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Insolvency Questionnaire

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Rapsey Griffiths > Insolvency Checklist

Insolvency Checklist

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It’s not always a straightforward process to determine if a company is solvent or insolvent. That’s why we’ve developed this easy-to-use checklist for company directors and their advisors. Based on the Australian Securities and Investment Commission’s (ASIC’s) guide on preventing insolvent trading, it allows you to quickly and easily consider a number of insolvency indicators. When a company is experiencing financial pressures it is important that the company’s directors and their advisors regularly assess the company’s solvency

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If you answer ‘Yes’ to any of the insolvency indicators below, action is required. The directors of the company and their advisors should urgently assess the financial position of the company and consider obtaining specialist insolvency advice.
1. The company has a history of continuing trading losses.
- Yes
- No
2. The company is experiencing cash flow difficulties.
- Yes
- No
3. The company is experiencing difficulties selling its stock, or collecting debts owed to it.
- Yes
- No
4. Creditors are not being paid on agreed trading terms and/or are either placing the company on cash-on-delivery terms or requiring special payments on existing debts before they will supply further goods and services.
- Yes
- No

5. The company is not paying its Commonwealth and state taxes when due (e.g. pay-as-you-go instalments are outstanding, goods and services tax (GST) is payable, or superannuation guarantee contributions are payable).
- Yes
- No
6. The company is on a repayment plan with the Australian Taxation Office or other trade creditors for outstanding amounts.
- Yes
- No
7. Cheques that have been drawn on the Company’s account are being returned dishonored.
- Yes
- No
8. Legal action is being threatened or has commenced against the company, or judgements are entered against the company, in relation to outstanding debts.
- Yes
- No

9. The company has reached the limits of its funding facilities and is unable to obtain appropriate further finance to fund operations
For example, through:
- negotiating a new limit with its current financier;
- or refinancing or raising money from another party
- Yes
- No
10. The company is unable to produce accurate financial information on a timely basis that shows the company’s trading performance and financial position or that can be used to prepare reliable financial forecasts.
- Yes
- No
11. Company directors have resigned, citing concerns about the financial position of the company or its ability to produce accurate financial information on the company’s affairs.
- Yes
- No
12. The company auditor has qualified their audit opinion on the grounds there is uncertainty that the company can continue as a going concern.
- Yes
- No

13. The company has defaulted, or is likely to default, on its agreements with its financier.
- Yes
- No
14. Employees, or the company’s bookkeeper, accountant or financial controller, have raised concerns about the company’s ability to meet, and continue to meet, its financial obligations.
- Yes
- No
15. It is not certain that there are assets that can be sold in a relatively short period of time to provide funds to help meet debts owed, without affecting the company’s ongoing ability to continue to trade profitably.
- Yes
- No
16. The company is holding back cheques for payment or issuing post-dated cheques.
- Yes
- No

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