ASIC offers free insolvency help for Queensland businesses

Assistance comes as businesses face bankruptcy, lack of business and other problems as flood waters recede

Queensland businesses and directors facing strife in the face of the devastating floods are being offered free advice and guidance by experts and the Australian Securities and Investment Commission (ASIC).

According to a statement released by the regulatory body, the pro-bono assistance will be provided by local experts and facilitated by ASIC.

“Thousands of small and medium enterprises across Queensland have experienced significant business interruption or total loss as a result of this disaster,” ASIC Queensland regional commissioner, Pamela Hanrahan, said in a statement. “Business owners are worried about their obligations to their staff and creditors, and may need help to understand the jargon and processes.”

The service will provide advice about business interruptions and how to avoid corporate insolvency, liaisons with your bank and access to employee entitlement schemes.

The move comes as many businesses struggle under the burden of damaged equipment and a lack of customers with the cleanup of Brisbane and other flood-affected areas only just beginning.