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?
We take a look at your current financials to see where you stand financially.
Receive a cash flow forecast so that you understand the direction your business is heading.
Gain clarity on your business's solvency position from an insolvency professional.
Learn what options are available to you to improve the overall health of your business.
Explore bankruptcy, liquidation, and related resources.
We go above and beyond for our clients.
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"Over the past year, Kyle has supported many of my clients in debt recovery and litigation matters, providing top notch legal representation and assistance each and every time. Kyle was prompt and professional in his approach and achieved fantastic outcomes."
"Kyle, from Macmillan. Lawyers + Advisors, has acted on many of my liquidation and administration files over the years, and I have found him to be extremely easy to deal with, commercially-minded, client focused and always looking to get the best outcome for me and my clients."
"Kyle Macmillan from Macmillan. Lawyers and Advisors is brilliant. Kyle continually provides our office with sound and cost effective advice concerning bankruptcy and insolvency. I highly recommend Kyle and his team."
"I have referred a number of my clients to Kyle from Macmillan. Lawyers and Advisors. Finding a lawyer that cares as much as Kyle is rare and he has managed to deliver exceptional outcomes in all of the matters I have referred."
"The team at Macmillan. understands the importance of stepping into the shoes of their clients to understand their needs, in order to provide tailored and pragmatic advice balancing the legal avenues available with the commercial and personal circumstances of their clients."
"Kyle was able to successfully facilitate open discussions around the prospect of bankruptcy with my client, strategise an approach that would minimise impact on him personally and then engaged in negotiations with relevant stakeholders on behalf of my client which allowed my client to keep his family home and remain in business even after bankruptcy."
"Kyle is very professional and prompt when working with his clients. I know if I refer work to him that they will be looked after. Kyle, unlike a lot of other lawyers; cares not just about winning his cases but he also cares about the people he works with. Which is why he is trusted by so many small businesses."
"The most important consideration when dealing with legal advisors is communication. Kyle Macmillan and Macmillan Lawyers excel at providing advice in a clear concise manner which my client’s understand. I recommend getting in touch if you or your client’s have legal issues to solve."
"Macmillan has represented me over the past 3 years with all of my business’ legal needs. I cannot speak more highly of Kyle and recommend him to anyone that runs their own business. Just knowing I can pick up the phone, speak to an expert and get the advice I need when I need it is worth its weight in gold."
"I have worked with Kyle on a number of files. His knowledge and attention to detail is second to none and he genuinely cares about all of his clients. On one particular matter that we worked on together, he was able to play a significant role in helping a client retain his family home when facing an event of insolvency. I would not hesitate in referring anyone to Kyle now or in the future."
"Kyle was able to provide to us with advice, guidance and direction for a client of mine who I had seen slowly slipping into more and more personal debt trying to keep their business afloat. Kyle was able to navigate this horrible time with them which allowed the client to wind down their business, keep their home and earn more money. When things are not going well – you have to have the right people around you. I am so grateful I can rely on Kyle to assist me with my clients problems."