LegalVision’s restructuring and insolvency team can assist you in dealing with the processes surrounding each stage of the personal or corporate insolvency process.

Whether you are a creditor seeking assistance in the recovery of a debt from an individual or a company, an individual looking for a personal insolvency agreement to avoid a formal bankruptcy,  or a director of a company in voluntary administration and are asking creditors to compromise their rights and enter into a deed of company arrangement, LegalVision can provide prompt and cost-effective advice and assistance.

LegalVision’s lawyers have a broad range of experience within the insolvency and restructuring industry. If you would like to request assistance with a personal or corporate insolvency matter, get in touch with our team today.

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5 Things You Need to Know About Personal and Corporate Insolvency

  • 1When a company has received a valid statutory demand, it needs to take action within 21 days following receipt of that demand. Similarly, once a bankruptcy notice has been issued, an individual has 21 days to resolve the notice. There are a number of ways that statutory demands and bankruptcy notices can be dealt with and we can assist in these processes.
  • 2Creditors have a number of rights and can request meetings be held in order for resolutions to be passed. For example, it is possible for creditors to make a resolution to replace a trustee in bankruptcy or a liquidator
  • 3A solvent company can be voluntarily wound up by its members. This process is called a members’ voluntary liquidation. The ultimate purpose of a members’ voluntary liquidation is to realise assets, pay creditors in full, and distribute the remaining money to shareholders.
  • 4A company does not always go into liquidation when an administrator is appointed. Alternatively, a Deed of Company Arrangement can be entered into if a majority of creditors consent, or the administration could end with the company being placed back into the hands of the directors.
  • 5When a court orders the winding up of a company, the liquidator publishes a notice on the ASIC Insolvency website and within 20 days provides information to creditors setting out their rights.

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