At Pearce & Heers we commonly provide pre insolvency advice and other assistance to company directors and individuals facing financial difficulties. Some of the areas in which we specialise in providing advice and assistance are:-
Advice and Assistance to Accountants
Pearce & Heers specialises in providing advice and assistance to accountants regarding their client’s financial affairs. 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 Pearce & Heers can review your circumstances and advise on options available, including 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, should it be your desired course of action, administer a personal or corporate insolvency appointment.
Pre Insolvency Advice – Liquidation
Pearce & Heers provides pre insolvency advice to directors of insolvency companies regarding the liquidation process, matters that a liquidator will attend to and any risks associated with placing a company in liquidation. In circumstances where we provide advice to a director which we consider excludes us from acting as liquidators of a company we will, if required, assist the director in arrange for another insolvency practitioner from a third party firm to be appointed.
Pre Insolvency Advice – Bankruptcy
Pearce & Heers also provides pre insolvency advice to individuals who wish to file for bankruptcy. We can then assist individuals file Debtor’s Petitions either appointing trustees from Pearce & Heers or appointing the Official Trustee from the Australian Financial Security Authority.
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 such as Reports as to Affairs and Statements of Affairs;
- 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, including placing the company in administration or liquidation, entering into a payment arrangement with the ATO, or other options for Director Penalty liabilities which cannot be avoided. Find out more.
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 engaged by a company, commonly via its accountant, to review the company’s circumstances and provide either general or formal advice on the company’s current solvency and risks to its ongoing solvency. In circumstances where we take on such an engagement we can also advise company directors in relation to future strategies which may be implemented to improve a company’s financial performance or deal with creditor claims which a company cannot immediately pay.
Assisting with Claims by Creditors
Pearce & Heers can provide general advice and assistance to companies or individuals who are subject to large claims by creditors which they cannot pay. This will generally involve us reviewing relevant circumstances and financial information and determining a strategy which may seeking to negotiate an informal settlement or payment arrangement or assisting an individual file for bankruptcy or a director place a company into liquidation.
Assisting with Statutory Demands and Winding Up Applications
In circumstances where a creditor has taken formal recovery action by issuing a company with a Statutory Demand and possibly subsequently a Winding up Application, Pearce & Heers can also 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. Such a strategy may include seeking to negotiate a payment arrangement such that the 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.