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Company Liquidation Procedure

On June 1, 2020, Posted by , In Insolvency, With No Comments

Company Liquidation Procedure- the process No word strikes more painfully into the heart of a business owner than ‘liquidation’. But winding up a business doesn’t have to be a disaster, and can instead be a controlled exit for investors, creditors and business owners ready for the next opportunity. Be sure…

Company Liquidation and Redundancy

On June 1, 2020, Posted by , In Insolvency, With No Comments

Company Liquidation Redundancy When a company goes into liquidation, it is not just the creditors and customers that lose out; it’s many of the employees and contractors of the firm that wake up to find themselves redundant and unemployed. What are the rights of employees in this scenario and how…

Business Restructuring, Recovery and Continuity- The Ultimate Guide

On June 1, 2020, Posted by , In Insolvency, With No Comments

Business Restructuring, Recovery and Continuity The COVID-19 crisis has proven to business owners that even the most rock-solid industry is not immune to economic impacts. What are the steps that you need to take as a business owner to ensure that you’re prepared for the worst-case scenario? Understand options and…

Preference payments in liquidation – here is how to find out if you’re affected

On May 27, 2020, Posted by , In Liquidation, With Comments Off on Preference payments in liquidation – here is how to find out if you’re affected

Preference payments in liquidation Imagine finding out that one of your clients is going into liquidation, and then discovering that accepting a previous payment put you in the cross hairs of other creditors! Sounds like an ‘out of the frying pan and into the fire’ situation. What exactly are preference…

Pre Insolvency Advice

On May 26, 2020, Posted by , In Insolvency, With Comments Off on Pre Insolvency Advice

While insolvency may be an unavoidable end-of-the-road destination for many businesses, there are multiple options to be considered prior to pushing the final button. As a business owner, you have a fiduciary duty to ensure that you have taken every step to prevent the liquidation of your firm, so it’s…

Presenting a Creditor’s Petition

On May 25, 2020, Posted by , In Insolvency, With Comments Off on Presenting a Creditor’s Petition

In a perfect world, you would not ever need to file a creditor’s petition when owed a significant outstanding debt. Alas, we don’t live in a dream landscape of win-win deals and payments delivered before they’re due. This step in the recovery process is severe and will not only return…

The Voluntary Administration Process

On August 6, 2015, Posted by , In Insolvency,Liquidation, By ,,, , With Comments Off on The Voluntary Administration Process

The voluntary administration process can be a vital asset to corporate insolvency as it aids companies to satisfy their debts. This is usually achieved through a Deed of Company Arrangement (“DOCA”) or by entering liquidation. Part X of the Bankruptcy Act can also provide a solution to insolvency. DOCA –…

Insolvent Company Directors

Companies faced with corporate insolvency and insolvent company directors, as recently seen looming in the North Queensland mining industry, such as Rockhampton amongst others.  Companies like these set the scene for once-multimillion dollar business projects crashing down in debt with no real prospect of paying its creditors. When the dust…

The Mining Industry & Insolvency

On July 24, 2015, Posted by , In Bankruptcy,Insolvency,Liquidation, By ,,,, , With Comments Off on The Mining Industry & Insolvency

Some very prominent and well recognised mining industry and insolvency professionals have stated, “2015 is set to be a tough year for the mines and related industries. The creation of the Mackay Port cargo facility will see the region heavily involved with the industry as it becomes the first point…

What is Insolvency

On June 25, 2015, Posted by , In Bankruptcy,Insolvency,Liquidation, By ,,,,, , With Comments Off on What is Insolvency

Have you ever asked yourself “what is insolvency?” Insolvency is a word that can be used to describe both individuals (sometimes called bankruptcy), but is more commonly used to describe businesses or companies. What does Insolvent Mean? It is said that a business becomes insolvent when it cannot pay its…

What is Bankruptcy

On April 30, 2015, Posted by , In Bankruptcy,Insolvency,Liquidation, By ,,,, , With Comments Off on What is Bankruptcy

What is Bankruptcy?  When a person cannot pay their debts they are called a debtor.  The person that the debtor owes the debt to is called a creditor. A debtor and a creditor can both file petitions forcing the debtor into bankruptcy, the debtor with a debtor’s petition and a…