Directors - What to do if company in financial difficulty

If you suspect your company is in financial difficulty, get proper accounting and legal advice as early as possible, as this increases the likelihood of the company surviving. One of the most common reasons for the inability to save a company in financial distress is that professional advice was sought too late. Do not have a ‘head in the sand’ attitude, hoping that things will improve—they rarely do.

An insolvency practitioner can conduct a solvency review of your company and outline available options. You need to be aware of your options so that you can make informed decisions about your company’s future. Options may include refinancing, restructuring or changing your company’s activities, or appointing an external administrator.

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What's new

ASIC reports on corporate insolvencies 2017–18

ASIC has published its annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2017–18 financial year. 18-342MR. 14 November

Report On Company Activities and Property (ROCAP)

After an extensive revision process and industry consultation conducted through an external consultant, ASIC has released the new ROCAP - Report On Company Activities and Property to replace the RATA. 

 

Industry funding

The Government has introduced new laws that change the way ASIC is funded. Regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year. Find out what this means for registered liquidators.

 

Quicklinks

Insolvency Law Reform Act 2016

Releases on insolvency

Liquidator registration applications

Insolvency statistics

 

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Published notices

View insolvency and deregistration notices on the published notices website.

ASIC and registered liquidators

Last updated: 15/10/2014 12:00