Guidance for accountants in public practice: Helping clients with companies in financial distress
In these difficult and challenging times, many accountants will have clients coming to them seeking advice and looking for options in relation to current or anticipated financial distress.
The options available to your clients will depend on their solvency status.
ARITA, with the support of CA ANZ and CPA Australia, has just released a special guide for accountants in public practice that outlines steps they can take to help their clients with companies in financial distress.
This article covers the concept of corporate insolvency, how this affects the options available to your clients and where to go for specific insolvency and turnaround advice.
Note that ARITA has recently published a list of all Registered Liquidators who are ARITA Professional Members and Fellows. This provides contact details as per the ASIC register. It is linked in this information sheet.
Is your business being negatively affected by the COVID-19 pandemic and facing potential insolvency? Contact us today to arrange a consultation.