Frequently Asked Questions
If your business is experiencing financial pressure, understanding your options is an important first step. I&R Advisory provides insolvency, restructuring and corporate advisory services to businesses, directors, creditors and other stakeholders across Australia.
As experienced insolvency practitioners, we help directors and business owners understand financial challenges early and navigate complex situations with clarity. These frequently asked questions explain the services we offer, how our processes work and what you can expect when you contact our team.
About I&R Advisory
What services does I&R Advisory provide?
I&R Advisory provides specialist corporate advisory, insolvency and business restructuring services in Australia, including:
- Small Business Restructuring
- Creditors’ Voluntary Liquidation
- Voluntary Administration Receivership
- Simplified Liquidation
- Court Liquidation
- Members’ Voluntary Liquidation
- Director Penalty Notice assistance
- Pre-lending Reviews
- Corporate and insolvency advisory services
The right solution depends on your company’s financial circumstances, creditor position and objectives. Our team can assess your situation and explain the options that may be available.
Who does I&R Advisory work with?
We work with company directors, business owners, creditors and other stakeholders dealing with financial distress.
We also collaborate with accountants, lawyers, financiers and other professional advisors where appropriate to provide practical solutions for complex financial situations.
Does I&R Advisory only help businesses that need to liquidate?
No. Liquidation is only one of the solutions available.
Depending on your circumstances, options such as Small Business Restructuring, Voluntary Administration or other advisory and restructuring strategies may be available.
Speaking with an advisor early can help you understand the available options before deciding on the most appropriate process for your situation.
Our Insolvency & Restructuring Services
What is Small Business Restructuring?
Small Business Restructuring is a formal process designed to help eligible financially distressed companies restructure their debts while directors remain in control of the business.
A restructuring practitioner is appointed to help develop a restructuring plan, which is then presented to creditors for consideration.
If accepted, the plan can allow the company to deal with eligible debts under an agreed arrangement while continuing to operate.
Eligibility criteria apply, including limits on the company’s total liabilities and requirements relating to tax lodgements and employee entitlements, so we recommend speaking with our team to determine whether Small Business Restructuring may be suitable for your company.
What is Creditors’ Voluntary Liquidation?
Creditors’ Voluntary Liquidation, or CVL, is a formal process for winding up an insolvent company.
The process usually begins when the company’s directors form the view that the company is insolvent and call a meeting of shareholders, who resolve to wind up the company and appoint a registered liquidator.
The liquidator then takes control of the company, deals with its assets and creditors, investigates its affairs and manages the orderly winding up of the company.
What is Simplified Liquidation?
Simplified Liquidation is a streamlined process available within a Creditors Voluntary Liquidation for eligible small companies.
It follows many of the principles of a standard Creditors’ Voluntary Liquidation but uses simplified procedures designed to reduce the complexity and cost of winding up qualifying businesses.
Eligibility requirements apply, including requirements relating to the company’s liabilities and tax lodgements.
What is Voluntary Administration?
Voluntary Administration is a formal insolvency process that allows an independent administrator, who must be a registered Liquidator, to assess a company’s financial position and determine the options available.
During the process, the administrator investigates the company’s affairs and reports to creditors.
Creditors may ultimately decide that the company should enter into a Deed of Company Arrangement, return to the control of its directors or proceed to liquidation.
What is a Deed of Company Arrangement?
A Deed of Company Arrangement, commonly called a DOCA, is an agreement between a company and its creditors about how the company’s debts and affairs will be dealt with following Voluntary Administration.
The terms vary depending on the circumstances and may provide an opportunity for the business or company to continue while providing an agreed (cents in the dollar) return for creditors.
What is Receivership?
Receivership commonly occurs when a secured creditor, such as a bank or financier, appoints a receiver to recover monies secured against company assets.
The receiver generally takes control of specified company assets and may manage or sell those assets to repay the secured creditor.
A receiver may also be appointed by a court in certain circumstances.
What is Court Liquidation?
Court Liquidation occurs when a court orders a company to be wound up and appoints a registered liquidator.
This commonly follows an application by a creditor seeking payment of an outstanding debt.
Once appointed, the liquidator takes control of the company and conducts the winding-up process.
What is Members’ Voluntary Liquidation?
Members’ Voluntary Liquidation, or MVL, is a process used to formally wind up a solvent company.
It may be appropriate where a business has ceased trading or is no longer required and the shareholders want to close the company and distribute its remaining assets.
Unlike an insolvent liquidation, the company must be solvent and able to meet its liabilities and its Directors must make a declaration of solvency.
Can I&R Advisory help with a Director Penalty Notice?
Yes. If you have received a Director Penalty Notice from the Australian Taxation Office, it is important to act quickly.
A DPN can expose directors to personal liability for certain unpaid company tax and superannuation obligations.
The options available can depend on the type of DPN issued, the company’s taxation lodgements, reporting history and other circumstances. Some notices allow only a limited window to respond, so we recommend seeking Director Penalty Notice advice as soon as you receive one. Our team can review your situation and help you understand the options available.
Does I&R Advisory provide advisory services without a formal insolvency appointment?
Yes. Our advisory services can assist directors and individuals who need guidance regarding actual or potential financial claims, insolvency risks or other financial challenges.
We can also work alongside accountants, lawyers and other professional advisors to assess the situation and determine an appropriate strategy.
Working With I&R Advisory
How do I know which service my business needs?
You do not need to determine the appropriate insolvency or restructuring process before contacting us.
Our team can review your circumstances, discuss the financial position of the company and help identify which options may be appropriate.
Factors such as outstanding debts, available assets, ATO liabilities, cash flow, creditor pressure and the ongoing viability of the business may all affect the available options.
What happens when I first contact I&R Advisory?
The first step is to discuss your circumstances with our team.
We will seek to understand the financial challenges you are facing, the position of the company and any immediate concerns, such as creditor action, ATO debt or a Director Penalty Notice.
From there, we can explain the potential options and the next steps that may be appropriate for your circumstances.
What information should I have ready?
Providing current financial information can help us better understand your situation. Depending on the circumstances, useful information may include:
- Current company debts
- ATO liabilities
- Outstanding employee entitlements
- Details of creditors and secured lenders
- Recent financial statements
- Cash flow information
- Company assets
- Recent correspondence from creditors or the ATO
- Statutory demands or Director Penalty Notices
If you do not have all of this information available, you can still contact us to discuss your situation.
What happens after I choose an insolvency or restructuring option?
The process will depend on the service required.
If a formal appointment is appropriate, our team will explain the required steps, documentation and responsibilities before the process begins.
Once appointed, the relevant practitioner will manage the process in accordance with applicable requirements and communicate with directors, creditors and other stakeholders as required.
Will I&R Advisory deal with creditors on my behalf?
This depends on the type of appointment or advisory engagement.
In formal insolvency processes such as Liquidation or Voluntary Administration, the appointed practitioner communicates with creditors as part of administering the company.
For advisory and restructuring matters, our role will depend on the scope of the engagement and the strategy agreed with you.
How long does an insolvency or restructuring process take?
Timeframes vary depending on the process and the complexity of the company’s affairs.
Some restructuring processes have specific statutory timeframes, while liquidation can take longer depending on factors such as the company’s assets, creditors, investigations and outstanding matters.
Our team can provide a clearer indication of likely timeframes after reviewing your circumstances.
How much do I&R Advisory’s services cost?
Costs vary depending on the service required, the size and complexity of the company and the work involved.
After discussing your circumstances and determining the type of assistance required, our team can explain the expected process and associated costs.
Contacting I&R Advisory
How can I contact I&R Advisory?
You can contact I&R Advisory by calling 1300 512 625 or by completing the contact form on our website.
You can also contact our team by email:
Sydney: david.ingram@iandradvisory.com.au
Melbourne: david.ross@iandradvisory.com.au
When submitting an enquiry online, you can provide your name, email address, phone number, the type of service you are interested in and a brief description of your situation.
Where is I&R Advisory located?
I&R Advisory has offices in Sydney and Melbourne.
Sydney Office
Level 6, 115 Pitt Street
Sydney NSW 2000
Melbourne Office
Level 6, 152 Elizabeth Street
Melbourne VIC 3000
Our team provides corporate advisory, insolvency and restructuring solutions for businesses across Australia.
Can I contact I&R Advisory if I am unsure what service I need?
Yes. You do not need to know which service is appropriate before contacting us.
Explain what is happening with your business and any immediate concerns you have. Our team can assess your circumstances and help you understand the available options.
When should I contact an insolvency or restructuring advisor?
It is generally better to seek advice early rather than waiting until financial problems escalate.
Consider contacting us if your business is experiencing persistent cash flow problems, overdue ATO debt, increasing creditor pressure, difficulty paying employees or superannuation, statutory demands, a Director Penalty Notice or concerns about the company’s ability to pay debts as and when they fall due.
Need Help Understanding Your Options?
Every financial situation is different. The appropriate solution depends on your company’s circumstances, financial position and objectives.
I&R Advisory provides practical insolvency, restructuring and advisory solutions with clear guidance throughout the process.
Call 1300 512 625 or contact I&R Advisory online to discuss your situation and the options available.