Bankruptcy

Bankruptcy

Put a red line under the past and look forward to a fresh start

Bankruptcy

We act as trustee in bankruptcy for creditors and debtors.

Sometimes, bankruptcy is the appropriate mechanism for insolvent debtors to get a fresh start and clean the slate.

The trustee’s role is to realise the assets of the estate and recover antecedent dispositions of property made prior to bankruptcy. There is also a complex income contribution scheme which requires bankrupts to contribute from their income over the course of the bankruptcy.

We have been involved in a number of large high profile bankrupt estates.

We are able to advise creditors, debtors and their advisors in relation to the implications of and alternatives to bankruptcy.

Capabilities

Insolvency is a highly specialised area of accounting and, practically, is close to a hybrid profession between commercial law and management consulting. The truth is that there is very little “number crunching” in insolvency work and lots of investigative research and asset recovery work.

Case Studies

Our client was a secured creditor to a solar panel retailer and installer operating in 3 States. Whilst our client had a nominee Director sitting on the Board of the Company, the information available was late, inaccurate and focussed on the wrong metrics.