DOCAs for Builders: Business Rescue for Construction Companies
Australia: Builder Insolvency, DOCA & Creditors. Navigate builder insolvency, company arrangements, and creditors. Understand DOCAs, administration, liquidation, and your rights.
Preventing Voluntary Administration: Essential Steps for Company Directors of SMEs
Voluntary administration is not always the best option for small-to-medium sized enterprises in Australia. While it is sometimes successful for larger businesses, often other turnaround and restructuring options are more suitable for SMEs. Here we look at some of the…
From Appointment to Deed: A Step-by-Step Voluntary Administration Handbook
Navigate voluntary administration as a creditor. Understand your rights, deeds, and the restructure process. Learn how voluntary administration in australia gives breathing space to companies.
What is a fast track sale in a voluntary administration?
Fast track sales involve the voluntary administrator selling the assets of a business during a voluntary administration, instead of recommending a debt compromise or ‘Deed of Company Arrangement’. While a fast track sale in a voluntary administration is legal, it is relatively uncommon in Australia. Here we explain how fast track sales work, and consider whether they are a desirable feature of Australian insolvency law. If it occurs, company directors may feel betrayed by a voluntary administrator if they are expecting a debt restructure through a ‘Deed of Company Arrangement’.
What are private practice accountants recommending that their potentially insolvent clients do?
Table of contents: Summary For many, if not most, company directors and owners in Australia, private practice accountants are the first port-of-call for insolvency advice. This is problematic as: We examine the evidence in support of these conclusions in this…
External administration in Australia: Voluntary liquidation compared to voluntary administration
Voluntary liquidation (CVL) and voluntary administration (VA) have a range of pros and cons, relative to each other. Here we look at the advantages of voluntary administration, including the ability to turn around the business, director initiation and the breathing space it provides to directors. We compare this with CVL, which is generally more cost-effectiveand more streamlined than voluntary administration. It is also generally the more appropriate option where the business is unlikely to be saved through a restructure process. This overview is intended for company directors of small-to-medium sized businesses weighing up their options for external administration.
An Important limitation on Deeds of Company Arrangement (DOCAs) – No Ipso Facto Protection
Once the DOCA is being administered, there is no longer a moratorium on ‘ipso facto’ clauses. In short, this allows suppliers, landlords and other creditors with suitable contracts to immediately terminate those contracts on appointment of the deed administrator.
The Complete Guide to working out whether your troubled business should go into Voluntary Administration, Small Business Restructuring or just be liquidated?
When a business is in serious financial trouble, what is the best path ahead? This is, of course, a question for the directors of struggling businesses themselves, but it’s also a question for their lawyers, accountants and creditors.
What are the duties of insolvency practitioners in Australia?
Corporate insolvency practitioners are important gatekeepers in the economy. In Australia, there is a paradox that the system is designed to try to stop the insolvency practitioner from giving meaningful pre-insolvency advice to insolvent businesses. This is a pity because insolvency practitioners are well-placed to give pre-insolvency advice.
Sewell & Kettle Lawyers participates in landmark study on Voluntary Administration
Who is Professor Jason Harris? Professor Harris is one of the most knowledgeable insolvency researchers and academics in Australia. He is a full professor and one of the two authors of the principal textbook of Insolvency Law in Australia (Keay’s…