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Sunshine Coast insolvency lawyers

Change the way you think about finding Sunshine Coast insolvency lawyers

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Insolvency lawyers on the Sunshine CoastA person / company is insolvent if it cannot pay its debts when they fall due.

Insolvency can be caused by ongoing cash-flow problems or may be a distinctive event that causes cash-flow issues.

Insolvency law refers to the duties and consequences imposed upon an insolvent person or company.

A fundamental issue in insolvency is the division of limited assets when creditors and other stakeholders cannot be fully repaid.

Insolvency lawyers work to find the best solution for their clients.

Whether your company is insolvent, or is approaching insolvency, an insolvency lawyer can help.

Why Engage Sunshine Coast Insolvency Lawyers?

Insolvency lawyers have litigation experience and specialised knowledge of the insolvency provisions in the Corporations Act and the Bankruptcy Act.

Sunshine Coast Insolvency lawyers have the professional knowledge and understanding necessary to work closely with you to make the right choices with respect insolvency and the related issues.

The benefit of engaging an insolvency lawyer is that all conversations and advice are subject to legal professional privilege, and thus all communications are confidential and the court cannot compel the disclosure of this information.

Sunshine Coast insolvency lawyers can provide customised advice on the legal and commercial challenges faced in an insolvency situation.

Contact our Sunshine Coast insolvency lawyer referral partners with the form below and receive details about their services.  Then simply choose the best from the Sunshine Coast insolvency lawyers who contact you based upon your requirements

Yes, I want to be contacted by Sunshine Coast insolvency lawyers

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An insolvent company may be put in formal administration. This may take the form of:

  • Liquidation/Winding up
  • Voluntary administration
  • Receivership
  • Deed of company arrangement

What is Insolvent Trading?

The insolvent trading provisions of the Corporations Act 2001 (Cth) apply to the director/s of the company at the time the company incurs a debt, and the company is insolvent at the time of incurring the debt, or becomes insolvent by incurring the debt, and there are reasonable grounds that the company is, or would, become insolvent.

The director contravenes the Corporations Act 2001 (Cth) if they were aware, or a reasonable person would have been aware, that the company is insolvent or would become insolvent due to the transaction.

If you are subject to allegations of insolvent trading, an insolvency lawyer will be able to represent you and your interests.

Depending on the circumstances, the following defences may apply to you:

    • Reasonable grounds to expect solvency
    • Reasonable reliance on others
    • Reasonable absence from management:
    • Reasonable steps to prevent the company from incurring debt

Safe-Harbour Provisions

The safe harbour provisions protect directors form the insolvent trading provisions in certain instances.

The director/s of a company will not be liable for insolvent trading if, after suspecting the company may be insolvent or may become insolvent, the director/s develop โ€˜one or more courses of action that are reasonably likely to lead to a better outcome for the companyโ€™ and debt is incurred in connection with this.

The provisions are complex, however Sunshine Coast insolvency lawyers will be able to provide specific advice relevant to your circumstances.

Liquidation/Winding Up due to Insolvency

Liquidation is the winding up of a company.

The purpose of an insolvent company undergoing liquidation is for an independent person to wind up the company in a manner that is beneficial to creditors and shareholders.

The reasons a company may be wound up are numerous.

There are two types of winding up proceedings: Compulsory winding up by order of the court and voluntary winding up. Both compulsory and voluntary winding up involves the appointment of a liquidator.

A professional insolvency lawyer can advise of the process involved to appoint a liquidator.

Insolvency may lead to the compulsory winding up of a company.

For example, compulsory winding up may occur due to a failure to promptly comply with or set aside a statutory demand to repay debts.

This failure triggers a presumption of insolvency and court proceedings will commence to wind up the company.

If your company receives a statutory demand, it is imperative to seek qualified legal advice promptly, as strict time limits apply.

What is Voluntary Administration?

While the purpose of liquidation is to pay back creditors and finalise a companyโ€™s affairs, a company enters voluntary administration with the goal of saving the company.

While companies are in voluntary administration, the directors lose control of the company.

Instead, an independent voluntary administrator takes over and tries to save the company. If saving the company is not possible, the administrator will ensure the creditors are in a better position than if the company had been placed into liquidation immediately.

One method of saving a company in which this occurs is via a deed of company arrangement.

Deed of Company Arrangement

A deed of company arrangement governs how the affairs of the company will be dealt with.

It is a binding arrangement that may be entered into to avoid liquidation.

The purpose of entering a deed of company arrangement is to allow creditors to receive a better return on investments

Receivership

Generally, a company enters receivership by appointment of a secured creditor (such as the bank) who hold security over the companyโ€™s assets.

The receiver will manage the businessโ€™ assets to recover the secured creditorโ€™s debt.

Sunshine Coast Insolvency Lawyers

Insolvency law is a complex area of law that has major implications for companies and their directors.

Sunshine Coast insolvency lawyers have the necessary knowledge and expertise to protects your rights and interests when faced with a challenge of insolvency, as well as the analytical skills and professionalism to provide advice in short timeframes and difficult situations.

Seek the advice of a Sunshine Coast Insolvency lawyer today to achieve the best possible outcome for you and your company.

Contact our Sunshine Coast insolvency lawyer referral partners with the form below and receive details about their services.  Then simply choose the best from the Sunshine Coast insolvency lawyers who contact you based upon your requirements

Yes, I want to connect with the best Sunshine Coast insolvency lawyers

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