Solutions

Business Solutions

Receivership

A secured creditor or court may appoint a receiver, or receiver and manager to manage some or all of a company’s assets. Most commonly, a receiver is appointed by a lender or financier who has loaned funds to a company secured by a charge over assets such as a mortgage or debenture. Where a company is in default of its obligations to the secured creditor, a receiver may be appointed to sell assets to repay the secured creditor. This may include the sale of the company’s business.

For more information please look at our information page or call SBR Insolvency + Reconstruction on 02 6214 6700.

Voluntary Administration

Voluntary Administration is an efficient process which is employed when a company is deemed insolvent or likely to become insolvent, i.e. a company which is unable to pay its debts when they fall due. Voluntary Administration allows for effective restructuring of a company to achieve a desirable outcome for the company, its creditors and employees. The primary objective of a voluntary administration is to greatly increase the likelihood of the company or business continuing. Secondly, voluntary administration can be used to provide a company with greater flexibility, and aims to provide its creditors with a better return than would be achieved by an immediate cessation of business. The most common way to commence a voluntary administration is for the directors of a company to resolve that the company is insolvent (or likely to become insolvent) and resolve to appoint a Voluntary Administratior.

To have a confidential obligation free conversation with one of our qualified practitioners regarding your options please contact SBR Insolvency + Reconstruction on 02 6214 6700.

Creditors Voluntary Liquidation

A Creditors Voluntary Liquidation is the most effective means of ending the affairs of an insolvent company, i.e. a company which is unable to pay its debts when they fall due. This may only apply where a company is deemed insolvent, and is unable to be saved by using a Voluntary Administration and a Deed of Company Arrangement. The directors of a company and its members can commence a Creditors’ Voluntary Liquidation. Members resolve to wind-up the company and appoint a liquidator and a meeting of creditors of the company is convened by the liquidator following his or her appointment.  A liquidator must inform the Australian Securities and Investments Commission (ASIC), the Australian Taxation Office and other creditors of the appointment. The liquidator will realise any remaining assets and surplus funds will be distributed to the creditors by way of a dividend.

Call SBR Insolvency + Reconstruction today for obligation FREE consultation on 02 6214 6700.

Court Liquidation

A Court Liquidation occurs when a company is insolvent and the company and/or a creditor makes an application to the Court for the winding-up of the company and the appointment of a liquidator. To provide evidence as to the company’s insolvency, the creditor must demonstrate the company’s inability to pay its debts as they fall due. Serving a statutory demand on the company is the most common way to achieve this. Once the time period for the statutory demand expires, the company is deemed to be insolvent and a creditor may file an application for the winding-up of the company.

Personal Solutions

Insolvency Agreements

A Personal Insolvency Agreement (PIA) is where a person enters into an agreement with their creditors without being made bankrupt. Once the parties come to an agreement, the proposal is binding. A personal insolvency agreement enables a person and their creditors to come to a mutually agreed compromise in a relatively simple way without reference to a Court.

Debt Agreement

A Part IX debt agreement is a legally binding agreement between a person and their creditors. A Part IX agreement involves a person proposing a deal with their creditors. The debt agreement proposal may be accepted or rejected by creditors. Debt Agreements are negotiated compromises. Some examples of the kinds of deals put in place are:

• Payment of less than the full amount of a persons debts.
• A moratorium on payment of debts.
• A transfer of property to one or more creditors in full or part payment.
• Periodic payments of amounts out of income to creditors.

Debt Management

If you are juggling repayments and debt, then let SBR Insolvency + Reconstruction get your finances back under control. We have a number of options available to you which may include:

• Dealing with your creditors.
• Advice on how to manage and control your debts.

We provide no obligation, free advice so call SBR Insolvency + Reconstruction today on 02 6214 6700 and find solutions to effectively manage your debt.

Bankruptcy

Dealing with Bankruptcy can be very stressful and overwhelming. SBR Insolvency + Reconstruction’s qualified consultants will assist you with advice and guidance. Due to a number of reasons, there are times when repaying your debts is simply not an option. This is called being insolvent. Bankruptcy should be your last option and only occurs when you are unable to reach an informal or formal agreement with creditors. If you are considering bankruptcy let SBR Insolvency + Reconstruction help you. We can answer your questions and our advice is completely free! Call SBR Insolvency + Reconstruction today on 02 6214 6700.