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Insolvent trading is a criminal offence in Australia. This is where a business incurs debts knowing they will not be able to pay these debts as and when they fall due.
Insolvency is a serious issue. To knowingly trade insolvently is illegal. If you know or suspect your company is trading insolvently, contact an insolvency lawyer for advice. If debt consolidation is not possible, placing a business into voluntary liquidation may be the best option.
See also What is bankruptcy?
Our boutique firm has specialist practice in commercial law, family law, wills and estates, and guardianship; with a focus on dispute resolution. Streeterlaw understands complex issues and our experienced team of specialists have the skills to provide you with the most comprehensive and insightful advice for your unique circumstances to get you the best outcome.