Director Penalty Notices or court issued statements of claim from creditors such as workers compensation or defaulted financial arrangements such as short term business loans.
Our approach to companies facing insolvency has and always will be a very direct and confronting process. In such situations directors may want to always just hear the positives but we have to be honest about the negatives also and how we commercially handle such issues.
Our advisors work with all directors and their accounting/management teams one on one developing a tailored solution that can commercially and compliantly rescue a business from a critical insolvency event such as being subject to a court appointed liquidator or receiver which can have devastating results.
Value delivery is core on all our insolvency & restructuring client matters and we will only engage on matters that we can resolve. This is different to other firms who will gladly take your money but not deliver on their promised outcomes.
Corson Fiske have strategic expertise in:
- Turn around management and debt workouts
- Small Business Restructuring
- Liquidation and Voluntary Administration Management
- Commercial Restructuring
- Personal Insolvency
What sets Corson Fiske apart from other advisory firms in insolvency:
- Qualified practitioners in accounting, law and finance and members of the Turnaround Management Association Australia, CA and relevant state Law societies and institutes.
- Independent advice with directors interests our core focus and undertaking a compliant and commercial legal result with creditors
- Decades of proven expertise in Insolvency & Restructuring
When it comes to strategic advice on all insolvency matters, reach out to our Insolvency & Restructuring team for an initial free confidential meeting to explore the possible solutions to rescue your business.
Small Business Restructuring
A Small Business Restructure is an ATO-led initiative that allows businesses to reduce debts and create a roadmap back to success in only 35 business days.
The Small Business Restructure Process (SBRP) is a government – legislated option for small businesses in Australia that are struggling with cash flow. It allows business owners to appoint a Small Business Restructuring Practitioner to develop a restructuring plan approved by the ATO and other creditors.
The plan involves debt reduction and other other measures so you can get your business back on track and keep trading. The benefit of an SBR is that it operates as a debtor in possession model where the director remains in control of the day to day running of the business and control of all bank accounts whilst going through the SBR process with their practitioner.
To qualify and gain support from creditors in a small business restructure you will need to have the following:
- Be a registered company in Australia
- Debts under $1 million dollars
- All superannuation paid up to date
- All returns and ATO lodgements up to date – note debts for PAYG and GST can still be owing
- A history of reasonable compliance with the ATO, especially when the ATO is the main creditor.
Whilst this is a broad outline above of who can take advantage of the benefits of the SBR process it’s imperative to know that companies may not obtain approval from creditors in an SBR if:
- Directors have extensive debts such as Div 7A loans owed to the company
- Significant personal assets
- Poor compliance history with the ATO
- The position of the company in Liquidation provides a better return to creditors.
There are many advisors now focusing on providing SBR advice however they may over promise and under deliver resulting in wasted time and money engaging in the SBR process. Once an SBR fails to gain approval you end up back at the start of where you began and the same debt issues.
Need advice on undertaking an SBR?
At Corson Fiske we undertake an in depth assessment if the SBR process is right for your company and if not we will outline the exact reasons why we do not believe that the SBR process will be a viable solution. Instead we will provide other solutions that may be more commercial to your company’s debt issues.
Reach out to our insolvency and restructuring team today for an initial confidential discussion.