Mayfields Business Advisors is a business advisory practice which specialises in assisting small to medium business owners and directors find effective, low cost solutions to business cash flow, liquidity and solvency problems.  We have the experience and expertise to:

• Identify economical solutions to your business solvency problems where you as the owner retain a high degree of control over the process and outcome;
• Help you to make your business profitable, or assist you to sell it at the best possible price;
• Represent you in negotiations with your business and personal creditors and other stakeholders;
• Help you to comply with your Corporations Act obligations; and
• Help you to recover financially and emotionally after a business failure.

Early involvement will enable us to explore, identify and implement informal solutions to business insolvency before considering the appointment of an administrator or liquidator.

A director of a company that is insolent, must act responsibly.  The obligations of the Corporations Act are onerous.  Failure to meet the requirements of the Act can see a directors breaching the law, risking his own personal assets, and potentially their ability to remain a director in other companies. 

In these circumstances, advice must be sought and the formal appointment of an administrator or liquidator may be necessary.  In circumstances including an ATO director penalty notice, there may be no alternative than to make a formal appointment of an external administrator.