We offer insolvency services for business creditors and insolvency practitioners.

For Business Creditors

Bankruptcy

Where an individual debtor has a judgment debt of $5,000.00 or more, the creditor may issue a bankruptcy notice giving the debtor twenty-one (21) days to pay the debt. If the debtor fails to pay, the creditor may file a Creditor’s Petition in the Federal Court or the Federal Magistrates Court and obtain an order appointing a trustee in bankruptcy.

The trustee will then realise the debtor’s assets for the benefit of all creditors and pay a dividend between zero (0) and a hundred (100) cents in the dollar, depending on what assets are recovered.

Our solicitors will provide you with expert advice and guidance on whether bankruptcy is a suitable option for enforcement against a debtor.

Winding Up

Where a company owes $2,000.00 or more (a judgment is not necessary) and there is no dispute about the debt, you may issue a Statutory Demand giving the debtor company twenty-one (21) days to pay the debt.

If the company fails to pay, you may commence proceedings in the Supreme Court or the Federal Court for the appointment of a liquidator.

Once appointed, the liquidator will realise the company’s assets and make a distribution to creditors resulting in a dividend between zero (0) and a hundred (100) cents in the dollar.

Our solicitors have the expertise to advise on whether this is an appropriate enforcement option against your debtor.