At Parke Lawyers we provide a range of legal options available to companies that are in financial distress. Our team of expert insolvency lawyers has many years of experience in the area of corporate insolvency and we work with all types of businesses across Australia.
We tailor solutions to meet your unique company needs and provide you with support and guidance through the entire process, while providing an appropriate strategy to minimise your risk. We also provide you with an overview of what you can expect when you apply for bankruptcy.
There are various options available to companies, including:
- Creditors’ voluntary liquidations
- Voluntary liquidations
- Court liquidations
- Statutory trustees
A voluntary liquidation or administration is undoubtedly one of the hardest decisions that a business can make. Parke Lawyers know that this will not only affect the owners of a business, but it can have lasting effects on your employees, shareholders and creditors as well.
If you want to declare bankruptcy, you will appoint an external administrator to handle your financial affairs from this point onward. In some cases this is a good decision to make, as it can minimise the chance of your business closing down, and may result in a better relationship with your creditors.
Corporate insolvency can have many causes; it may happen after directors pass a resolution declaring that the company is insolvent, or it may be enforced by a third party that is entitled to enforce a security interest in terms of the company’s property.
Voluntary administration will end when the creditors resolve that the company should either be wound up or that administration should end. This period will also end when a court appoints a liquidator to the company.
This is when you need the expert legal assistance from Parke Lawyers. We handle the process on your behalf and advise you of all the options and benefits available to you.
For more information about corporate insolvency, please contact us.