Business in distress during COVID-19
Content summary
COVID-19 caused a significant impact to businesses. Actions taken to reduce the spread of the virus created fluctuations in demand for products and services, labour shortages, and supply disruptions.
As part of a comprehensive risk management strategy, there are actions you can take to help you or your clients’ business through these challenges and build resilience for the future.
Guides for SMEs: Understanding your options
In an ever-changing economic environment, it's important to understand your options if your business is in distress. Learn how to spot the signs of insolvency in your SME and what your options are.
This will help you determine what next steps to take for clients who have ATO debt
Guidance to assist members to determine if a client's business is facing financial distress.
Guidance to assist SMEs to determine if they should refer to their accountant in relation to their financial viability.
It’s important to understand your options should your company be experiencing financial difficulty.
A CPA Australia guide for SME's facing financial difficulty
Your business may be insolvent if it can't pay its debts as and when they fall due.
Supporting clients through COVID-19
Insolvency fact sheets
COVID-19 continues to have an impact on individuals, businesses and communities. To help you and your clients navigate any financial distress, we have created these fact sheets.
The risk of corporate failure under the current and evolving COVID-19-related economic circumstances is unprecedented. Learn about the meaning of insolvency and how to identify the indicators.
If your clients are in financial distress, find out how you can help them navigate through this health and economic crisis with an overview of the options available.
An overview of Director’s Duties and Insolvent Trading provisions in the Corporations Act 2001 and the implications this may have for our members who are advising clients in financial distress, despite the relief offered through the Coronavirus Economic Support Package.
This factsheet highlights the various factors to take into account when considering whether a company is insolvent, so you can refer clients to an insolvency expert as soon as possible.
The Australian Restructuring Insolvency and Turnaround Association (ARITA), with the support of CPA Australia and Chartered Accountants Australia and New Zealand, has released a special guide for accountants in public practice. It outlines steps you can take to help your clients with companies in financial distress.
Insolvency webinars
Webinar presentation files
View the webinar presentation file for the "Dealing with clients in financial distress" webinar.
View the webinar presentation file for the "Corporate and personal insolvency" webinar.