Insolvency
When a business is faced with insolvency, it can often seem like it is doomed to fail. However, seeking specialist legal advice from dedicated commercial lawyers can help to put your organisation back on the path to financial recovery. WGC offers legal expertise regarding the legislation, business practice and court options in this often complex area of law.
Bankruptcy:
If you are a sole trader and cannot afford to repay debts which you owe, you could consider bankruptcy. Working with a lawyer can help you understand the steps you need to take to complete this legal process and highlight alternatives to, and the consequences of, this significant step.
Debt agreements:
Appointing a lawyer to help your business manage its debts may result in a debt agreement. This plan is ideal for smaller amounts of debts or individuals trading as a business and can offer a more positive alternative to bankruptcy.
Debt recovery:
If you are seeking to recover or defend debts owed to or by your company, there are several debt recovery options you can take. Consult a WGC lawyer to help you understand whether a letter of demand, mediation or commencing court action is the best possible option for your organisation.
Directors’ and officers’ liabilities:
Be sure to understand your legal rights and obligations when you are a director of a company, seek advice from a WGC lawyer about the best lawful ways to protect your assets and the business.
Insolvency:
If your company is unable to repay outstanding debts, seek expert legal advice to ensure you understand the implications of insolvency and explore other options if possible.
Liquidations:
Under Commonwealth law, there are three types of liquidation a company may face: court liquidation, creditors’ voluntary liquidation and members’ voluntary liquidation. Discuss your options with an experienced lawyer to be sure you select the type of liquidation most suitable to your business’s needs.
Litigation:
If your company is facing legal action, it is essential to obtain specialist advice from an experienced lawyer. WGC have a range of lawyers dedicated to litigation to help you navigate this often challenging time.
Part IX and Part X Arrangements:
These lawful agreements can be created following the rules and regulations set out in the Bankruptcy Act 1966. Obtain specialist legal advice before signing any legally binding contract or document.
Receiverships:
This legal term refers to the process of an appointed individual, otherwise known as a receiver, who takes control of a company’s assets. It’s vital to work with a lawyer to ensure you comprehend all the implications of this type of legal procedure and WGC can offer expert advice.
Repayment plans:
Making a repayment plan can be an easy and efficient way to deal with outstanding debts. However, it’s crucial to seek legal advice to ensure you realise the terms of the plan, including potential legal consequences if you default on payments.
Taxation:
There are a number of tax requirements specifically for business to abide by in Queensland. Consult a lawyer to help guide you through this often complicated financially important area of the law.
Voluntary administration:
If your company is unable to work out the best possible path the organisation should take, consider voluntary administration. Seek specialist legal advice before committing to such decisive action to ensure you have explored all options available to you.
For insolvency legal expertise please contact our team: