Insolvency and how we help and support our clients
Company and personal insolvency can have wide-ranging and potentially significant impact on your business, your family and your employees.
At Burke & Associates lawyers our insolvency lawyers understand that the financial stability of a business, whether it be operated via a company or by a person as a sole trader, is important for the business and importantly its owners. Financial instability can affect customers, suppliers, sub-contractors, landlord and any other party that a business trades with.
The lawyers in our Commercial & Disputes Division are experienced in acting for and advising creditors of insolvent companies or businesses as well as directors of companies and sole traders who may themselves be facing insolvency.
How can we help you?
If you are a creditor of a company or a sole trader who has had a liquidator, administrator or trustee in bankruptcy appointed our insolvency lawyers can:
- Represent you at creditors’ meetings;
- Advise you on your rights and options available to you to recover money owed to you or claims you may have against the insolvent entity or person including any rights you may have pursuant to guarantees;
- Advise and represent you in litigation issued by liquidators or trustees in bankruptcy under the Corporations Act or the Bankruptcy Act such as proceedings claiming a debt or an unfair preference claim.
If you are a director of a company or you are a sole trader who believes the business is insolvent our insolvency lawyers can:
- Work with your accountant in presenting you with your options if in fact solvency is in question;
- Refer you to and work with an insolvency practitioner to guide you to the most appropriate outcome for you whether it be administration, liquidation, bankruptcy or a Part X arrangement; (Part X also known as Part 10 of the Bankruptcy Act allows a debtor to enter into an arrangement with their creditors to meet their debts without being made bankrupt. This type of arrangement proposed to creditors is a personal insolvency agreement or PIA.
- Advise you and represent you in litigation based on the Corporations Act in claims such as insolvent trading or breaches of director’s duties;
- Advise you and represent you where director penalty notices are issued by the Australian Tax Office.
As a key legal expert within our Commercial & Disputes Division, Helen Mastos, Special Counsel, has over 25 years of experience with a passion for dispute resolution and can advise on a range of commercial issues including insolvency.
Helen’s extensive insolvency experience includes winding up and bankruptcy applications; appointment of receivers; winding up orders and termination of liquidation; applications to annul / terminate bankruptcies on behalf of the Inspector-General and application to obtain search warrants pursuant to section 130 of the Bankruptcy Act.
For tailored assistance and advice please contact Helen Mastos today via phone on +61 3 9822 8588 or you can email us here.
