more about insolvency
Our insolvency services provide comprehensive support and advice to guide your company towards optimal outcomes. We ensure that every possible avenue is explored, giving peace of mind and a clear path forward.
Our comprehensive range of insolvency services also includes independent business reviews, cash and working capital management, problem forecasting, interim management plans and governance assessments. We tailor our expertise to help clients navigate to optimal outcomes.
By leveraging our expertise and tailored solutions, we assist you in navigating complex financial challenges, identifying opportunities to help you achieve the best possible result throughout the insolvency process.
We don’t take a one size fits all strategy. Our specialists enhance business performance through commercial challenges with thorough investigation of all opportunities.
What will happen to my employees once the business is closed?
When a business is closed due to insolvency, the fate of employees can vary depending on the specific circumstances and applicable labour laws. Here are a few possible scenarios:
In some cases, employee contracts may be terminated due to the closure. In such instances, employees may be entitled to severance pay or other benefits as mandated by labour laws or employment agreements.
If the business or certain assets are sold or transferred to another company as part of a restructuring or acquisition, employees may have the opportunity to be transferred to the new entity. The terms and conditions of the transfer, including the continuity of employment and any changes to employment contracts, would be determined during the transition process.
Depending on the circumstance, government programs or schemes such as the Fair Entitlements Guarantee may provide assistance to qualified employees affected by business closures due to insolvency. This could include the payment of unemployment benefits when the Company has insufficient assets to meet the costs of employee entitlements