Our insolvency, recovery and reconstruction lawyers are aware of the complexities attached to this area of law. Whether we are working for a financial institution fighting for the recovery of funds or assisting an organisation to resist creditors’ demands our team understands the importance of immediate response and action as a necessity to achieve favourable outcomes.
Our services include:
• Commercial litigation
• Recovery of assets
• Receiverships, workouts, bankruptcy and liquidation
• Corporate reconstructions
• Voluntary administrations
• Security enforcement
• Corporate fraud investigation and asset tracking
• Prosecuting unfair preference and non-arm’s length transactions
• Corporations Act breaches
• Schemes of arrangement
• Enforcing the rights of secured creditors
• Insolvency settlement negotiation and litigation
• Debt recovery and enforcement
• Insolvency risk management and minimisation
With the constant fluctuation of our market economy there is no surprise that businesses often run into financial problems and fall quickly into debt. However, while companies are often able to rebound from their temporary slump, it is important to recognise the risks associated with insolvent trading.
At Auslegal, we are able to provide the best advice to get your business out of the difficulties it faces, whether that be through negotiation with creditors, refinancing or the temporary appointment of an external manager, we can assist. In worst case scenarios we can provide you with advice to facilitate an orderly exit from the business while at the same time assisting you with asset protection. In best case scenarios, Auslegal will work with you to bring about the resurgence of your business and to bring you back on top again.
What is Insolvent Trading?
Insolvent trading occurs when a company continues to trade without sufficient funds to pay its accumulating debts when they become due and payable. While often it may mean that you just need that extra few weeks to pay the outstanding invoices, if you are the director or owner of the business, you may potentially be held liable for the debts. Therefore, if you find that your company is falling behind in the payment of its debts, our team at Auslegal can advise you of the risks, provide you with manageable options and get your business back on track. Due to the potential liability and serious consequences associated with insolvent trading, if you feel that your business may be engaging in insolvent trading, contact us as soon as possible so that we may give your situation our immediate attention.
What if receivership or liquidation is the best option?
Sometimes, due to a variety of circumstances, receivership or the liquidation of your business is appropriate. However, both of these courses of action have serious consequences. At Auslegal, our insolvency team can provide advice both prior to and during the winding up process. Please contact us if you feel you need advice in relation to the winding up of your enterprise.