For small businesses looking at their options the path of insolvency can be one that has many directions and lots of turns. Getting advice is the key, as what may seem the simplest option may actually have unforeseen or unexpected outcomes.
Issues such as personal and director liability, cross collateralisation, personal guarantees or aggressive terms of trade can complicate the process and make what on the surface looks simple and effective, actually be more difficult and higher risk.
Before taking the leap into insolvency you need to understand what all the risks of the transaction are, what the outcome will look like and how you will fare in the process. We find that often this step is overlooked which the consequences only realised after the insolvency path is set and you can’t escape.
Navigating the maze does not need to be done alone, give us a call on 1300 023 782 or book a conference to understand your options.