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Call one of our knowledgeable, friendly advisors today to discuss your company’s situation. Confidentiality is assured, so don’t hesitate the contact us to find out more about your financial options. We have offices in Melbourne and Brisbane and provide our services throughout Victoria and Queensland.
We work closely with your financial team to deliver thorough and expert advice to each client in accordance with Australian legislation. We offer three principle services to companies seeking external administration: Corporate insolvency, corporate turnaround and corporate evaluation.
Where possible, we seek a solution, which will provide the company with a second chance through our evaluation and turnaround services. In many cases, companies can be successfully helped out of financial difficulties with our proactive, flexible and organised approach to delivering solutions. As well as working with company directors and their advisers, we liaise with creditors and stakeholders, providing a holistic service to everyone affected by the liquidation or administrative process.
Menzies Advisory offers quality services to companies in financial difficulties, seeking to preserve and release the company’s assets and distribute any surplus to creditors. Our external administrators deliver independent advice and support to company directors, shareholders and creditors in compliance with statutory requirements and the code of professional practice. We complete thorough assessments of each company so our administrators can deliver tailor-made advice and support throughout the process.
We endeavour to work alongside you to navigate the best way forward.
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Insolvency
Receiverships, Deeds Of Company Arrangement, Voluntary Administrations, Insolvency, Liquidations, Corporate Restructuring And Turnaround
The first decision point is to determine whether or not your company is able to pay its debts as they fall due. If the company cannot pay its debts or bills when they are due to be paid, the company would be insolvent and the appointment of an external administrator in the form of a liquidator or voluntary administrator would be appropriate.
If you decide to use external administration, there are two alternatives available: 1. A voluntary liquidation which is called a Creditors Voluntary Liquidation 2. A voluntary administration which, can be achieved by a resolution of the company’s director(s). Once a liquidator or voluntary administrator are appointed, the process is taken out of the hands of the directors of the company & the appointed person will oversee this process until finalization of the liquidation or the administration.
Menzies Advisory assesses each situation on its own merits. In some cases, it is possible for the recovery of the company’s assets to cover the cost of the liquidation or administration. In other situations, it may be necessary for the director or any other nominated party to contribute to the costs of the liquidation or administration process.
If your company is solvent, the members’ voluntary liquidation process provides a comprehensive and compliant finalisation of your company’s affairs. If your company is insolvent, it is important to have it legally wound up. This will avoid potential personal liability of the director(s) and will also provide the director with a second chance (subject to various compliance rules and regulations) to run a business without fear of prosecution from regulatory bodies.
Once your company is in liquidation, all phone calls & correspondence will be directed to the liquidator’s office, thus relieving the stressful grind of dealing with creditors who cannot be paid. Menzies Advisory does not charge you for the first, second or any consultation prior to any subsequent external administration unless specific pre insolvency reports are required by the client. We are able to assess your financial position & advise on future alternatives without it costing you anything.
A director’s obligations to a liquidator or an external administrator include but may not be limited to: Providing a report of the company’s affairs, providing books and records of the company, attending meeting(s) of creditors and providing other specific information requested by the liquidator or external administrator.
In any appointment, the objective of the insolvency practitioner will be to preserve and realise the company’s assets & to distribute any surplus to creditors. All appointments as liquidator or voluntary administrator are underpinned by the independence of the registered liquidator taking the appointment. The practitioner who takes the appointment must not only be independent & without conflict of interest or duty, he or she must be seen to be independent & without conflict of interest or duty.
Investigations must be carried out according to statutory requirements and the code of professional practice provided by the industry’s professional bodies. ASIC is provided with reports of the findings of the external administration’s investigations and usually provides clearances to the administration to be finalised after various declarations have been provided by the liquidator or administrator.
Most directors whose companies are subject to external administrations, will escape being banned from managing other corporations. However, if you have been involved in two or more liquidations within a certain time period, ASIC may seek to have you banned from managing corporations for a period of time. If the company has traded whilst it was insolvent, a liquidator is obliged to consider issuing insolvent trading proceedings against directors in certain circumstances.
The Fair Entitlements Guarantee (FEG) scheme is operated by the Federal Government in Australia. The scheme provides for certain employee entitlements to be paid if the company is placed into liquidation. FEG is not catered for in Voluntary Administration (VA) unless the company is placed into liquidation after the VA period is ended.
