Read More Simplified Liquidation &
Small Business Restructuring Process

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]Expert solvency reports are typically used by Parties to a proceeding in a court, to resolve the question of whether a company or individual was insolvent at a particular point in time. They are handy in all matter of circumstances, including those in the infographic at the bottom of this article. Solvency reports can be prepared by accountants or lawyers,...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]There is no doubt 2020 was a year that turned the world upside down, inside out and changed the way the word “unprecedented” will be used forever. Initially, there was good reason to be patient and allow debtors further time to pay their debts. It was after all “unprecedented” and this is what Mr. Morrison PM so politely asked us...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]Can you believe it has been 1 year (give or take a few days) since GST* finally hooked up with the Director Penalty Notice (DPN) Regime? It was a relationship we all saw coming for years, but as timing has it, it did not attract as much attention as it ought to have, thanks to a certain virus you...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text] Voluntary Administration, Deeds of Company Arrangement and Secured Creditor Rights   The Law The Voluntary Administration process was designed to give a company and its creditors flexible and collaborative alternatives to satisfy the company’s debts.  Voluntary Administrations are governed by Part 5.3A of the Corporations Act 2001 (Cth) (Act), the purpose of which is to provide a “fresh start” to companies by...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] [/vc_column_text][vc_column_text]Restructuring a viable but insolvent company will usually involve formulating a proposal to creditors, either informally or via a formal insolvency process. Informal Proposals Informal proposals to creditors are more likely to be successful when: creditors with small amounts due are paid in full. This enables the directors to focus on negotiations with major creditors; the directors are upfront with...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]With the stimulus and protection measures introduced by the Federal Government coming to an end, companies may face pressure from creditors once again. Any prudent director of a company facing financial difficulties should seek the advice of their accountant or solicitor before taking any steps to address financial difficulty. Where appropriate, the expertise of a suitably qualified insolvency professional...

[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Welcome to article one in our new series, Unlocking Insolvency. Through this new series, we'll shed light on the unknowns of the insolvency process, answering questions you've  always wanted to ask and sharing insight  from behind the scenes. [vc_separator type="normal"][vc_empty_space height="20px"][vc_column_text]You have received a circular or report from an Insolvency Practitioner (IP) regarding a company that owes you money and it refers to an upcoming meeting....

[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] A Company owes you money. It is overdue and you feel you have made all attempts to get them to pay, including phone calls, letters of demand and extending ordinary terms because of COVID-19. You speak with a legal advisor and you agree, it is time to take formal legal action. Of the several options available to you, you are advised the statutory demand regime should...

[rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"] Welcome to 2021! In our previous update in the December Quarterly Newsletter (read here), we provided an overview on the New Restructuring and Insolvency Processes for Small Business. Roll forward to 1 January 2021 and the changes have come into effect for eligible small businesses. The Australian Government has compiled a useful fact sheet pertaining to Simplified Debt Restructuring which can be found here. Below are some key points for consideration...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text][rt_reading_time label="Reading Time:" postfix="minutes" postfix_singular="minute"][/vc_column_text][vc_column_text]Too often we encounter non-compliance by a bankrupt while managing their bankrupt estate. The implications for this can be far reaching and financially onerous making the process challenging for both the Bankrupt and the Insolvency Practitioner. The below case study provides an inside look at a recent Bankruptcy matter SV Partners were appointed to where the Bankrupt held an interest...