CHARTERED ACCOUNTANTS INSOLVENCY PRACTITIONERS http://www.kazarslaven.com.au
ABOUT US • Kazar Slaven is a leader in the accountancy sector with extensive knowledge of the Canberra region and a depth of resources. We have an extensive staff team and are focused on business problem solving and insolvency issues. • We take an analytical approach to the problem to find the best practical solution for the stakeholders. • Our work includes dispute resolution amongst shareholders and business partners who are at odds. We provide independent, unbiased advice on the way forward.
OUR TEAM Henery Kazar Michael Slaven Lyndell Kazar Courtney Kazar Aaron Torline Amanda Webb Cathy Wang Daniel del Rio Jack Steedman Claire Demaine
OUR TEAM Jacquie Howard Lachlan Abbott Melissa Lucas Nicholas Polhill Michael Lawless Stanley Pineda Tim Womack
CORPORATE INSOLVENCY VOLUNTARY ADMINISTRATION DEED OF COMPANY ARRANGEMENT CREDITORS’ VOLUNTARY LIQUIDATION COURT / OFFICIAL LIQUIDATION PROVISIONAL LIQUIDATION CORPORATE RECEIVERSHIP MEMBERS’ VOLUNTARY LIQUIDATION
VOLUNTARY ADMINISTRATION In Voluntary Administration, a Kazar Slaven partner, individually or jointly, acts as an administrator to investigate and determine the possible future for a company. Voluntary administration allows the business, property and affairs of a company to be administered in a way that maximises the chances of a company’s continuation or provides an outcome resulting in better return for the company’s creditors rather than immediate wind-up.
DEED OF COMPANY ARRANGEMENT In a Deed of Company Arrangement (DOCA), the creditors of a company appoint one of the Kazar Slaven partners to act as the deed administrator. DOCA offers creditors the potential of greater return than if the company were to be placed into liquidation. This can be achieved in a number of ways; for example, the contribution from directors or members or the injection of capital by an investor or purchaser. For creditors to accept a DOCA proposal, it’s necessary for the administrator to demonstrate that the likely result would produce a better outcome than the winding up of the company.
CREDITORS’ VOLUNTARY LIQUIDATION The Kazar Slaven partners, individually or jointly, act as liquidator to investigate that all the assets of the company have been accounted for and distributes those assets amongst the creditors. This method of winding up an insolvent company is commenced by the shareholders, however the appointment of the liquidator may either be ratified by the company’s creditors or they may nominate and vote for the appointment of an alternate liquidator.
COURT / OFFICIAL LIQUIDATION This process of winding up an insolvent company involves the court making a winding up order and appointing the Kazar Slaven partners, individually or jointly, as the Official Liquidator. An application for such an order is usually made by a creditor but may be made by the members, a liquidator or ASIC. The role of the Official Liquidator is the same as in a Creditors’ Voluntary Liquidation, ie to wind up the affairs, distribute equitably the company’s assets, and to conduct an investigation. The primary task of the liquidator in both cases is to protect the interests of unsecured creditors.
PROVISIONAL LIQUIDATION Provisional Liquidation is an interim step that preserves the assets of a company, pending the hearing of an application for winding up. In these circumstances one of the Kazar Slaven partners is appointed Provisional Liquidator by the court. A creditor will usually be the applicant, however a member may seek the appointment of a Provisional Liquidator if there is concern that the directors are acting improperly.
CORPORATE RECEIVERSHIP In these circumstances one of the Kazar Slaven partners is appointed as Receiver by a secured creditor or by the court on the application of a person who seeks to protect their interests. The most common form of private appointment of a receiver occurs where a secured creditor holds a fixed and floating charge over the assets of a company. When appointed, a receiver’s role will be to administer the property subject to the charge and to realise it for the benefit of the party entitled to it, usually the secured creditor.
MEMBERS’ VOLUNTARY LIQUIDATION The purpose of liquidation of an insolvent company is to enable a fair form of distribution of the company’s assets amongst its creditors, and to enable an investigation of the company’s affairs with the view to determining the circumstances leading to the winding up. For Members’ Voluntary Liquidation, the Kazar Slaven partners, individually or jointly, act as the liquidator to wind up the affairs of the company.
CONTACT US Chartered Accountants / Insolvency Practitioners Address: Level 3 Engineering House 11 National Circuit Barton ACT 2600 GPO Box 138 Canberra ACT 2601 Telephone: 61 2 6285 1310 Facsimile: 61 2 6215 8450 Email: firstname.lastname@example.org