COVID-19 & Insolvency

Are you struggling to pay your debts? 

Are your customers struggling to pay you?

Are debt collectors knocking on your door or harassing you?

Is there a possibility you might be insolvent?

Here’s a few helpful tips to navigate this stressful economic dilemma.

COVID-19

It’s no secret that the COVID-19 outbreak has slowed down the global economy.

Internationally, the coronavirus health crisis has resulted in economic panic.

Here at home, the effects COVID-19 has hit businesses hard and Australian Economists have called on the Australian Government to ‘quickly’ pump in billions into the Australian economy.

Before the Australian Government announces how we as a nation will try and manoeuvre safely through this crisis, it is best to know what options you have. 

So What Are Your Options?

If you are a business owner and find yourself in a state of insolvency, the first thing to do is not feel ashamed of your situation. 

While most small to medium enterprises try to be financially prepared for economic crises such as this, the reality is businesses can never be really fully prepared. 

Even large corporations are feeling the brunt of the coronavirus crisis. Our national carrier, Qantas has cancelled almost a quarter of all its flights and has taken extreme measures that include a 30% pay cut for its executive leadership team.

The second best thing to do is to seek legal advice. And that is where we come in.

At Corney and Lind, we will help you find solutions and provide strategies to help you through this tough time.  

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