Assisting companies.
Restructuring + Turnaround
Working alongside your accountant as well as other industry experts, Macmillan will assist in assessing whether your business needs to be restructured. If so, a plan will be prepared on how best to structure your business and assist you throughout the entire process.
Voluntary Administration
If a business cannot be restructured, or, cannot be restructured without a formal appointment, Macmillan will assess whether Voluntary Administration is an option. You will have the assistance of an experienced team of lawyers to navigate the Voluntary Administration process. Macmillan will facilitate the appointment, negotiate the continued trade of the business and prepare Deeds of Company Arrangement on your behalf.
Liquidation
Liquidation is the process of winding up and finalising your company’s affairs in accordance with the Corporations Act 2001 (Cth). Macmillan is here to help you navigate the process, advising on your duties, obligations and potential exposure, as a liquidation can impact directors personally.
Guiding individuals.
Alternatives to Bankruptcy
Macmillan is here to guide you in assessing the options available to you outside of bankruptcy (i.e. debt consolidation, informal/formal debt agreements, personal insolvency agreements). Your bankruptcy lawyer works to provide you with the options best suited for your circumstances.
Bankruptcy
Understandably, the thought of declaring bankruptcy can be daunting. One of the biggest issues is a lack of knowledge and a limited understanding of the process. Our bankruptcy lawyers are here to provide clarity on the bankruptcy process and guide you through the process.
Defending bankruptcy proceedings / ending a brankruptcy
If you are already a bankrupt or have a bankruptcy notice issued against you, Macmillan can assist you in defending the bankruptcy application or annulling the bankruptcy. Our bankruptcy lawyers have experience defending applications for bankruptcy and negotiating annulment proposals.
Signs of financial distress, indicators you need insolvency advice.
Have you received a Statutory Demand?
A Statutory Demand Notice is a formal demand from a creditor requiring a company to pay a debt within 21 days of service. If you do not obtain advice and act quickly to address the statutory demand within the 21 days, your company will be presumed to be insolvent, leaving you exposed to the creditor filing an application to wind up your company and appoint a liquidator.
Have you received an ATO debt collection warning letter?
If you have received a warning of debt collection action letter from the ATO, it is likely your ATO debt is seriously overdue and that the ATO intends to take more serious actions unless those debts are paid or settled immediately.
If you don't take steps to reach an agreement with the ATO or otherwise ignore their letters, the ATO could could take (among other things) the following actions:
- issue a notice to your bank, employer or third parties requiring them to pay the ATO your outstanding debt
- issue a director penalty notice for company debts
- engage a collection agency to recover payment
- commence bankruptcy or liquidation proceedings
Have you received any demands from creditors?
A letter of demand is usually issued by a supplier or other creditor who you owe money to and who may have already tried to get you to pay their invoice for goods or services provided to you in the past - without success. The letter of demand could come from their accounts department or from a law firm or debt collection agency, the letter of demand will state how much you owe, what for and when the invoice needs to be paid by. This is usually issued as a last resort before more serious action takes place.
Have you received a Director Penalty Notice (DPN)?
A Director Penalty Notice (DPN) is a notice issued to a Director of a company by the ATO for a company failing to meet its PAYG withholding, GST or SGC (super guarantee charge) obligations. The ATO is able to legally recover the outstanding amounts from a director of the company personally and any (or all) directors of the company may receive a notice. This includes past directors as they may be liable for unpaid debts prior to their resignation.
If you’ve received a Director Penalty Notice, call us immediately.
Does your company need to be wound up?
Find out today with a business health check.
As a business owner, you should conduct regular health checks on your business to determine how your business is performing, to identify weak points, and to realign operations with your business' core values. Our lawyers and advisors offer a business health check for our clients in the form of a simple and easy-to-understand report.
What's involved in the business health check?
01
We take a look at your current financials to see where you stand financially.
02
Receive a cash flow forecast so that you understand the direction your business is heading.
03
Gain clarity on your business's solvency position from an insolvency professional.
04
Learn what options are available to you to improve the overall health of your business.
Explore bankruptcy, liquidation, and related resources.
Personal insolvency/bankruptcy frequently asked questions
Corporate insolvency frequently asked questions
Deadline set for Director Identification Numbers (DIN)
The difference between non lockdown and lockdown director penalty notices
We go above and beyond for our clients.
Contact us today.
We are here to help.
Level 38,
71 Eagle Street,
Brisbane QLD 4000
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