Content reviewed and verified by Graham Chee, with 25+ years in accounting, taxation, investment management, governance, risk & compliance. Last reviewed March 2026. Next review scheduled for June 2026.
Introduction: Why a 90‑day plan matters in Australia
9+ years of recognition (Multiple Finalist positions) Australian Accounting Awards finalist Graham Chee, FCPA, leverages 25+ years of experience in Urgent, time-boxed blueprint for owners facing health, dispute or lender pressure—what to action in Weeks 1–12 in Australia. to help Australian SMEs succeed. In advising over 1,200 clients, I’ve seen owners forced to hand over control with days’ notice — from sudden illness, shareholder breakdowns to bank covenant enforcement.
When we implemented this for a Sydney manufacturer, the immediate triage and re-mapping of banking mandates and PPSR registrations stopped a supplier shutdown and preserved a $3m contract. The most common mistake we see is treating succession as a long-term policy rather than an executable emergency plan: governance, key person insurance, and lender lines are not aligned under pressure. This guide provides a concrete, week-by-week 90-day checklist tailored to Australian law (ATO, ASIC, PPSR, Corporations Act), banking practice and insurance claims protocols.
You’ll get: a 12-step critical path for Weeks 1–12, triage scoring to prioritise actions, regulator-specific filing checklists (ATO lodgement strategies, ASIC director replacement, PPSR charge transfers), and communications templates for staff, customers and lenders. Use this plan as a working playbook: follow the triage scoring, tick off the regulatory deadlines, and engage advisors listed in‑line where complexity or litigation risk exists. Complex situations require personalised legal and tax advice; this blueprint accelerates the decisions you must make in the next 90 days.
When to trigger the 90‑day plan: health, disputes, lenders and red flags
Trigger this plan immediately if any of these red flags are present: (1) Owner or director has a sudden incapacity or medical prognosis that affects decision-making; (2) Shareholder dispute likely to block governance or access to accounts; (3) Lender issues — covenant breach notice, demand, or appointment of a receiver; (4) Key-person exit or sudden supplier failure that endangers operations. In Australia, time matters: ASIC has prescribed processes for director removal/replacement, the ATO can issue Director Penalty Notices (DPNs) within weeks, and banks typically allow 7–21 days to comply with changed signatories.
Immediately assess legal capacity and existing instruments: enduring powers of attorney (EPA), advance health directives, company constitutions, shareholders agreements and any security registered on the PPSR. Execute a rapid governance audit: list company officeholders, authorised signatories, tax lodgement status, BAS/IAS liabilities, and any outstanding PAYG or Super Guarantee obligations. If litigation or insolvency is plausible, stop non‑essential distributions and obtain an insolvency safe harbour briefing.
Use the triage scoring matrix (later section) to convert risk into priority actions — rank 1 (72-hour window), rank 2 (7–21 days), rank 3 (30–90 days). Expert tip: print or store the company’s ASIC extract, current PPSR search, latest BAS, and banking mandate snapshot; these four documents will be requested within 48 hours by most advisors and lenders.
Week-by-week checklist: Weeks 1–4 — immediate triage and governance steps
Weeks 1–4 are triage and lock-down. Primary aims: preserve authority to act, prevent bank and supplier disruption, protect tax and statutory positions. Week 1 (Day 1–7): Convene emergency team (owner’s delegate, accountant, solicitor, banker). Secure the key documents: ASIC company extract, shareholder register, constitution, current banking mandate, PPSR certificate, insurance policies and business continuity plan. Notify insurers for potential claims (key-person, TPD, trauma) — don’t admit liability. Lodge any urgent ATO forms (eg.
to manage DPN risk) and request a Director Penalty Notice freeze if eligible. Replace or appoint interim directors only via proper ASIC forms (Form 484 for change of officeholder) — improper appointments create later invalidity. Week 2 (Day 8–14): Reconstruct cashflow and credit lines: reconcile bank accounts, unpaid supplier lists and payroll. Update banking signatory lists and request emergency signatory forms from your bank (often requires ASIC extract and identity documents).
Where shareholders can’t agree, seek urgent mediation or implement a temporary independent director to break deadlocks. Week 3–4 (Day 15–28): Transfer or novate critical supplier/customer contracts if operational continuity requires it; record any PPSR charge transfers or discharges; consider a short-form deed to appoint an authorised operational manager while longer legal instruments are prepared. Numbered steps for Week 1: 1) Secure documents; 2) Convene advisors; 3) Notify insurance; 4) Request banking emergency forms; 5) Run PAYG/Super position check.
Weeks 5–8 — regulatory filings (ATO, ASIC), PPSR and financial controls
Weeks 5–8 are about regulatory consolidation and securing security interests. ATO: confirm BAS, IAS and PAYG lodgement status; if arrears exist, negotiate a payment plan and get it documented — the ATO will generally accept tailored arrangements if you engage early. If a DPN is likely, coordinate lodgements and consider a Director Penalty remission application via a registered tax agent. ASIC: complete any formal director appointments or resignations via ASIC portal (Form 484) and update the company address, officeholders and share register.
Ensure minutes and resolutions are properly executed and retained. PPSR: ensure security interests are correctly transferred or discharged; incorrect PPSR transfers are a common cause of lender disputes — obtain a PPSR search to validate priorities and re-register charges where required. Financial controls: close unused merchant facilities, rotate online banking access, enforce two-person authorisations for payments, and obtain a forensic snapshot of accounts to prevent fraud.
Engage the bank’s specialist succession or security team: they will require ASIC and PPSR evidence, identification, and updated financial statements. If the bank demands early repayment or appoints a receiver, obtain immediate insolvency advice. Expert nuance: AASB reporting requirements affect loan covenant calculations — ensure any interim financial statements used for lender negotiations are prepared to appropriate accounting standards or clearly labelled as management accounts.
Weeks 9–12 — lender negotiations, transfer of banking mandates and handover completion
Weeks 9–12 are for closing out handovers, finalising lender positions, and transitioning operations. Lenders: present a concise restructuring or handover plan with updated cashflows, management CVs, and governance changes. Seek a forbearance letter rather than ad hoc oral forbearance: it creates legal certainty. Banking mandates: obtain bank forms for authorised signatory changes, ensure signatories complete proper ID and ASIC evidence, and request written confirmation of new mandates and transaction limits.
Where accounts are subject to guarantees, coordinate with guarantors and review the guarantee documentation for substitution or release clauses. Handover completion: transfer electronic access, update payroll authorities, notify Superannuation clearing houses and ATO of new authorised tax agents, and complete a final transfer checklist to hand the business to the interim manager or buyer. Document everything: minutes, deeds of appointment, insurer correspondence and bank mandate confirmations.
Red-flag timeline: if a lender issues a default notice at any point, invoke immediate legal and insolvency advice—this can compress your 90-day plan into an urgent receivership fight. Post‑handover: file all ASIC changes within 28 days and confirm PPSR registrations within approved grace periods to preserve priority.
Insurance, key-person cover and claims: who to contact and timelines
Insurance is frequently underused in emergency succession. Key-person, life, trauma, TPD and business interruption policies can fund salary replacement, buy-out obligations or help service debt while a new manager is installed. Immediately locate policy schedules, policy numbers and insurer contact details. Notification: most insurers require early notification to preserve rights — lodge a claim or at least a notice of circumstance within 7–14 days; some trauma policies have very short claim lodgement windows.
Check policy beneficiaries and assignment clauses: can the policy be assigned to the company or a lender? If a buy-sell agreement is funded by life insurance, ensure the trustee executes any transfer and confirm PPSR registration if the policy is security. Key steps: 1) Contact insurer via emergency claims line, 2) Provide medical certificates and director statements as requested, 3) Engage a claims broker if the claim is high-value. Watch for exclusions: pre-existing condition clauses and non-disclosure can void claims.
If cover is insufficient, consider bridging finance and document attempts to claim — lenders are sympathetic when insurers are involved. Expert nuance: some policies permit interim salary payments while claim assessments proceed — request these under the policy’s income support provisions.
Triage scoring matrix and red-flag timelines for priority escalation
A simple triage score helps allocate scarce advisor time and board attention. Score each issue 1–9 (1 = Critical, 9 = Low). Use three bands: Critical (1–3): immediate harm within 72 hours (eg. bank freeze, DPN threat, key‑person incapacitation without delegate). High (4–6): material disruption within 7–21 days (eg. unresolved supplier blockage, insurance claim pending). Medium (7–9): important but manageable within 30–90 days (eg. PPSR clean-ups, formal share transfer documentation).
Example scoring table (sample): Bank freeze — 1; DPN possibility — 1; Key-person illness with no delegate — 2; Insurance claim lodged — 3; Share transfer paperwork — 6. Apply scores to produce a 72‑hour action list, a 7‑day checklist and a 30‑day remediation plan. Red-flag timelines: ASIC director update should be lodged within 28 days of change (but act immediately to get bank acceptance); PPSR registrations may need re-filing within 14 days of transfer to preserve priority; ATO DPN responses are often time-limited (21 days for certain remedial steps).
Use a spreadsheet to map issue, score, owner, required documents, and deadline — assign one senior advisor as the escalation owner. Expert nuance: always prepare an evidence bundle (ASIC extract, PPSR, bank mandate, insurance cover) for lenders — it shortens review cycles and reduces the chance of an adverse immediate decision.
Communications: employees, family, customers and professional advisors
Transparent, controlled communications reduce panic. Prepare two simultaneous tracks: internal (employees, managers) and external (customers, suppliers, lenders, media). Internal: brief senior management in a secure meeting, provide a one‑page operations continuity plan, and publish an FAQ for employees that covers payroll, reporting lines and leave. Reassure staff on immediate payroll and super obligations — ATO and Fair Work breaches exacerbate risk. External: notify key customers and suppliers with a continuity statement (who to contact, whether orders are delayed).
Lenders and major suppliers get personal briefings with documented evidence bundles. Legal/PR: use advisors to draft public statements and limit admissions that could prejudice claims or insolvency positions. Family/beneficiary communications require sensitivity — use an advisor to coordinate estate, insurance and business transfer messaging. Numbered communications steps: 1) Convene core team and approve messages; 2) Issue an internal memo; 3) Contact key customers/suppliers; 4) Engage bank and insurers with evidence pack; 5) Control public statements via counsel.
Expert nuance: never promise outcomes to employees or customers (eg. employment guarantees) unless contractually binding — instead state intent and next steps.
12-step 90‑Day critical path (Weeks 1–12) — at-a-glance table
Frequently Asked Questions
Q.What immediate documents should I secure in the first 24–48 hours?
Obtain an ASIC company extract, the current shareholder register and constitution, up-to-date PPSR searches, bank mandate and signatory list, insurance policy schedules, latest BAS and payroll position. These documents are requested by banks, insurers and advisors and form the evidence bundle for urgent decisions.
Q.How do I change directors or authorised signatories quickly with ASIC and my bank?
File ASIC Form 484 for any director changes and ensure minutes/resolutions are executed. For banks, supply the ASIC extract, ID for new signatories, resolution/minutes and completed bank signatory forms — ask the bank’s succession or security team for an escalation contact to fast-track the change.
Q.Can I rely on key-person insurance to fund a buy-out or salary while I transition?
Potentially yes, but timing and policy terms matter. Notify the insurer immediately and check assignment/beneficiary clauses. Some policies allow interim income payments; others require full claim assessment. Use a claims broker for complex claims and ensure any intended assignment is cleared with the insurer prior to transfer.
Q.What are the ATO risks during a rapid owner exit?
Key risks include Director Penalty Notices for unpaid PAYG/Super, BAS or GST liabilities, and recourse for unpaid super. Engage your tax agent immediately to determine exposure, negotiate payment plans, and prepare any necessary remission or DPN response — early engagement reduces personal liability risk.
Q.When should I call an insolvency practitioner?
Call an insolvency practitioner if lenders issue default notices, if cashflow projections show inability to meet obligations within 7–14 days, or if shareholder disputes block essential decision-making. Early advice preserves options such as restructuring or voluntary administration and may prevent receivership.
Expert Perspective — Graham Chee
In my 25+ years of practice I’ve advised more than 1,200 clients through succession, distress and sale processes. Two lessons stand out: first, speed beats perfection — assemble the essentials and secure evidence early; second, relationships matter — a cooperative bank or insurer is often the difference between a controlled handover and a forced receivership. I’ve been a 9 years Australian Accounting Awards finalist and represented clients in 15 finalist positions across premium categories, bringing practical valuations and dispute experience to these urgent plans.
My approach combines valuation rigour (150+ valuations completed) with compliance focus: ATO, ASIC and PPSR actions are not optional in time-sensitive succession. Forward-looking advice: create pre-approved emergency delegate lists, maintain up-to-date PPSR and ASIC records quarterly, and negotiate insurance assignment terms in advance. Unique insight: lenders will usually accept a short, professionally prepared 3‑page operations and cashflow pack — prepare that in business-as-usual times and keep it updated to speed crises responses.
Ready to Take Action?
If you’re facing imminent incapacity, shareholder dispute or lender pressure, don’t wait. Book an urgent 90‑minute triage session to produce a tailored 90‑day playbook and evidence bundle. Our firm holds $20M professional indemnity, operates under the CPA Code of Ethics, and provides rapid on‑site or virtual execution support. Contact us for urgent availability and bring your ASIC extract and latest BAS to the session.
About the Author
Graham Chee, FCPA, GRCP, GRCA, IAIP, IRMP, ICEP, IAAP
Principal Advisor & Founder
Graham Chee is a highly qualified business advisor with over 25 years of professional experience spanning accounting, taxation, investment management, governance, risk, and compliance. As a Fellow of CPA Australia (FCPA), Graham brings deep technical expertise combined with practical business acumen. His qualifications include Governance Risk and Compliance Professional (GRCP), Governance Risk and Compliance Auditor (GRCA), Integrated Artificial Intelligence Professional (IAIP), Integrated Risk Management Professional (IRMP), Integrated Compliance and Ethics Professional (ICEP), and Integrated Audit and Assurance Professional (IAAP). Graham has advised hundreds of Australian SMEs on strategic planning, succession, business valuation, and compliance matters, helping business owners build sustainable, valuable enterprises.
Areas of Expertise:
Contact Us Today
This guide is general information and not legal, tax or financial advice. Complex situations require personalised advice from qualified professionals. We maintain $20M professional indemnity coverage and adhere to the CPA Code of Ethics. Contact us for tailored advice.
9+ years Australian Accounting Awards finalist