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Insolvency.

Insolvency and Bankruptcy.

A business is established to earn and generate profit. In other words, to make money. Staying financially stable in a competitive business environment guarantees a business’ long-term viability. In unfortunate circumstances, however, some businesses are faced with serious monetary difficulties which would limit their financial capabilities and may render them either insolvent or their owners bankrupt.

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Generally, insolvency occurs when a debtor cannot pay a debt when it falls due. As an individual, you may experience bankruptcy in your personal capacity, or if you are a business owner or a director of a corporation, you may experience insolvency.


Under the bankruptcy and insolvency legislation in Australia, managing personal insolvency may be through bankruptcy or other arrangements such as entering into personal insolvency agreements or debt agreements with creditors. Bankruptcy is a process where individual debtors who are unable to pay their debts give up their assets and concede control of their finances to an administrator, either voluntarily or involuntarily. Bankruptcy protects debtors from enforcement actions which may be taken by their creditors.

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On the other hand, corporate insolvency may be managed temporarily through voluntary administration or through liquidation, among other remedies. Voluntary administration is a short-term rehabilitation scheme where even if insolvent, a company continues to trade or may be sold as a going concern. In voluntary administration, there is a general moratorium over a limited period on the enforcement of creditors’ claims. Alternatively, liquidation involves winding up the affairs of the company until it is dissolved and cease to exist. Liquidation may be voluntary (at the instance of the creditors or the company) or involuntary (Court-ordered).

Skilled Representation from Experienced Insolvency Lawyers.

If your personal or corporate financial affairs are at risk, or almost at a negative in terms of cash flow, seeking the aid of an insolvency law firm is a practical action to undertake. Whether you’re in Canberra, Wollongong, Goulburn, Queanbeyan, Yass, Cooma, Wagga Wagga, or the surrounding areas, Andrew Byrnes Law Group have highly competent bankruptcy solicitors and insolvency solicitors who are equipped with the experience to handle bankruptcy and insolvency matters with and for you.

 

For individual debtors and corporate directors, the insolvency lawyers and bankruptcy lawyers at Andrew Byrnes Law Group can properly advise you on your rights and the available legal options to manage your debts, such as entering into a personal solvency agreement, debt agreements, or other agreements that you and your creditors may mutually agree upon, as applicable. 


Our team of experienced lawyers are also capable of assisting creditors in negotiating insolvency or debt agreements, filing a Court application to declare a person bankrupt, or initiating liquidation proceedings. Our services extend to debt recovery by assisting you in filing statements of claim and preparing statutory demands.


Call Today to Schedule an Initial Consultation.

To schedule a consultation with one of our expert insolvency lawyers, give us a call on 02 6210 1075 or click here.


Consultations may be done face-to-face or via phone call or video conference.

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