If Directors of a company are of the opinion that their company is insolvent or is likely to become insolvent at some future time, then the Directors should resolve to appoint a Voluntary Administrator.
As receiver, our duty is to take such steps as are necessary to have the secured creditors debt repaid in full, or if not in full, then as much as is reasonably possible.
Liquidation is a procedure to bring a company’s existence to an end. The term “winding up” is also used in reference to liquidations.
An insolvent person may declare themselves bankrupt, otherwise, a creditor may apply to Court for an order declaring a person bankrupt due to an unpaid debt.
Personal Insovlency Agreement
This is a reference to Part X of the Bankruptcy Act which allows an insolvent individual to propose an agreement to his/her creditors.
The approach under an Investigating Accountant engagement may also be utilised by management in determining business improvement or turnaround strategies.
This is a specialty practice area of SMB Advisory which undertakes engagements resulting from actual or anticipated disputes