Business & Commercial
Corporate insolvency and restructuring advice addresses financial distress, available processes and the responsibilities of those managing the entity. The financial position, structure and stage of any creditor action are essential information.
General information only — not legal advice. This Australian overview is not a statement of every state or territory’s law. Check the jurisdiction and current requirements with an appropriately qualified adviser.
Restructuring, external administration and liquidation are not interchangeable. Personal guarantees or director issues may need separate advice. Seek appropriate legal and insolvency expertise promptly rather than assuming a proposed payment arrangement resolves all obligations.
Organise the following material you already lawfully hold. This is a preparation list, not a complete evidentiary requirement. Ask the verified adviser what they need and how to send it securely.
Keep originals and dates intact. Use a short initial enquiry for a conflict and suitability check before sending sensitive documents.
State whether advice is for the company, a director, a creditor or another stakeholder. Identify current notices, cash-flow information and professional advisers already involved. Ask for a prompt assessment of the decision in front of you and a clear explanation of who will advise on legal versus accounting or restructuring questions.
A plan to trade through difficulty is not itself advice about legal duties or personal exposure. Avoid treating the interests of the company, directors and creditors as interchangeable.
Which options need assessment now, and do directors or guarantors need separate advice?
Ask the adviser to explain the assumptions behind the answer, any missing information and what would change the proposed next step. You can request an initial assessment without assuming that full representation is included.
Ask about the roles and qualifications of everyone involved. Legal advice and formal insolvency appointments are distinct services, even where professionals work together. Confirm who is engaged, by whom and for which tasks.
Compare the defined work and exclusions, not just the initial price. Ask about GST, third-party expenses, later stages and what happens if the scope changes. Our legal fees guide explains useful questions, and the comparison worksheet helps record proposals.
For a related legal task, read personal bankruptcy. Use both sets of preparation questions if your enquiry spans the two tasks.
Define the work before comparing the fee
Identify the business entity, the commercial objective and the stage of the transaction or disagreement. An owner’s personal position, a company’s interests and another participant’s interests may require separate advice.
Mention connected issues when you enquire. One engagement may not cover every part of your situation.
Use these primary resources for background and current pathways. A state-specific resource is an example for that jurisdiction, not a rule for all Australia. Broad regulator and tribunal links do not establish your eligibility or a legal entitlement.
Australian corporate regulation and business information.
Personal insolvency; distinct from corporate insolvency.
Our document lists, questions and examples are original editorial preparation prompts. Follow the relevant authority for current requirements and seek individual advice before acting.
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