Business · Insolvency
The earlier you ring, the more options you have.
Insolvency is rarely a single decision. It is a sequence of decisions, and the order matters. Talk to us before the bank, the ATO or the creditor's solicitor forces the order for you.
What we handle
Personal and business insolvency, with a strong preference for early intervention.
Steven M Clark Lawyers can provide advice for businesses facing insolvency, including the appointment of a voluntary administrator and Deeds of Arrangement. We also provide advice for personal insolvency including bankruptcy, personal insolvency arrangements, and the related taxation concerns.
A key part of our work is asking how we might assist in discharging debt at a fraction of what is owed. We have successfully negotiated significant reductions on credit card debt, bank debt, consumer debt and similar. Creditors generally prefer a real, structured part-payment over a theoretical full payment that will never come.
We have also assisted clients with the removal of disputable entries on credit reference report files. Where an entry is incorrect or out of date, it can be challenged. Where it is accurate, no firm can lawfully remove it, and we will tell you that on the first call rather than waste your money.
If you are here because…
Three places insolvency files most often start.
Your business is in trouble.
The options narrow fast. The earlier we are involved, the more choices you have — voluntary administration, restructuring, a Deed of Company Arrangement, or an orderly wind-up. Ring us before the creditors do.
You personally cannot keep up.
Bankruptcy is one path, and not always the right one. A personal insolvency arrangement can sometimes deliver a better outcome. We assess your situation and tell you the genuine alternatives.
You want to negotiate down what you owe.
We have negotiated significant reductions on credit card debt, bank debt, consumer debt and similar. Creditors often accept a structured part-payment over a doomed full payment. We make that case for you.
Common questions
What people most often ask on the first call.
Rarely should you make that decision on your own. Bankruptcy has consequences for employment, travel and credit for years, and there are sometimes alternatives — a Personal Insolvency Agreement, a Debt Agreement, or negotiated reductions — that achieve a better outcome. Talk to us first.
A formal process where directors of a company in financial difficulty appoint an administrator to take control, assess the position, and propose either a Deed of Company Arrangement (continuing the business under restructure) or a liquidation. It is often the cleanest way to deal with corporate insolvency.
Generally no — that is the point of a limited liability company — but there are exceptions, particularly for personal guarantees, unpaid superannuation and tax, and certain insolvent trading situations. We advise directors on the specific exposures they have, before things escalate.
We have helped clients remove disputable entries from credit reference files. Where an entry is incorrect, out of statutory date, or made without the proper basis, it can be challenged. Where it is accurate, no firm can remove it.
ATO debts can be negotiated in some circumstances — payment plans, remission of penalties, settlement of disputed assessments. We work with your accountant to structure the right proposal and put it formally.
We'll call you back the same business day.
Tell us briefly what's happening. Steven will call you back for a free 15-minute conversation, the same business day. No obligation, no pressure to engage us afterwards.
Thank you. We'll be in touch today.
Your message is with our team. If it's urgent, you're welcome to call us directly on (08) 8522 6025.