Visit our dedicated small business restructuring site for small business owners facing financial distress.
ASIC provides guidance on closing a small business, covering deregistration for companies and trusts, including both voluntary and ASIC-initiated options. Requirements for closure include consensus among members, asset valuation below $1,000, no outstanding liabilities, and no ongoing legal action. Directors are reminded of their legal duties to act in the company's best interests, and the serious consequences of failing to do so. Other options include a members' voluntary winding up for solvent companies and external administration for insolvent ones.
If your business is insolvent, it's important to consult a liquidator or lawyer before proceeding, as the risks of civil penalties or criminal charges without professional guidance can be significant. Contact us if you need immediate assistance, or watch ASIC's video on how to close down a company in Australia. You can also read more about cancelling a business on the ASIC website.
Further Reading
Title | Short Summary |
|---|---|
Guide to Business Restructuring Services in Sydney | An overview of TTJ Advisory's business restructuring services in Sydney: how the firm works with companies in financial difficulty and the formal options that may apply. |
Deciphering A Credit Report | The OAIC's plain-language guide to credit reporting explains what information appears on your credit report and how long each entry stays. Useful reading for anyone managing debt, rebuilding their credit history, or trying to understand how financial decisions affect their creditworthiness over time. |
DPN eBook for Directors | A guide for directors on Director Penalty Notices: what a DPN is, why timing matters, and how directors and their advisers can respond. |
