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New helpline eases access to insolvency support for businesses, individuals

Key highlights:

The Insolvency Australia Helpline provides free 15-minute consultations with experienced insolvency specialists for callers to discuss their financial situations.

Insolvency Australia has unveiled an initiative, the Insolvency Australia National Insolvency Helpline, a pioneering national resource dedicated to offering insolvency guidance.

This unique helpline serves as a vital connection point for businesses, individuals, and their trusted advisers seeking assistance, linking them with seasoned and certified insolvency experts.

The primary focus of this helpline is to address insolvency-related concerns and challenges. It boasts an independent panel comprising qualified business and personal insolvency practitioners who are registered with ASIC/AFSA. These professionals stand ready to extend their expertise and guidance. The service is entirely cost-free for callers in need of assistance, providing them with a complimentary 15-minute consultation with a helpline panel member, facilitating a personalized discussion regarding their specific financial situation.

Gareth Gammon, CEO of Insolvency Australia, emphasises the significance of this helpline, referring to it as “an essential lifeline.” He acknowledges the prevailing economic challenges in Australia, with insolvency figures reaching unprecedented heights in the current year and the escalating cost-of-living crisis adding pressure to both businesses and individuals. Gammon remarks, “More and more people are finding themselves in financial distress, but many might not know who to turn to. That’s understandable; experiencing insolvency can be a daunting, stressful experience. It’s why we have put together this independent team of highly qualified business and personal insolvency specialists to help navigate the process.”

He goes on to highlight the inclusive nature of the helpline, noting that it is accessible to a wide range of stakeholders, including business owners, individuals, as well as trusted advisers like accountants and lawyers across Australia. Gammon stresses that reaching out to the Insolvency Helpline can serve as a critical initial step, empowering individuals to comprehend their available options more promptly. He underlines the importance of seeking help early in the insolvency process, as it widens the spectrum of potential solutions and enhances the likelihood of securing the best possible outcome.

For any businesses, individuals or advisers needing assistance, the Insolvency Helpline number is 1300 360 800 and website is IA National Insolvency Helpline – Insolvency Australia. The helpline is available Monday to Friday from 8am to 5pm Eastern Australia Time (excluding public holidays).

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