Restructuring & Turnaround
Restructuring and Turnaround
Clarity and decisive action for businesses under financial and operational pressure.
Restructuring & Turnaround
Decisive counsel for businesses facing financial and operational distress.
Overview
How we help.
Restructuring is a discipline, not an event. The most successful turnarounds begin long before formal insolvency becomes the only option — at the point where cash flow pressure, covenant concerns or stakeholder anxiety first signal that the business needs an independent review and a structured plan. Directors who engage early have far more options than those who wait.
Corson Fiske works with directors, shareholders, lenders and management teams to stabilise businesses facing distress. Our approach combines rigorous financial diagnostics with practical operational experience — because the best plans on paper mean nothing if they cannot be executed by the team that will remain after the restructuring adviser leaves.
Every engagement begins with an honest assessment: what is the realistic position, what options are actually available, and what needs to happen in the next 30, 90 and 180 days. We deliver that assessment in plain English, with clear recommendations directors can act on.
Capabilities
- Independent business review and options assessment
- 13-week cash flow forecasting and liquidity management
- Lender, creditor and stakeholder negotiations
- Operational restructuring and cost rationalisation
- Working capital and inventory interventions
- Management team support and capability uplift
- Stakeholder communications strategy
- Implementation oversight and milestone tracking
Client Situations
When clients engage us.
The issues that bring clients through our door tend to fall into familiar patterns.
Covenants are about to be breached
A financial covenant breach is imminent and directors need to understand the position and prepare the conversation with lenders.
Cash flow has tightened
Working capital pressure is mounting and the business is at risk of running out of cash within 90 days.
The board needs an independent view
Management has a plan, but the board wants an independent assessment of its feasibility before committing further capital.
A turnaround is already underway
An internal restructuring program has stalled and needs independent support to get back on track.
A bank has appointed an investigating accountant
A senior lender has commissioned an independent business review. The directors need parallel counsel to ensure their position is protected through the review and any subsequent process.
An earlier advisor has lost the confidence of the board
The company has been working with another advisor but the directors have lost confidence in either the advice or the approach. Second opinions are needed quickly.
Outcomes
What you can expect.
- A realistic view of the position and the time available
- A clear, executable restructuring plan
- Stakeholder alignment behind the plan
- A business that can trade through the restructuring period
Client Success
Outcomes from recent engagements.
Indicative results from engagements within this practice area. Client details have been anonymised; outcomes reflect actual matters completed by the firm.
$42M
Debt Restructured
Consensual debt restructure
Negotiated a multi-lender standstill and amendment-and-extension for a manufacturing group facing covenant breach, preserving trading operations and avoiding voluntary administration.
Manufacturing group, NSW
18 days
From Brief to DOCA
Accelerated DOCA
Advised directors of a distressed professional services firm through a compressed 18-day process to a creditor-accepted Deed of Company Arrangement.
Professional services, VIC
92%
Creditor Support
Safe harbour to refinance
Supported directors through a six-month safe harbour engagement ending in a complete refinancing with 92% creditor support for the transition plan.
Retail group, QLD
Why Corson Fiske
Experience where it counts.
Clients engage Corson Fiske because they need advice they can act on — delivered by senior practitioners who understand both the technical detail and the commercial consequences. Every engagement is led by a partner with direct experience in restructuring and turnaround matters.
Our integrated structure means tax, legal, accounting and advisory questions are resolved within a single firm. For clients operating across Australia, Asia, New Zealand or Asia, our office network in Sydney, Melbourne, Perth, Singapore and Auckland provides consistent advice across jurisdictions.
Our Approach
A refined four-phase method for every engagement.
Corson Fiske applies the same disciplined framework to every matter, regardless of scale. The phases below are not a marketing device — they are the actual structure our partners use to move clients from uncertainty to resolution.
Phase One
01
Understand
A confidential partner-led briefing to establish the facts, commercial drivers, timing pressures and stakeholder dynamics.
- Confidential scoping conversation
- Document and data review
- Stakeholder mapping
- Initial risk identification
Phase Two
02
Analyse
Structured technical and commercial analysis of every realistic option, with a clear view of risks, costs and likely outcomes.
- Technical legal and tax analysis
- Commercial modelling
- Risk-weighted options assessment
- Precedent and market benchmarking
Phase Three
03
Recommend
A written partner recommendation in plain English — not a list of caveats. We stand behind our advice and explain our reasoning.
- Clear written recommendation
- Implementation sequencing
- Stakeholder communication plan
- Contingency and fallback positions
Phase Four
04
Execute
Hands-on delivery of the agreed plan with partner oversight, regular milestone reporting and clear handback at completion.
- Implementation leadership
- Stakeholder engagement
- Milestone tracking and reporting
- Completion review and handback
Key Considerations
What clients need to know.
Engaging external advisors on any significant matter raises practical questions about scope, timing, cost and outcomes. We believe in being straightforward about each of these from the first conversation.
How engagements typically begin
Every engagement starts with a confidential initial conversation — usually 30 to 60 minutes — in which we listen to the situation, ask the questions needed to understand it properly, and share a view on whether and how we can help. There is no charge for this conversation and no obligation to proceed.
How we scope and price work
We prefer fixed-fee or capped-fee arrangements wherever the scope allows. Where the scope is genuinely uncertain — as in contested matters — we agree hourly rates upfront and provide regular fee updates against defined phases. We do not bill for internal discussions, file opening or routine administration.
Who you will work with
Every engagement is led by a partner with direct experience in the matter type. That partner remains your primary point of contact throughout. Specialist colleagues join the team where their expertise is required, but you will never be passed from person to person or find the partner you hired is no longer on the file.
How we handle confidentiality and privilege
All engagements are subject to strict confidentiality. Where legal advice is being delivered, it is provided through our incorporated legal practice and attracts legal professional privilege. We take document security, information handling and communications discipline seriously on every matter.
Get the right advice from Corson Fiske.
Confidential, no-obligation initial consultations with a partner who specialises in restructuring and turnaround matters.