Accounting & Legal Services - Insolvency
What is Insolvency?
Insolvency law has become a generic term for what used to be called company liquidations and bankruptcy. Insolvency is defined by the Corporations Act as an inability to pay debts, as they fall due, out of the debtor's company resources and refers specifically to businesses and companies. Bankruptcy refers to the situation where an individual is unable to meet their financial obligations and repay accrued debt.
Often insolvency practitioners are appointed by the courts to oversee affairs of troubled corporations to either:
What can I do if I am faced with Insolvency?
The Quinn Group accounting and legal teams have a sympathetic understanding of insolvency issues, our approach to insolvency law is ultimately client focussed.
We provide help in restructuring or loss minimisation. If you are having cash flow problems, are unable to pay your debts, or the tax department is chasing you then Quinn's insolvency team will strive to help you turn things around by providing all of the available options to suit your individual situation.
Our team will provide personalised, professional insolvency services to small businesses, individuals, administrators, liquidators and investors.
We are comfortable dealing with the regulatory complexities and can negotiate with the secured and unsecured creditors on your behalf.
At The Quinn Group we can assist with all aspects and variations of insolvency, including, but not limited to, the following:
Have you been exposed to a company you suspect of dealing from a position of Insolvency?
The Quinn Group is able to help you examine the true nature of your counterparty to ascertain whether the transaction is void or voidable.
What are the implications of trading whilst Insolvent?
If you are a director of an insolvent company, you may not be protected from insolvency proceedings. Trading while insolvent may lead to your personal assets being seized or frozen, whilst administrators try to prove negligence or insolvent trading. In the extreme there is a possibility you may be held personally responsible for unpaid taxes and debts and could face criminal prosecution, fines and even gaol time. If you believe you may be in this position contact Quinns for our prompt and professional advice.
Quinns can help you if your business is struggling and you would like more advice on insolvency and winding up your business. If you would like to arrange and appointment or you would like to find out more information, please submit an online enquiry form or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166.
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The Quinn Group - Providing the Total Solution
As both a legal and accounting firm The Quinn Group are able to offer business legal and accounting services in one location. Visit our Business Legal Services page to see our range of legal services available to your business.
Visit our Personal Accounting Services page for more information on the wide range of Accounting Services that The Quinn Group can provide to you as an individual.
View all our office locations to find The Quinn Group office nearest you, or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.
Whilst we have 5 offices located in Sydney, we are also able to meet you at location convenient for you. Additionally, we have web and teleconferencing available for regional, interstate or international clients.
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