Liquidation
Liquidation Liquidation is the process of winding up of a company and involves the redistribution of the company’s assets and property. Liquidation may occur where a company becomes insolvent, or where the company’s members look to bring the company to an end and have it struck off the company register. Appropriate investigations and distributions to […]
Letter of Demand – Example
Letter of Demand – Example <date> <your address> <address of debtor> Dear <name> DEBT OWED TO <NAME> You are indebted to us in the amount of <$Y> for unpaid tax invoices dated <x> and <y> in relation to <services/goods> rendered to you by us. We demand that you repay the […]
Determining Solvency of a Company – Cash Flow Assessment Confirmed as the Most Appropriate Method
Determining Solvency Of A Company – Cash Flow Assessment Confirmed As The Most Appropriate Method The recent case of Emanouel v Cube Footwear Pty Ltd in the Supreme Court of Queensland, concerned the application for winding up of a company which on the surface appeared solvent but whose liabilities far exceeded its total assets. The question for […]
Creditor’s Statutory Demand for payment of debt – Winding Up – Strict compliance with form required
Creditor’s Statutory Demand for payment of debt – Winding Up – Strict compliance with form required Failure to comply with a statutory demand is commonly used as the basis for an application to wind up an insolvent company. A statutory demand requires the prescribed Form 509H to be used. The compliance with the form was […]
Company Wound Up In Insolvency Under Corporations Act
Company wound up in insolvency under Corporations Act Robert Aitken recently successfully acted for the applicant in Supreme Court proceedings of Advanced Green Technologies Inc v Sky Shades Australia Pty Ltd. The applicant, based in Florida, USA, was owed some substantial amounts of money by the respondent company. The applicant served a statutory demand under the […]
Bankruptcy Notices – Bankruptcy Qld
Bankruptcy Notices A Bankruptcy Notice is a document issued by the Official Receiver at the request of a creditor that has a final judgment or order for payment of money against a debtor. It requires the debtor to pay or secure to the creditor the amount claimed in the notice within the specified period of time, […]
Bankruptcy and the Family Home
Bankruptcy And The Family Home Under the Bankruptcy Act, the family home is not listed as a protected asset. Therefore the trustee of a bankrupt party is under an obligation to realise the property after paying out mortgage and selling costs. However it is important for the trustee to manage this process tactfully as the loss […]
Applying to Make an Individual Bankrupt
Applying To Make An Individual Bankrupt – A Practical Overview For Failure To Comply With A Bankruptcy Notice It is possible through the bankruptcy process for a person or company who have an outstanding debt owed to them by an individual (as opposed to a company) to ask the Federal Magistrates Court or Federal Court […]