Both the Australian Securities and Investments Commission (ASIC) and the Law Council of Australia have supported struggling companies being able to access professional advice to get them back on track.
Both organisations have used submissions to the Senate Economics Committee inquiry into proposed new legislation around corporate insolvency to acknowledge that companies should be able to access professional advice to help them dig themselves out of trouble.
According to the Law Council of Australia, instead of being stigmatised, the law should encourage and support directors of companies to seek out appropriate professional advice and assistance to address potential financial difficulties before the company becomes insolvent.