Principle Insolvency works in the following areas:
• Investigation of Financial and all Commercial Aspects of Companies Under Stress
• Liquidations Insolvent
• Liquidations Solvent (fixed price $7,000 + GST)
• Receivership Appointments
• Voluntary Administration Appointments
• Forensic Accounting
• Private Investigation work
• Tracing Proceeds of Crime
• Investigating Allegations of Fraud
• Personal Insolvency (Part 5 Solutions)
Personal Worries
On this page you will find the options available to us if we are working on your personal worries.
Debt Repayment Order
A debt repayment order (DRO) is probably the best insolvency option for you if you owe less than $50,000 in unsecured debt and are able to make some repayments on your debts.
No Asset Procedure
A no asset procedure (NAP) is probably the best insolvency option for you if you owe less than $50,000, have no assets and have no extra money to make repayments on your debt.
Bankruptcy
Bankruptcy may be a good insolvency option for you if you owe more than $50,000.
Part 5 Proposal
A Part 5 subpart 2 proposal under the Insolvency Act 2006 gives you a great alternative to bankruptcy. It is not easy to prepare and the requirements are quite stringent. However, if the proposal succeeds, then you may be paying just cents in the dollar to get rid of your debt. And while you will have to honour the obligations outlined in the proposal, you will not have to comply with the usual provisions of a bankruptcy. For example, you will be able to carry on a business and travel overseas. This proposal is in effect an agreement between you and your creditors. Talk with us to see if this option could work for you.
Business Worries
Principle Insolvency provides a full range of insolvency services to financiers and trade creditors as well as executive and non-executive directors with exposure to entities experiencing financial distress. We are able to maximise value for stakeholders and creditors by efficiently identifying the key issues and determining the best course of action, whether that be restructuring the business or one of the services below.
Receivership
A receiver is appointed by a secured creditor to deal with the secured assets. A company can be in receivership and also in liquidation or voluntary administration.
Voluntary Administration
An administrator is appointed to review and rearrange a business to avoid liquidation.
Liquidation
A liquidator is appointed to investigate and deal with all the business assets. The creditors can apply to the High Court for this to happen (creditor liquidation), or the shareholders can pass a special resolution (voluntary liquidation). The liquidator must be a licensed insolvency practitioner. You will find our registration here.
Voluntary Liquidation
This option should be used for the “end of life” of a business that is no longer operating. Don’t think that just because your business has been struck off, or you have ceased trading and stopped filing returns, that you won’t be sued in the future. For a small fee, a company can be reinstated to the companies office register and directors sued. Ensure this doesn’t happen by liquidating the company, which means the company can never be reinstated.
Forensic Accounting
Our highly skilled forensic accountants combine accounting, auditing and investigative skills, to analyse and prepare financial information for a court of law. We present complex financial and business related issues in a manner which is both understandable and properly supported.
Investigation of Companies Under Stress
Principle Insolvency investigates the financial as well as all of the commercial aspects of a company under stress. Our goal is to give you the information your business needs to make an informed decision on how best to find relief from financial distress to move forward.
Private Investigation Work
We perform private investigation work to establish how your business came to fail and investigate whether any wrongdoing was committed. Our investigations include fact-finding, exploring company records, conducting interviews and more.
Tracing Proceeds of Crime
Our asset tracing services “follow the money.” Principle Insolvency traces assets by conducting financial investigations, during which they determine a subject’s assets, examine the revenue generated by criminal activity, and follow its trail.
Investigating Allegations of Fraud
Principle Insolvency conducts fraud investigations to prove or disprove allegations of fraud. Our investigations primarily consist of collecting and analyzing evidence to identify fraudulent activity within the company.
Receivership Appointments
Receivership is used to collect secured debt. Utilized early enough, it is a powerful tool for restructuring a business. This benefit lies in the ability of the secured charge holder to suspend the powers of the directors and appoint an administrator such as Principle Insolvency to look at the organisation commercially and without emotion.
Voluntary Administration Appointments
While a relatively new insolvency procedure, voluntary administration (VA) appointments are typically used when a company trades profitably, but has debts that means it is insolvent. The administration period lasts for approximately 30 days, by which time the administrator is required to assist in determining the future of the company.
Liquidations Insolvent
Insolvent Liquidation is when a company cannot pay its debts and is forced to sell off its assets to pay off its creditors.
Liquidations Solvent
(Fixed Price $7,000 + GST). Solvent Liquidation is when there is sufficient money to pay everyone as well as a surplus back to the shareholders.
Personal Insolvency
(Part 5 Solutions). Personal insolvency procedures offer several options including a debt repayment order, no asset procedure or bankruptcy.