Recovery

We take a professional approach to all types of corporate insolvency appointments, appreciating and empathising with affected stakeholders. We take command of the situation, promptly assess available options and implement the most favourable strategy to maximise the return for creditors. We administer insolvency appointments across a wide range of industry sectors and business sizes with specialist accounting knowledge, experience and resources.

Creditors Voluntary Liquidation

A creditors’ voluntary winding-up is a process where the directors and shareholders determine that the company is insolvent and resolve to place the company into liquidation.

A creditors’ voluntary winding-up is commonly used when a company is insolvent. If a wind-up application has been filed with the court, or if the court has ordered that company be wound up, a creditors voluntary liquidation cannot be commenced.

Court Liquidation

A court liquidation usually occurs when a party is pursuing a company for a debt. The party must demonstrate to the court that the company is insolvent. The court will then appoint a liquidator, usually one nominated by the party (creditor). The court may also wind up a company when there are irresolvable disagreements between officeholders.

Provisional Liquidation

The court may appoint a liquidator provisionally to exercise interim control over the assets and affairs of a company. A provisional liquidator appointment usually is made when the court believes that company assets may be at risk and needs to be preserved. The appointment is ‘provisional’ as the company may not necessarily be wound up, as the court may determine to return control of the company back to its directors.

Members Voluntary Liquidation

A member’s voluntary winding up is the process for members/shareholders who wish to dissolve the company. The company must be solvent to enable this type of liquidation.

Our experience has enabled us to refine our processes to ensure the quick finalisation of these matters.

If you require the services of a liquidator or simply require more information on any of the above types of liquidation, contact our office.

The Voluntary Administration process enables an independent party to investigate the affairs of the Company to determine the options available to pay the highest possible return to creditors.

The voluntary administrator conducts investigations into the company and issues a detailed report outlining the findings and the available options for creditors regarding the company’s future.

The options available to creditors are: 

• to accept a Deed of Company Arrangement (DOCA), if one is proposed

• to place the company into liquidation

• to end the administration and return control of the company back to the directors.

The voluntary administrator will:

• take control of the company’s assets and investigate the affairs of the Company

• assist the directors to formulate a DOCA proposal

• report to creditors on the course of action that gives for the best outcome for creditors, which includes estimating the likely return to creditors should the Company be placed into liquidation

• report any offences to the Australian Securities and Investments Commission (ASIC)

• hold meetings of creditors, at which the future of the company will be decided by vote.

If you require the services of a Voluntary Administrator or simply require more information on the Voluntary Administration process, contact our office.

A Deed of Company Arrangement (DOCA) is a formal agreement between a company, its creditors and any other relevant third parties to satisfy company debts/ obligations. A DOCA can bind all creditors, both unsecured and secured and aims to maximise the chances for a company to continue in existence and provide a better return for creditors than an immediate winding up of a company.

If the DOCA terms are not satisfied, it is considered to be in default and the Deed Administrator may apply the enforcement provisions, which usually results in the company being placed into liquidation.

If you require the services of a Deed Administrator or simply require more information on the Deed Administration process, contact our office.

A receivership is a type of appointment that occurs when a secured party (ie: a party that holds a PPSR registration), such as a bank, wishes to recover its debt. In this situation, the secured creditor will appoint a receiver to administer the process of recovering the debt owed to the secured creditor by realising and selling all or part of the company assets/ business. Court-appointed receivers can also be appointed in dispute circumstances between office holders.

A receivership usually ends when the receiver has collected and sold all of the assets or enough assets to repay the secured creditor debt, completed all their receivership duties.

If you require the services of a Receiver, or assistance with the recovery of your secured debt, contact our office.

Bankruptcy

Bankruptcy is a legal process where a bankruptcy trustee is appointed to administer an insolvent person’s affairs and manage the distribution of the person’s divisible assets to their creditors. 

Personal Insolvency Agreement

A personal insolvency agreement (PIA) is a formal agreement between a debtor and their creditors that sets out how the debtor will satisfy their debts. The proposal can contain almost any lawful term and condition and usually, upon payment of a sum that is less than the full amount, creditor’ claims are satisfied in full.

Debt Agreement

A debt agreement allows someone in financial difficulty to enter into an arrangement with their creditors to satisfy their debts without being made bankrupt.

If you are considering one of the above engagements or require further information, contact our office.