INSOLVENCY AND BANKRUPTCY
The term insolvency is used in connection with a company. A company is said to be insolvent when it is unable to pay its debts as and when they fall due. The law relating to company insolvency is set out in the Corporations Act.
The term bankruptcy is used in connection with an individual. An individual is declared bankrupt when they are unable to pay their debts as and when they fall due.
We advise and act in all areas of insolvency and bankruptcy including the following:
- Asset protection against bankruptcy;
- Creditors rights to wind up a debtor company;
- Obligations of company directors in respect of insolvent trading (see chapter “What are the Risks of Being a Company Director" of Estate Planning Guide);
- Preferential payments;
- Company debt reconstruction;
- Appointment of a liquidator/administrator;
- Insolvent deceased estates;
- Creditors rights on insolvency and bankruptcy;
- Court representation in Corporations Law matters.