Sydney Corporate Insolvency Services

What is Insolvency?

The term ‘Insolvency’ is often used in regards to a business or a company however it can also apply to an individual. A company is considered insolvent if it is unable to pay its debts as they become due. It is illegal for a company to continue trading and incur further liabilities whilst it is insolvent. If you are a Sydney based company and you think you may need advice from a Sydney corporate insolvency lawyer please don't hesitate to get in touch for a free consultation.

For Creditors

If you’re owed money by an individual or a company and need assistance lawfully obtain the debt, then our Sydney corporate insolvency services team are here to help. A common course of action is that a creditor will apply to wind up a debtors company by issuing a statutory demand.

Our experts can assist in all areas of insolvency and debt:

  • Preferential payment claims;
  • Voidable transactions;
  • PPSA disputes;
  • Insolvent trading claims;
  • Deeds of Company Arrangement;
  • Advice to liquidators on matters that arise;
  • Lodging of caveats and debt recovery; and
  • Letters of Demand;
  • Obtaining default judgments and more!

The longer a creditor delays, the more chance that other creditors will take advantage of their silence and collect their debts first.

For Debtors

If you’re in doubt whether your company is insolvent or not, then contact our Sydney Corporate Insolvency team today. Our Sydney insolvency lawyers can undertake detailed inquiries to determine the status of your company which will assist you in tackling the situation in the most appropriate manner.

corporate-insolvency-services

Generally, a company facing insolvency has three options on how to move forward; liquidation, voluntary administration and receivership. Liquidation, usually initiated by the creditors, is a process whereby the company is wound up and its assets are sold to repay creditors. Voluntary administration occurs when the company facing financial hardship opts to appoint an administrator. The administrator’s role is to investigate and report on the company’s solvency after which he/she will make a recommendation as to the future of the company. It may be to return control of the company to the directors or it may be to liquidate the company. This is by far the option most accommodating to directors as they have some degree of control as they can choose their administrator. Lastly, receivership, which can occur simultaneously with liquidation or voluntary administration, is where a receiver is appointed to realise the company’s assets and distribute them to secured creditors.

Although these options do not sound at all positive, they are almost always used as a last resort. If your company is facing financial hardship it is also possible that corporate restructuring can be used to remedy the situation. Visit our Corporate Restructuring page now to find out more information!

The faster a company acts when it is faced with financial difficulties the more likely it is to succeed in achieving its goals. Contact our Sydney corporate insolvency services team today to assist with your insolvency matter!

 

What is Insolvency?

The term ‘Insolvency’ is often used in regards to a business or a company however it can also apply to an individual. A company is considered insolvent if it is unable to pay its debts as they become due. It is illegal for a company to continue trading and incur further liabilities whilst it is insolvent. If you are a Sydney based company and you think you may need advice from a Sydney corporate insolvency lawyer please don't hesitate to get in touch for a free consultation.

For Creditors

If you’re owed money by an individual or a company and need assistance lawfully obtain the debt, then our Sydney corporate insolvency services team are here to help. A common course of action is that a creditor will apply to wind up a debtors company by issuing a statutory demand.

Our experts can assist in all areas of insolvency and debt:

  • Preferential payment claims;
  • Voidable transactions;
  • PPSA disputes;
  • Insolvent trading claims;
  • Deeds of Company Arrangement;
  • Advice to liquidators on matters that arise;
  • Lodging of caveats and debt recovery; and
  • Letters of Demand;
  • Obtaining default judgments and more!

The longer a creditor delays, the more chance that other creditors will take advantage of their silence and collect their debts first.

For Debtors

If you’re in doubt whether your company is insolvent or not, then contact our Sydney Corporate Insolvency team today. Our insolvency lawyers can undertake detailed inquiries to determine the status of your company which will assist you in tackling the situation in the most appropriate manner.

Generally, a company facing insolvency has three options on how to move forward; liquidation, voluntary administration and receivership. Liquidation, usually initiated by the creditors, is a process whereby the company is wound up and its assets are sold to repay creditors. Voluntary administration occurs when the company facing financial hardship opts to appoint an administrator. The administrator’s role is to investigate and report on the company’s solvency after which he/she will make a recommendation as to the future of the company. It may be to return control of the company to the directors or it may be to liquidate the company. This is by far the option most accommodating to directors as they have some degree of control as they can choose their administrator. Lastly, receivership, which can occur simultaneously with liquidation or voluntary administration, is where a receiver is appointed to realise the company’s assets and distribute them to secured creditors.

Although these options do not sound at all positive, they are almost always used as a last resort. If your company is facing financial hardship it is also possible that corporate restructuring can be used to remedy the situation. Visit our Corporate Restructuring page now to find out more information!

The faster a company acts when it is faced with financial difficulties the more likely it is to succeed in achieving its goals. Contact our Sydney corporate insolvency services team today to assist with your insolvency matter!

 

Our Sydney Office Details

Level 14, MLC Centre, 19 Martin Pl, Sydney NSW 2000

Tel 1800 664 776
Fax +61 2 8569 1050
Email info@moissonlawyers.com

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