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For small companies with their debts under $1 million, much of it owed to the ATO — you may be able to keep trading while you negotiate down what you owe and settle for an agreed portion of the debt. Book a free consultation to find out whether your company is eligible.
A Receiver and Manager can be appointed by a secured creditor to take control of a company’s assets and recover the debt owed after a default, or by the Court to safeguard assets during a dispute. A receiver appointed by a secured creditor acts solely in that creditor’s interests.
The ATO can make you personally liable for your company's unpaid PAYG, superannuation and GST. A DPN must be dealt with within 21 days.
A creditor's legal demand for payment. Leave it unanswered for 21 days and your company is presumed insolvent — and can be wound up.
A creditor has taken your company to court. This is now a matter of public record. Don't wait — act immediately.
The ATO can take funds straight from your company's bank account, cutting off the cash flow you need to keep trading.
You have 21 days to respond before a creditor can apply to Court have you made bankrupt.
If your landlord threatens to lock up your premises and the assets inside, to stop them and protect the business, call us straight away.
Most directors aren’t accountants — and by the time the financial trouble is obvious, the options left for the directors are usually very limited. Even worse, once the Director realised that the company can’t pay its debts when they fall due, the company is most likely to be insolvent. Continuing to trade can make the directors personally liable for the Company’s debt. These are some of the warning signs which indicated the company is insolvent:
If your company has shown more than 3 of the above indicative signs of insolvency, you need to seek advice from an Insolvency Practitioner to assess your risk to continue to trade the business as Director. The earlier you get advice, the more options you’ll have.
Insolvency situations are stressful enough without wondering whether your advisor has actually handled cases like yours before — our Liquidators and managers bring over 100 years of hands-on insolvency experience cross all industries in Australia.
Decisions in an insolvency process carry real financial and legal weight, so it matters who’s behind them — our Wollongong partners Danny Vrkic and Daniel O’Brien are both registered liquidators, with Danny also a Registered Bankruptcy Trustee of over 30 years’ standing; our Sydney office is led by Leanne Li, with over 20 years of experience serving Chinese SMEs; and senior manager Marc Galler brings over 40 years of experience to the team.
Directors and business owners facing insolvency are often dealing with unfamiliar legal and financial concepts under time pressure, and confusing advice only adds to the stress — we explain your options plainly, so you understand exactly where you stand and what happens next.
Insolvency cases often involve legal, tax, and creditor issues that don’t sit neatly in one box, and coordinating separate advisors for each slows things down — our team manages the process end-to-end, so you have one trusted point of contact throughout.
We got behind on rent and before I knew it, the landlord was trying to change the locks on my store. I was gutted — I thought we were done. Crossroads got us into Voluntary Administration fast enough to stop that from happening, then put together a DOCA so we could pay creditors back over time instead of shutting the doors for good. The business survived, and so did I
I'm a property developer. My DA approval never came through, and I could no longer carry a $3 million loan. Crossroads showed me that liquidation was the cleanest way to deal with the debt, and patiently walked me through what it meant for the company and for me personally. Highly professional and efficient.
James C.
As a subcontractor, I was hit hard when the builder I worked for collapsed and my cash flow fell apart. I couldn't pay my own bills or my workers. Crossroads laid out every option available, with the pros and cons clearly explained, then helped me restructure the debt. We saved the business and got back to normal trading. Their experience carried me through a moment I didn't think I'd survive.
I received a Director Penalty Notice (DPN) and had no idea what it meant for me personally. I called my accountant, and she referred me to Leanne at Crossroads. Luckily, the notice was still within the 21-day window — Leanne helped me place the company into liquidation in time to avoid being personally liable for the $200K tax debt. No jargon, no runaround, just straight answers about what liquidation actually meant for me and my business. I appreciated how quickly it all moved — it ended my unprofitable Café which I have been hanging on to for too long and, in the end, saved me personally.
Jessica L.
The sooner we talk, the more options you’ll have. Your first consultation is free and completely confidential.
