We provide a range of services in relation to bankruptcy, whether it be voluntary bankruptcy on behalf of a client, trying to avoid bankruptcy, pursuing bad debtors or making an application for bankruptcy in the Federal Court.
Where a client is conducting a business as a sole trader, care must be taken to ensure that the business which they conduct is trading solvently. The test usually applied is that, with the exception of secured bank loans, all creditors must be discharged in an orderly fashion. Where there is an inability to make prompt payment to creditors, whatever the reason, the business should be examined for the possibility of insolvency.
If the business is not paying its regular debts as and when they fall due, there is a process where voluntary bankruptcy can be entered into, or arrangements with creditors can be entered into. This will afford some protection from action being taken by creditors who are becoming aggressive due to non-payment. We have a long history of association with various trustees in bankruptcy who can assist in this regard. The other alternative is to simply make an application for voluntary bankruptcy with the Australian Financial Security Authority (AFSA).
We can provide advice in relation to the likelihood of bankruptcy and will provide an obligation free consultation in relation to bankruptcy.
Please call Ashlee Berry today on 02 6280 8899 to arrange an appointment or to discuss your needs.