A person or company can face insolvency when it is unable to pay its debts on time.
There are three main insolvency procedures. Voluntary administration will be triggered where a company falls into financial trouble and will result in a voluntary administrator being appointed to take control, investigate issues and report to creditors. Receivership is where a secured creditor has appointed a receiver to release assets to pay debts. If it has been decided that a company must be wound up, it will go into liquidation, allowing for assets to be distributed to those the company owes debts to.
Whether you are a director, employee, creditor or shareholder, the insolvency process will affect you differently.
If you own a company and believe you may be approaching financial difficulties, it is important to obtain legal advice immediately. TLFC Law will be able to assess your situation and provide avenues through which to avoid or mitigate any risks that may be on the horizon.
Tisher Liner FC Law have been securing excellent outcomes for clients in insolvency matters for over 50 years.
We act for liquidators, trustees and those facing liquidation, administration or bankruptcy. We can work through the issues and provide timely advice to help you address financial issues. Tisher Liner FC have expertise in insolvency matters including:
- Advising on Maximising Returns in Insolvency;
- Deeds of Company Arrangement;
- Winding up Companies;
- Corporate Restructuring;
- Unfair Preference Claims; and
- Bankruptcy.
If you have any further questions about Insolvency, please call TLFC Law on (03) 8600 9333 or contact one of our experts directly.
