Primarily governed by the Corporations Act 2001 and the Bankruptcy Act 1966, Insolvency is a complex and evolving area of the legal system related to bankruptcy, liquidation, debt agreements, debt recovery, winding up, receivership, sale of assets, payments to creditors and related litigation and enforcement.
Our team at Bilias & Associates have in depth experience and knowledge in dealing with liquidators, administrators and the courts in this area to ensure the fairest outcome for your situation. We can assist you with your rights and responsibilities whether you be a creditor seeking to enforce payment of debts, a liquidator appointed to wind up a company, or you a seeking voluntary administration or receivership of your business interests.
Our skills and experience cover, bankruptcy notices, rights of creditors, claims against liquidators, directors duties, insolvent trading, deed of company arrangements, personal insolvency agreements and so on.
The division of assets among creditors is tightly regulated, with detailed provisions for which creditors are entitled to what assets. Normally secured creditors will be paid first, with unsecured creditors and shareholders last. All insolvency situations are different and the division of assets can differ greatly.
Please contact us to discuss your needs and situation and we will advise you accordingly.