Read More Simplified Liquidation &
Small Business Restructuring Process
Found 255 Results
Page 1 of 29

Proposals to Creditors


Reading Time: 5 minutes 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 major creditors as to the cause...

Tags: 2020

September 24, 2020


The Secured Creditor Salad


Reading Time: 6 minutes 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 restraining creditors from enforcing...

Tags: 2020


Where’s my money? I want to be paid and that means now!!!


Reading Time: 6 minutes 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 to do… Fast-forward into 2021, many...

Tags: 2020


The Power of the Expert Solvency Report


Reading Time: 4 minutes 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, but a decade of experience doing...

Tags: 2020


The DPN and GST have been going steady for 1 year!


Reading Time: 4 minutes 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 may have heard of (I acknowledge that...

Tags: 2020


What do you do when the Merry-Go-Round stops?


Reading Time: 5 minutes 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 may be required. When experiencing financial difficulties,...

Tags: 2020


Cash Flow and COVID


There is no question that the Federal and State Governments have been assisting businesses with cash flow during the COVID crisis. We also know that many businesses had been struggling to stay afloat prior to COVID. These so called 'Zombie Businesses' have been kept alive by stimulus measures and other government support programs, despite their increased likelihood of failure. With COVID financial Government assistance drying up, there are major concerns as...

Tags: 2020


Case Study – Bankruptcy: Interest in a Deceased Estate and Annulment


Reading Time: 3 minutes 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 in a deceased estate. The Situation...

Tags: 2020


Deceased Estates and Bankruptcy


Reading Time: 6 minutes Inheritances from deceased estates can result in some of the largest funds received by individuals in their lifetime. Usually the major asset in a deceased estate is the real property owned by the deceased at the time of their passing. In some instances life tenancies are provided by the deceased in their Last Will and Testament (Will) which can cause some deceased estates to last for...

Tags: 2020


Page 1 of 29