PCL Lawyers can assist you if you are being chased by creditors or if you are facing insolvency. We have been trusted advisors to companies and individuals in these difficult times.
We regularly have to react to crisis situations and can often stabilise stressful circumstances by providing clear, sensible and thorough legal advice. Unlike administrators and liquidators we act for you.
We can draw on a broad range of options with positive outcomes in mind. We have obtained very favourable results for our clients, time and time again.
We act for clients in the following circumstances:
We are experienced insolvency and pre-insolvency lawyers. Sometimes company liquidation or personal bankruptcy is not the only resolution. Timely and appropriate legal advice from experienced insolvency lawyers at this time will likely be of great assistance.
Call us today on 1300 907 335 to discuss your situation or alternatively fill in the form on this page and we will respond to you promptly.
Company insolvency is different to personal insolvency. The end point of Company insolvency is liquidation. The end point of personal insolvency is bankruptcy.
If a company is insolvent or close to it, an administrator receiver, or liquidator may be appointed as a consequence of the company either being unable to meet its debt obligations on time, or the value of its liabilities exceeds that of its assets.
Bankruptcy, however, is the legal process that a person or company follows to resolve their insolvency predicament. Not every person that becomes insolvent will file for bankruptcy, as the issue can sometimes be resolved. In other words there are my steps before that where the debts can be cleared.
Corporate restructure involves making significant changes to the structure of a company. This may include changes to ownership or leadership, business practices, employee structure etc.
This can be a tool for growth and expansion as well as a method to avoid insolvency. A company under the threat of insolvency, may use corporate restructures to avoid it.
This can help a company improve its performance and get back on track. Corporate restructure methods involve identifying issues with the current business structure and making relevant changes to the operations or structure of the business to enhance performance and eliminate the issues.
There are four recognised tools for restructuring which can be used independently or in combination with each other. It is important to have a very precise idea of what the company’s financial position and trading position are prior to deciding which tool to use.
The best practise is to compile a document known as a “Going Concern Statement” which would include a full analysis of everything going on in the company.
Once this information is in place a company can explore the tools of restructuring that is most suitable for that company. These include:
Insolvency lawyers assist in many of the facets in helping to negotiate and prepare documentation etc. If you require advice for a company restructure contact one of the our commercial lawyers for more information.
A payment made to a creditor whilst the company is insolvent and generally in the six months prior to the date the company is placed into liquidation. These “preferential payments” may be legally clawed back by a liquidator or administrator. If you have received a notice regarding a preferential payment you should obtain legal advice regarding the validity of their claim and to assist in negotiations with the liquidator.