Our Business Restructuring & Corporate Insolvency Process
Specialist advice from a local Melbourne team at an affordable price It all starts with speaking to someone from our team.
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 (accountant, solicitor, etc.) to discuss the company’s existing affairs and available options at the current time.
Together, we’ll go through provided information about the company’s business including it’s and 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 (continue trading, proceed with an appointment, etc) 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:
- Assets to be collected and sold, debts collected, potential claims pursued, etc. to realise funds to pay creditors.
- Liquidator conducts investigation and reports to the Australian Securities & Investment Commission (ASIC).
- If funds are available, dividends are paid to creditors.
- Appointment finalised once above processes completed.
- If voluntary administration:
- The administrator decides whether to continue trading or not.
- The administrator prepares a report about the company and details any offer directors may wish to make to creditors.
- 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
We meet with the directors and their professional advisors (accountant, solicitor, etc.) to discuss the company’s existing affairs and available options at the current time.
Together, we’ll go through provided information about the company’s business including it’s and 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.
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.