How Butlers can help you with insolvency law or bankruptcy in Newcastle and NSW.
Our insolvency solicitors are highly experienced in assisting insolvency practitioners to recover the maximum amount of money for creditors. We can help insolvency practitioners to:
- Recover debts
- Recover payments made in preference to other creditors
- Seek further orders of the court to assist in liquidation, including appointment as receiver and manager of the property of the bankrupt or insolvent entity
- Advise on uncommercial transactions
- Prepare contracts for the sale of businesses or assets
- Pursuing an insolvent trading claim against the insolvent entity
- Providing advice on the application of the Personal Property Securities Act 2009
- Preparing contracts and deeds connected with bankruptcy, administration, liquidation and receivership
- Advising on the rights connected with possession, occupation and liens
- We pride ourselves on our practical, commercial focus. Our team can provide practitioners with speculative obligation free advice regarding the prospects of recovery or pursuit of a matter
Want to talk to our experienced insolvency lawyers in Newcastle or the Hunter? Call us on (02) 4929 7002, email us or complete an enquiry form.
Want to talk to our experienced insolvency lawyers in Newcastle or the Hunter? Call us on (02) 4929 7002, email us or complete an enquiry form.
Butlers Case Study: Advising a liquidator on the sale of a business
Due to a dispute between shareholders, a holding company was entering into liquidation. The company owned real property holdings and shares in two subsidiary companies. The liquidator sought our advice on three potential scenarios for the sale of the business:
- Selling the shares of two of shareholders to the four remaining shareholders equally; or
- Selling the group’s assets and business as a going concern and distributing proceeds to shareholders via a Members Voluntary Liquidation; or
- Selling the group’s assets on a piecemeal (not going concern) basis and distributing proceeds to shareholders via a Members Voluntary Liquidation.
We advised the liquidator of the taxation implications of each of these potential options, including GST, CGT, stamp duty, small business CGT rollover, and retirement concessions. We also advise on risks of penalties under the tax avoidance provisions under Part IVA of the Income Tax Assessment Act 1936. We estimated the tax positions for each of these options so that the liquidator could make an informed decision that was in the best interests of shareholders.
Some of the services we offer include:
Insolvency FAQs
Companies that are facing financial difficulties may need an insolvency lawyer. It is best to contact an insolvency lawyer when you become aware that your company may not be able to service its debts as they fall due. You can also contact an insolvency lawyer once your company has become insolvent.
While colloquially the terms are often used interchangeably, bankruptcy applies to individuals, whereas insolvency applies to companies. However, both terms have the same outcome: the person or company cannot service their debts.
If your business has just started experiencing financial difficulty, an insolvency lawyer can help you formulate a plan to get your business back on track. This includes re-negotiating with creditors, or entering debt agreements. Alternatively, an insolvency lawyer can also help guide you into insolvency. It is always a good idea to be proactive in these situations, and an insolvency lawyer can help place your company in a more comfortable position.
If your business is already insolvent, an insolvency lawyer can guide you through liquidation, voluntary administration, or receivership processes. An insolvency lawyer can also provide you with information about special any small business procedures or concessions that may apply to your company.
Directors of a company can face hefty civil and criminal penalties for permitting a company to trade while insolvent. An insolvency lawyer will be well-versed in the Corporations Act and the directors’ duties contemplated therein. Butlers Business Lawyers knows the importance of protecting directors from personal liability during periods of financial instability or insolvency in the company.
Testimonials
“We are long standing clients of Butlers Business Lawyers. As liquidators, we often deal with complex matters require legal intervention. Butlers Business and Law have acted for us in the recovery of debts and payments, and providing legal advice at all stages of the liquidation process. We always know that we can rely on the experienced team at Butlers Business and Law for accurate advice and practical legal solutions.”
Find out more about our complete range of legal services:
Asset Protection | Blended Wills | Business Structuring | Buying or Selling a Business | Commercial Litigation | Commercial & Retail Leasing | Competition Law | Complex Wills | Contract Law | Debt Recovery | Employment Law | Estate Planning | Franchising | Intellectual Property Law | Tax Law