ARITA does not offer specific advice to companies or individuals in financial difficulty. We offer our members the opportunity to advertise their firm's services on our website on the Find a Firm page.
We can also help you to find out if any particular insolvency practitioner you have come across is an ARITA member, and the category of their membership, via the Look up a Practitioner option.
An insolvency practitioner can conduct a solvency review of your company and explain available options such as refinancing, restructuring or changing your company’s activities, or appointing an external administrator.
ASIC can advise you about which organisations can help you. Contact them by:
Phone: 1300 300 630
Internal company disputes
Action can’t usually be taken over purely internal company disputes (such as disputes about the interpretation of a company's constitution) or financial disputes. ASIC will not normally handle these complaints unless someone has breached the Corporations Law. ARITA does not have any jurisdiction over this issue.
You should seek independent legal advice.
For individuals or sole traders
For information about bankruptcy and its alternatives, particularly if you are in financial difficulty, call AFSA (Australian Financial Security Authority).
Owed, or lost money
If you have lost money because of an insolvency, this does not necessarily mean that a practitioner has behaved unethically. The reason an insolvency professional was called in is because of a shortfall in funds. The responsibility of the insolvency professional is to make sure everyone receives their entitlement. Click here for more information on priorities.
If, after reading ARITA’s Code of Professional Practice, you still believe the practitioner has behaved unethically, the first step is to call the practitioner directly to discuss the issue. Although you deal with the practitioner all the time; it might not be obvious to them that you’re unhappy.
Insolvency practice is a complicated area, and it's particularly difficult because the circumstances involved in a business crisis usually mean a very stressful period for everyone involved.
If the matter can’t be resolved with your practitioner, then you can lodge a complaint with ARITA. If the practitioner isn’t an ARITA member you can raise a complaint with ASIC by contacting phone 1300 300 630 or email; or with AFSA by phone on 1300 364 785 or via this link.
Sequence to resolve your issue
- Contact the appointee
- Complain to ARITA
- Complain to ASIC of AFSA
The insolvency profession is keen to ensure that poor practice is eliminated, and that clients are satisfied with practitioners' conduct. That's why we recommend that your first step should be to discuss the issue formally with your practitioner.
Coping with the emotional impact of financial distress
beyondblue offers some useful resources for people struggling with the emotional impact of financial distress.
Their free 28-page booklet, Taking care of yourself after retrenchment or financial loss, contains some helpful advice.
The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636
Lifeline offers phone crisis counselling for people who are experiencing financial and emotional hardship.
Phone: 13 11 14 Australia-wide
Online crisis support chat (7pm to 4am daily.)