What is Insolvency?

What is Insolvency?

SMS Law can provide advice for individuals or companies facing insolvency. There are a variety of areas where you will require a lawyer who is able to provide you with advice on insolvency matters. These include situations where:

• You or your company may have become insolvent or due to someone else’s financial trouble;

• You have debtors who owe you money but they may be insolvent; and

• Circumstances where you may be directly affected and need some advice as to how to deal with the consequences of these financial problems.

SMS Law has extensive experience in advising both people facing bankruptcy and company’s that may have their affairs wound up in insolvency.

Corporate Insolvency

Whether you are looking to wind up a debtors company, your company or prevent potential insolvency, it is best to obtain the best advice possible so that you have access to the widest possible range of options. The strategy that is taken to address all of the issues relating to insolvency must be addressed early in the process so that your interests can be protected as completely as possible.

 Our services include:

• Acting for creditors pursuing debtors who are insolvent
• Appointment of administrations, liquidations and receiverships
• Acting for debtors in court proceedings, including recovery proceedings, statutory demands and creditor’s petitions
• Advice on creditor’s rights and obligations
• Restructuring or trading out strategies as an alternative to a formal insolvency
• Acting for liquidators in a variety of matters

Personal Insolvency

We also have extensive experience in acting for both creditors and debtors in relation to personal insolvency issues. In circumstances where you are unable to meet your debtors or you are a creditor trying to recover funds, you need to obtain the best possible advice in relation to strategy moving forward.   At SMS Law, we have extensive experience in advising persons in these situations.

Whether you are a debtor or a creditor we can assist you with:

• Issuing bankruptcy notices on behalf of creditors
• Appearing in the Federal Magistrate’s Court or Federal Court if there is a dispute over the amount of or otherwise of the debt
• Possibility of recovering any debt
• Acting on behalf of both individuals and creditors
• Investigating an individual’s affairs
• Negotiating and drafting terms of payment plans

We can also assist trustees in administering a bankrupt estate including dealing with properties.

At SMS Law, our team of solicitors have extensive legal experience. We know the legal system can feel overwhelming, and it is hard to feel confident when you don’t know how to move forward. That’s where we step in, to guide you through each step of the legal process.

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