In uncertain economic times, businesses may need to reconsider their position and the way that they do business. The need to restructure a business may arise, whether as a result of:
- difficulty in paying debts; or
- changing business environments,
- the need to alter the way that they operate, or conduct business;
- reconsidering their future direction; or
- a one-off, unforseen event which has caused damage to the business;
it is important to carefully negotiate the legal, financial and commercial issues and mine field associated with restructuring a business.
Options in restructuring can involve:
- changes to the corporate structure;
- closing down or selling off parts of the business;
- undertaking a voluntary administration and/or deed of company arrangement restructure under the provisions of part 5.3A of the Corporations Act; and
- personal insolvency agreements including Part 9 or Part 10 Arrangements, debtor’s petitions under the provisions of the Bankruptcy Act.
These choices can involve not only usual insolvency matters, but can also involve workplace relations and corporate considerations. When involved in these matters, our related teams can provide assistance and consultation to ensure that the inevitable risks and concerns are properly dealt with and managed.
Whatever course is adopted our dispute resolution team has the knowledge and experience to achieve commercially driven outcomes and provide appropriate strategic solutions to assist in achieving your objectives.