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Welcome to Dissolve.
When a company is under some financial stress it is often difficult for a director to:
First – understand its financial position – I’ll call that to “Diagnose” the
position;
And then to
Understand the options – I’ll call that “solve” the problem.
If we are going to diagnose the position the first thing to understand is whether or not
the company is Solvent. So what is “Solvent”
Here is a definition for you: So solvency is when a company is able to pay
all of its debts as they fall due” That might sound simple but apply that principle
is not so easy. We’ve tried to make it easy for you so you should try our online test
Is My Company Insolvent You’ll find it at the URL onscreen or there
is a button on the right hand side of our website.
If it turns out your company is “solvent” and you still want to wind it up then there
are two Options:
The first is a Members Voluntary Liquidation – we specialise in doing those liquidations
Or in some cases you can go for a Deregistration at ASIC – that’s easy to do and you’ll
find the information on the ASIC website
If it turns out your company is Insolvent it gets harder and you’ll need expert advice.
But as a guide
If the company has ceased to trade then you probably need a Creditors Voluntary Liquidation
Similarly, if its trading but the business is unviable then you’ll also need a Creditors
Voluntary Liquidation If you’ve got a viable trading business
that is suffering short term liquidity problems you’ll possibly need a Voluntary Administration
Now if all of that was hard to understand then why not Ask IRA. IRA is our online Interactive
Restructuring Adviser
If you answer 4 questions IRA can diagnose and solve the problem. Again IRA is at the
URL shown or on the right hand side of our web page.
Finally, you are dealing with a difficult and specialised area so feel free to call
us and we can give you free advice over the phone.
Thank you