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Commercial Insolvency and Bankruptcy

Kingsford Lawyers prides itself in maintaining a medium firm feel by treating each client with care and consideration.

Corporate Insolvency Lawyers in Melbourne and Queensland

Obtaining pre-insolvency advice is always recommended, and we have a team of experienced Lawyers who can provide just this. We pride ourselves on our ability to provide comprehensive but straightforward advice so you understand the strategies that can be implemented in your matter and the legal basis behind them.

Our advice relates not only the corporate insolvency matter on hand, but the responsibility and obligations held by the directors, shareholders, and other creditors who may potentially be affected by the act of insolvency and the importance of all members seeking correct advice before entering into a formal insolvency arrangement.

The impact and possibility of a company facing being placed into liquidation, administration or receivership can be devastating. Kingsford Lawyers can assist and explore the options available regarding pre insolvency such as:

We aim to always provide the most practical and cost-effective legal advice in every matter.

Kingsford Lawyers can assist and advise on the following aspects of Corporate Insolvency:

Directors have rights and obligations when running a Kingsford Lawyers work hard to ensure you understand these. Some useful information we can advise on are:

One of the most commonly asked questions is what I can do if I am issued with a Director Penalty Notice for failing to meet PAYG and Superannuation payments. The short answer is that directors of a Company hold a legal responsibility to ensure the Company meets PAYG and Superannuation payments as they fall due and payable. When a Company fails to meet these payment obligations, they become personally liable for the debt as a director of the Company.

The ATO will serve a Directors Penalty Notice if the payment goes unpaid and will be remitted if the company pays the outstanding amount.
This is general information and it’s important to note that if you are served with a Directors Penalty Notice that you obtain legal advice urgently to find out what it means to you.

Liquidation is the winding up of a Company’s affairs, and can be initiated by any of the below 3 processes:

Following an application made to the court, the court may order the Company be liquidated and appoint a liquidator. This often occurs when a company is proved to be insolvent, or where the court finds it in the best interest of shareholders and creditors for this court of action to happen or where the Court believes that it is just and equitable that the company be wound up.

An application for a winding up of a Company can be initiated by any of the following:

Liquidators have extensive powers, and their main role is to understand the company-held assets and distribute them appropriately amongst creditors. In addition to this, the liquidator’s role is to also:

Members (shareholders) can also initiate liquidation. This is called a creditors voluntary liquidation and can be beneficial as it may relieve a director from their liability under an ATO Director Penalty Notice. It can also reduce or limit the company directors from insolvent trading, and other offenses under the Corporations Act 2001.

Call us today for more information.

Our advice relates not only to the corporate insolvency matter on hand but the responsibility and obligations held by the directors

Understanding Insolvent Trading Claims

Insolvent trading is when the company cannot pay its debts when they are due and payable. If a debt is incurred without the potential of it being repaid, then the director will become liable to repay the company or the company’s creditors. Once a company goes into liquidation, a liquidator may bring forward a claim for insolvent trading.

There are a few factors to be considered before an insolvent trading claim can be commenced, including:

Reach out to our team if you feel you may be trading insolvent and need advice on your options.

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To speak with a lawyer from Kingsford about your case, call us on 1300 244 342 for a confidential, obligation-free chat.

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