Our practitioners have over 25 years’ experience in dealing with all facets of insolvency appointments. We act for financiers, directors and creditors depending on the type of appointment.
All stakeholders can be assured that the work we undertake is of the highest quality and we work with stakeholders to provide the best outcome for creditors.
An appointment is made by a secured creditor over specific assets or possible over the entire business, subject to the security.
We under take the process of realising the assets at the best possible value for the benefit of the secured creditor.
We work closely with all stakeholders, including employees, unions, suppliers and customers to maximise the value in the business.
Statutory Trustee For Sale/Receiver
A Statutory Trustee is appointed by the Court, or by agreement, for the purpose of selling real assets. The appointment is usually a result of a dispute between one or more co-owners of the property where they cannot agree to sell (or otherwise) the property or where one of the owners cannot raise sufficient funds to pay out the other owners’ interest in the property.
We provide advice on the proposed orders/agreements to be made to ensure that the document will allow for the intended outcomes and handle all matters relating to the sale of the property. The funds received (after payment of costs) are then distributed as per the terms of the order/agreement.
If an operating business is involved, the Statutory Trustee can also be appointed Receiver of the business which may involve:
- Operating the business to enhance its saleability (if viable);
- Investigating the historic financial affairs of the business;
- Realising the current assets of the business, such as crop proceeds, accounts receivable.
As with the Statutory Trustee appointment, the proceeds, after payment of costs are distributed as per the terms of the order/agreement.
Creditors Voluntary Liquidations
As an alternative to a formal appointment, business owners can seek our assistance in offering an informal arrangement with creditors, including financiers. This may be negotiating a payment arrangement, a limited moratorium, a combination of these or some other arrangement – the aim is to provide the business with the means to improve or stabilise its viability whilst retaining a valued relationship with its creditors.
A court appointment can be initiated by various parties including creditors, shareholders, company directors and regulators.
The process from appointment is similar to that of a creditors’ voluntary winding up., however in some instances, the directors are not co-operative.
The appointment provides for the liquidator to take control of the company and its affairs, allowing for the realisation of assets and an investigation into the historic financial affairs of the company.
Various parties may initiate court action. They include There are two types of court liquidation – provisional liquidation and official liquidation.
After a creditor files an application for winding up a company, and before the winding up order is made a provisional liquidator can be appointed to secure the assets of the company and to maintain the business.
It is an interim appointment that occurs when the petitioning creditor becomes concerned that company assets or business may be transferred to another entity or may be “hidden” from an eventual Liquidator.