At Pearce & Heers we commonly provide pre insolvency advice and assistance to company directors and individuals. The areas we specialise in include the following.
Pre Insolvency Advice – Liquidation
We provide pre insolvency advice to directors of insolvency companies regarding the liquidation process and any risks associated with placing a company in liquidation. In appropriate circumstances we can also advise directors on business sales and legal phoenix transactions. Where we provide advice to a director which we consider excludes us from acting as liquidators we will, if required, assist the director in arrange another insolvency practitioner to be the liquidator.
Pre Insolvency Advice – Bankruptcy
We also provide pre insolvency advice to individuals who wish to file for bankruptcy. This includes assisting people become bankrupt and either appointing a trustees from Pearce & Heers or appointing the Official Trustee from the Australian Financial Security Authority.
Advice and Assistance to Accountants
We are often contacted by accountants whose clients are in financial difficulty who either want to generally discuss their client’s circumstances and issues or who may wish to arrange a meeting with us where we can formally review an individual or company’s position and discuss the options which may be available.
We will generally have an initial discussion or consultation with an accountant at no cost to their client and will be up front with any costs which we may charge for any additional or specific work which we may perform for their client in the future.
General Meetings, Discussions and Advice
If you are the director of a company or an individual facing financial difficulty we can review your circumstances and advise on options available. This includes reviewing any risks which may arise, future strategies and possible formal or informal insolvency appointments.
We can then, if necessary, either provide further assistance in dealing with financial problems or administer a personal or corporate insolvency appointment.
Post Liquidation or Bankruptcy Advice
We commonly assist company directors or bankrupts deal with issues which may arise with a third party liquidator or trustee who has been appointed. This may include:
- Assisting with preparation of required statutory documents for liquidation and bankruptcy;
- Providing advice and assistance in conducting meetings with a liquidator or trustee;
- Reviewing claims which may be pursued against an insolvent’s related entities; and
- Assisting with the resolution of claims or issues which may be brought or raised by a liquidator or trustee.
Director Penalty Notices
We have advised numerous company directors who have received director penalty notices regarding the options available to them. This includes placing the company in administration or liquidation, entering into a payment arrangement with the ATO, or solutions.
Negotiations with the Australian Taxation Office
We are experienced in conducting negotiations with the ATO regarding payment arrangements for individuals and companies and we negotiate numerous payment arrangements with the ATO each year.
We are often asked to review a company’s circumstances and provide either general or formal advice on the company’s current solvency or future risks. In these circumstances we often also advise company directors regarding future strategies which may be implemented to improve a company’s financial position or to deal with its creditors.
Assisting with Claims by Creditors
We provide general advice and assistance to companies or individuals who are subject to large claims by creditors which they cannot pay. To do this we review relevant circumstances and financial information and come up with a strategy to solve the problem. This may include seeking to negotiate an informal settlement or payment arrangement or assisting with bankruptcy or liquidation.
Assisting with Statutory Demands and Winding Up Applications
Where a creditor has taken formal recovery action by issuing a company with a Statutory Demand and possibly subsequently a Winding up Application, we can provide assistance with reviewing a company’s financial position, considering risks to the company’s director and formulating a strategy to deal with the claim being pursued. This may include negotiating a payment arrangement so a creditor adjourns or withdraws the Winding up Application, appointing a voluntary administrator, or letting the company be wound up if there is limited or no prospect of the company continuing trading.