Company Debt

Corporate Rescue can provide advice on a range of options available to companies in distress.

Our team in conjunction with our affiliates, have years of experience in corporate insolvency situations, in all types of business across Australia. We understand the importance of tailoring solutions to suit individual company circumstances, provide feedback and the appropriate strategy to minimise risk and maximise results.
We can provide you with an overview of what may be expected during different types of insolvency or turnaround solutions. We can advise you upon the rights and obligations of all parties involved and the accountabilities of the appointees.

We have worked across a range of unique and complex cases, focussing on restructure, turnaround and ongoing risk management. The different types of formal and informal solutions we utilise include:

A voluntary administration provides a flexible procedure, enabling a company time to compromise an arrangement with its creditors, which may save the company, the business and jobs while maximising the return to creditors. A voluntary administration:

• Provides a company with breathing space to deal with creditors in an orderly manner and prepare a proposal (Deed of Company Arrangement) to give the best return to stakeholders
• It allows an independent party to review the company’s affairs and deal with the pressures of creditors
• Reduce the possibility of secured creditor proceedings against the assets of the company
• It may allow the company to stay out of liquidation

If the voluntary administration attempt fails, the legislation facilitates the winding-up of the company.

We will assist in the appointment and initial brief to the administrator to assist in your specific circumstance.

A creditors voluntary liquidation (CVL) occurs when the company’s members determine that the company can no longer satisfy its debts and is insolvent, or likely to become insolvent.

It allows for an orderly realisation of the company’s assets, investigations into the company’s failure and distribution the company’s assets amongst creditors by a Liquidator.

The CVL process allows for a systematic approach to winding up a company and bringing its affairs to an end. The Liquidator acts as an independent third party to ensure that the process is conducted appropriately and accordingly to the relevant law.

We will assist in the appointment and initial brief to the liquidator to assist in your specific circumstance.

An official liquidation (OL) occurs when a creditor (or group of creditors) make an application to court to wind-up a company due to non-payment of a debt. It allows for an orderly realisation of the company’s assets, investigations into the company’s failure and distribution of the company’s assets amongst creditors.

The OL process allows for a systematic approach to winding up a company and bringing its affairs to an end. A creditor can resort to this process if they have exhausted all other avenues to obtain payment for outstanding debts.

If your company is subject to a wind-up application, or a court liquidator is already appointed, we will liaise with the appointed liquidator to assist in your specific circumstance..