We regularly advise and act for individuals in dealing with their financial positions. Michael Jones and Bruce Gleeson are Registered Trustees in Bankruptcy and have collectively over thirty – five (35) years experience in this field.
We understand the emotional upheaval that financial distress has on an individual and their family. We actively encourage individuals to be pro-active when they believe they are in financial distress, rather than take re-active approach. We are experts in the personal insolvency and bankruptcy field and believe individuals need to get the “right advice” when they may be in this space.
Company Directors and Shareholders
We are frequently asked by Directors and Shareholders to review the financial position of their company and provide them with practical and effective strategies when the company may be insolvent or likely to become insolvent.
We take the time to adequately review the company’s financial position and outline the key factors that such individuals need to consider when dealing with an insolvent company. This includes helping Directors understand the Director Penalty Notice Regime (“DPN”) that are utilised by the Australian Taxation Office for recovery of Pay-As-You-Go Withholding (“PAYG”) and Superannuation Guarantee Charge (“SGC”).
Michael Jones, Bruce Gleeson, David Shannon, and Daniel Soire are all Registered Liquidators have collectively fifty (50) years experience as appointees across a range of industries.
Public and Private Companies
Whether it be a family owned business, a private company within the Small to Medium Enterprise segment or a public company, we have the expertise, capability and resources to handle a range of complex and not so complex corporate insolvency administrations.
We have a significant depth of experience in the voluntary administration regime, as well as importantly understanding the key advantages of voluntary liquidation when it is appropriate for an orderly wind down to occur.
With company directors receiving DPN’s from the ATO for unpaid taxes we strongly encourage directors to contact us as soon as they have received the DPN. Waiting is not an effective solution.
Not for Profit Organisations
Whether it be sporting clubs, business networking groups or other community groups, we have advised and acted Voluntary Administrator or Voluntary Liquidator for several incorporated (and unincorporated) associations throughout New South Wales.
We believe that given the nature of these organisations it is vital that the directors put in place the most appropriate strategy and one that sees members informed about the external administration and what it means for them.
The Principals as Registered Liquidators are able to readily assist in this field.
Banks and Financiers
We regularly act for banks and financiers where they are to recover monies due to them under security interests.
Our focus in this field is to formulate and deliver upon effective strategies that optimise the business asset values. We do this by ensuring we appropriately resource the insolvency appointment and partner with other key professionals to assist achieving the desired outcome.
Michael Jones and Bruce Gleeson both have significant receivership experience, as well as acting for banks and financiers when they are pursuing their rights against guarantors through to bankruptcy.
We frequently are asked by unsecured creditors and their advisors to act as Official Liquidator or Trustee in Bankruptcy when seeking to recover monies due to them.
We understand that this step involves unsecured creditors incurring further costs in seeking recovery. In matters where we are appointed, we undertake our work on a pragmatic, but thorough basis to either make recoveries for the benefit of creditors or where this may not be possible ensure that creditors can be confident that we have made all reasonable efforts to exhaust asset recovery opportunities.
Michael Jones, Bruce Gleeson, David Shannon and Daniel Soire are all Official Liquidators that can assist in corporate insolvency recovery matters.
Michael and Bruce are also Registered Trustees in Bankruptcy and are able to assist in personal recovery matters.
We regularly act for state and federal authorities in recovering personal and company debts, predominately for unpaid taxes.
Directors in particular need to understand that Government Authorities in addition to winding up a company or have a individual declared bankrupt, are increasingly using other recovery options available to them as a means to recover unpaid taxes like the DPN Regime for PAYG and SGC.
We take an active interest in the use of the franchising system to grow business in Australia. We are familiar with the franchising code and are regularly asked to review a franchisee company when they are in financial distress. We provide practical in light of the franchise agreement with the franchisor, with emphasis on optimising business asset values.