Asset Protection

Yes, they definitely can. Insolvency doesn’t always mean the end of a business, though it is often interpreted that way. With early intervention, some businesses can restructure debts, negotiate with creditors or enter into a DOCA to continue operating. This can lead to healthy business and operation for years to come. Our legal team can work with financial advisors to assess options and help develop a recovery plan that meets your commercial goals. We’ll always be upfront with you about the options you have and the realistic goals we would advise you to aim for. 

An insolvent company may consider options such as voluntary administration, liquidation or entering into a deed of company arrangement (DOCA). Directors also have legal duties to avoid trading while insolvent, which can be frustrating and stressful. Our insolvency lawyers in Perth can advise you on the most suitable path based on your company’s situation and help protect directors from personal liability. 

If you’re struggling to pay debts, being chased by creditors or worried about company solvency, it’s best to seek advice as early as possible. An insolvency lawyer can assess your position and outline your legal options. That might include negotiating with creditors, restructuring, entering voluntary administration or beginning formal insolvency proceedings. Early advice can often save time, money and stress down the line for yourself and those around you.

Insolvency is a broad term meaning an individual or company cannot pay their debts when due. Bankruptcy specifically refers to a legal process for individuals under the Bankruptcy Act. Companies do not go bankrupt, they may be placed into liquidation or administration. Each process has different legal consequences and requires different legal strategies. It can sound complex but with the right advice, it can be simplified.