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Phone: (03) 9696-2885

Transparent Communication

Highly-Experienced Team

Multi-Option Approach

Even the most intelligent and sensible directors can come up against external market pressures that result in financial hardship

Early action is crucial to achieving the best outcomes

We know that you and your accountant want to be heard and have a full understanding of your options prior to incurring further costs or formally appointing a business restructuring or insolvency expert.

Almost always, the problem is that external commercial and business forces beyond your control have made it difficult for your business to pay its debts as and when they fall due.

If you do need to engage an expert, it’s incredibly frustrating if the firm you choose ends up keeping you and your accountant out of the process. Your ideas need to be considered and your concerns heard.

With over 20 years of experience across all forms of corporate insolvency, including Voluntary Liquidations, Court Liquidations, External Administrations, Deeds of Company Arrangements (DOCAs) and Receiverships: APL Insolvency is proud to take a different approach.

We promise to listen to you and your accountant to openly assess available options in order to achieve the best possible outcomes

Transparent Communication

We believe in keeping you and your accountant informed about the process. We do this in a way that ensures we remain professional and adhere to all relevant processes, laws and rights of all stakeholders.

Highly-Experienced Team

Facing a potential insolvency situation can be highly stressful. With over 20 years of corporate insolvency experience, we are a boutique Melbourne based firm who seeks to proactively assist directors (and their accountants) through the insolvency process in a friendly & personable manner.

Pre-Engagement Options

We encourage company directors and their accountants to explore their options when faced with potential insolvency in order to achieve the best outcome for all stakeholders.

Our 5 Step Process

Our unique process is designed to ensure we do everything in our power to help our clients return to financial stability.

Initial Discussion

Step 1: Options Assessment Consultation:

We meet with the directors and their professional advisors to discuss the company’s existing affairs and available options at the current time.

Together, we’ll go through the company’s business including its assets and liabilities.

This no risk, cost, or obligation discussion is aimed to provide you with clarity around the available options and what makes the most sense for the directors, the company, and other stakeholders moving forward.

Decision To Proceed

Step 2: Decision To Proceed:

The decision about the way forward and whether to proceed with an appointment is always a matter for directors.

If it does make sense to proceed with a formal business restructuring or insolvency appointment, we’ll prepare the necessary documentation to commence via email.

Once the necessary documents are signed and lodged, our appointment commences.

Appointment

Step 3: Appointment:

Once appointed, the ‘appointee’ (liquidator or administrator) takes control of the company and its assets and proceeds with the appointment. What follows largely depends on the circumstances and what makes the most sense flowing from Step 1. Generally:

  • Creditors and other necessary stakeholders will be notified of the appointment.
  • If liquidation:
    1. Assets to be collected and sold, debts collected, potential claims pursued, etc. to realise funds to pay creditors.
    2. Liquidator conducts investigation and reports to the Australian Securities & Investment Commission (ASIC).
    3. If funds are available, dividends are paid to creditors.
    4. Appointment finalised once above processes completed.
  • If voluntary administration:
    1. The administrator decides whether to continue trading or not.
    2. The administrator prepares a report about the company and details any offer directors may wish to make to creditors.
    3. If creditors accept the offer, directors regain control of the company and the administrator collects funds and pay creditors. If not, the company is placed into liquidation (the company is wound up).

We know the above can be confusing and refers to terms you and your accountant probably don’t come across each day. Please feel free to read further on our website or contact us for a confidential, no-obligation consultation and we’ll explain how everything applies to your specific circumstances.

Open & Transparent Communication

Step 4: Open & Transparent Communication

Once appointment commences:

  • We deal with all aspects of the winding up and subsequent deregistration of the company, keeping you and your professional advisors fully informed. This includes but is not limited to negotiating with your creditors (where appropriate and relevant).
  • Directors are required to assist the appointee if required, including providing information about the company and all company records;
  • Once initial information and company records have been provided to the appointee (liquidator or administrator), the directors can get on with their lives! All that remains is to assist the liquidator with information or respond to the occasional question as required.

Benefits

Step 5: Benefits

We do everything in our power to ensure that our clients return to financial stability. We know the position can feel hopeless and the process overwhelming, although it does not have to be this way.

Implementing the options recommended by our team will minimise financial hardship and provide the best prospects for a brighter future.

The benefits of following this approach include:

  • Peace of mind for directors knowing that they are complying with their obligations to act when the company is in trouble.
  • Knowing that the situation is being dealt with via a proven process where you, your accountant and all relevant stakeholders are dealt with properly and transparently
  • Live without the stress of being chased by creditors and regain control again.

About Jack Abeyratne

Jack at APL Insolvency

Jack has had over 20 years’ experience in the insolvency industry and has been a registered liquidator since 2012.

Jack has been involved in insolvency appointments in a wide range of sectors including hospitality, education, property, transport, IT, construction and engineering. Prior to APL Insolvency, Jack worked at Harrisons Insolvency with his late father William (Bill) Abeyratne, a liquidator and bankruptcy trustee of many years.

Since 2010, Jack has been running APL Insolvency, seeking to provide the best outcome for all stakeholders and provide a service that is both respectful to directors and good for creditors.

Jack enjoys the challenge of finding solutions to what can often be complex problems.

Jack is a member of the Australian Restructuring Insolvency and Turnaround Association (ARITA), Chartered Accountants Australia and New Zealand (CAANZ) and the Association of Independent Insolvency Practitioners (AIIP).

Our Highly Experienced Team

Jack Abeyratne

Jack Abeyratne

Liquidator

Manny Hill

Manny Hill

Manager

Sam Patel

Sam Patel

Manager

Maggie Romero Valer

Maggie Romero Valer

Supervisor

Australian Restructuring Insolvency and Turnaround Association (ARITA)

Chartered Accountants Australia and New Zealand (CAANZ)

Association of Independent Insolvency Practitioners (AIIP)

Start with a free Options Assessment Consultation

Our free, no-obligation Options Assessment Consultations offered to directors and their accountants are key to managing negative consequences while enabling you to explore and understand all available options.

If you’re currently experiencing financial difficulties, or are an accountant with a client who is experiencing financial difficulties, contact APL Insolvency today for a free, no obligation options assessment consultation.

From Our Learning Centre

What to discuss with your existing accountant if your company is experiencing financial difficulties

When a company is experiencing financial difficulties, directors often find themselves putting out “spot fires” just trying to stay afloat.

  • August 2021
  • 0

Some things to consider when choosing an insolvency firm

The difficulties company directors face when confronted with the possibility of insolvency can be made easier with advice from the right business restructuring and insolvency firm.

  • August 2021
  • 0

The advantages of voluntary administration

One of the biggest challenges any company can face is the prospect of insolvency. Often companies keep plugging away, getting further and further into debt hoping business will pick up...

  • July 2021
  • 0

How accountants can support their clients via the new insolvency reforms

It’s no secret that clients rely on their accountant to keep up to date with the latest tax rules. As their most trusted professional advisor, client’s will also frequently turn to their accountant first when facing financial struggles.

  • April 2021
  • 0

You can find us at Level 5, 150 Albert Road, South Melbourne, Victoria 3205.

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