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Voluntary Administration is a process which provides companies facing insolvency with the ability to enter into a formal agreement with its creditors through a Deed of Company Arrangement (DOCA), or be placed into liquidation relatively quickly and inexpensively.
A members' voluntary winding up is the process for solvent companies when its members no longer want to retain the company's structure as the company is no longer required and is serving no useful purpose.
A creditors voluntary liquidation occurs when the company's members/shareholders determine that the company can no longer satisfy its debts and deem the company to be insolvent, or likely to become insolvent.
A Deed of Company Arrangement (DOCA) is an alternative form of administration which enables a company to restructure itself in order to facilitate its ongoing corporate existence and trading ability, and deal with the company’s creditors’ existing claims under a formal arrangement.
A company receiver and manager is usually appointed by a secured creditor under the powers contained in a secured loan or mortgage.
An Official Liquidation is also known as a Court Liquidation. Unlike a creditors voluntary liquidation where the members/shareholders resolve to appoint a liquidator, an Official Liquidator is appointed by either the Supreme Court or Federal Court to wind up the affairs of a company.