Many businesses are struggling to operate and are \u201cdeferring debts\u201d.<\/p>\n
Experts are warning this practice of \u201cdeferring debts\u201d may cause an increase in business liquidations over the next 12-18 months.<\/p>\n
With COVID-19<\/a> severely impacting business revenue, many businesses may not have the funds to repay their debts when they are due.<\/p>\n Insolvency occurs when a business cannot pay their debts by the due date. The most common methods of dealing with insolvency in Australia are voluntary administration, liquidation and receivership.<\/p>\n There have been many small-to-medium businesses that have closed due to COVID-19, with 126 business insolvencies in the March quarter. This time last year, the number of businesses made insolvent was 157.<\/p>\n Why are there not more businesses recorded as insolvent when COVID-19 has impacted so many small-to-medium businesses?<\/p>\n Experts believe the Federal Government measures have made it harder for businesses to be placed into liquidation.<\/p>\n Ryan Murdoch O’Regan\u2019s expert insolvency lawyers have assisted many individuals and businesses with their bankruptcy issues. This includes negotiating with creditors, preparing bankruptcy documentation and representation in bankruptcy proceedings.<\/p>\n Our team of lawyers are experts in their field and go above-and-beyond to deliver the best result, each and every time. We are proud to provide 5 star customer service to our clients.<\/p>\n As one of our clients said \u201cInvest in the best \u2013 RMO<\/em>\u201c.<\/p>\n Read more about our expert bankruptcy lawyers<\/a> here<\/a>.<\/p>\n Considering bankruptcy? Need to begin insolvency proceedings? Get the best representation. Contact Ryan Murdoch O’Regan Lawyers on 1800 999 529<\/a>, email mail@rmold.newwebsite.live<\/a> or submit an enquiry below.<\/p>\nWhat Is Insolvency?<\/h3>\n
The Current Situation<\/h3>\n
The Difference<\/h3>\n
The Reason<\/h3>\n
How We Can Help<\/h3>\n
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