Aitken Whyte Lawyers offers full debt recovery services, including in the case of corporate insolvency. If you are a creditor of a company unable to pay their debts, or one that is already insolvent or in liquidation, we can assist you in achieving an optimal outcome in the situation. Corporate insolvency matters can be difficult if the company’s financial situation is dire or many other creditors are involved. As insolvency practitioners we will work with you to analyse your situation and determine the best possible steps we can take to achieve a preferable outcome for you.
Insolvency law may be able to help you in a range of different circumstances. Our services can begin with the issue of a statutory demand under the Corporations Act, in which the debtor company will have 21 days to dispute the demand or make payment of the debt. If the company fails to effect either of these, the creditor can then make an application to the court to wind up the company in insolvency. If this is within three months of the last date that the company could pay under the statutory demand, the court must presume the company is insolvent. In these circumstances winding up in insolvency is likely to occur.
If you are a creditor of a company and have a debt that is secured over any company assets, in the case of company insolvency it may be more beneficial to seek that the company be placed in receivership. This will ensure that the property you are entitled to is not used, during external administration, to settle the company’s other claims.
Alternatively, voluntary administration could potentially be the best outcome for you. We will assist you through this process and any creditors’ meetings to ultimately pursue a course of action that will best serve your interests.
If you require legal advice on the Gold Coast in relation to debt recovery or company liquidation, we can walk you through your various options, their advantages, and the recommended steps to take. We can draft court documents, negotiate, and appear in court on your behalf. We regularly appear in both State and Federal Courts.
Aitken Whyte Lawyers
Level 6, 9 Lawson St, Southport
Ph: +617 5596 9099