ASIC facilitates insolvency advice for flood victims

Insolvency professionals that have offered pro bono assistance to Queensland’s flood affected business owners have the support and resources of Australia’s Securities and Investment commission (ASIC), the organisation has announced. 

The securities watchdog said the assistance would provide guidance and alternatives to insolvency.

It would also provide advice on appropriate methods to liaise with banks and give access to employee entitlement schemes relevant to individual circumstances.

Queensland regional commissioner Pamela Hanrahan said that ASIC "was grateful for the assistance offered by the insolvency practitioners and was pleased to facilitate this.

"Business owners are worried about their obligations to their staff and creditors, and may need help to understand the jargon and processes," she said.

Business owners wanting to access the advice can call ASIC’s Infoline on 1300 300 630 for further details.