We offer insolvency services for business creditors and insolvency practitioners.
For Business Creditors
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.
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.
For Insolvency Practitioners
Our solicitors are able to offer advice and advocacy on behalf of bankruptcy trustees, administrators, liquidators and receivers on a broad range of insolvency matters, including:
- Unfair preference claims;
- Uncommercial transaction claims;
- Insolvent trading claims;
- Realisation of assets (e.g. special terms and conditions for the sale of land); and
- Debt recovery services.
We are also able to tailor our costs to suit the specific appointments.
Please contact Dain Locke for all your insolvency needs