CORPORATE INSOLVENCY
The staff at Integra apply their extensive corporate experience to develop and implement the most appropriate strategy for companies and their creditors in their present situation.
The managing director at Integra has worked with a number of small and large companies in financial distress in various industries throughout Australia. The most common causes of financial distress have included cashflow shortages, tax debts, legal issues, landlord issues and health issues of a director. An assessment by Integra of a company’s current situation can assist directors determine how they should proceed.
Integra also provides consents to act for petitioning creditors who have applied to wind-up companies who have failed to pay outstanding debts.
Integra prides itself in always working in the best interests of creditors, employees and other stakeholders.
Appointment types for insolvent companies that Integra utilise include:
Creditors’ Voluntary Liquidation
Court Liquidation
Receivership
Simplified Liquidation
SMALL BUSINESS RESTRUCTURING
Integra assists directors of companies with the preparation of restructuring plans for creditors to consider. The company’s business and financials are assessed to determine the most appropriate restructuring plan that can be fulfilled by the company.
Further information on small business restructuring services provided by Integra are at our website smallbusinessrp.com.au
INFORMAL RESTRUCTURING
Integra can assist with the formulation of a strategy to restructure a company without the need for a formal appointment. The company’s business and financials are assessed to determine how best to restructure the company to generate profits and reduce the financial distress of the company.
A restructure is typically considered when a company is underperforming. It is easier for an insolvency practitioner to review a company’s performance with an unbiased view and advise on the reality of the company’s financial performance and position, than an internal party or a close associate of the company.
The restructuring of a company process does not necessarily follow any set formula. An example of a restructure could include:
Lease reviews
Motor vehicle reviews
Equipment reviews
Office space review
Employee requirement review
Miscellaneous expenses review
corporate turnaround
Integra can assist companies with solid businesses that are having financial difficulties but have prospects of recovering from the difficult period. These financial difficulties could include a legal claim, closure of the business due to no fault of the company’s and significant tax debts. As the company’s business is sound, the debts may be able to repaid, however further time may be required.
A Deed of Company Arrangement (DOCA) may also be proposed after the company enters voluntary administration. A DOCA is a proposal that it provided to creditors to consider accepting. A DOCA proposal is usually a compromise of a company’s creditors’ debts and/or additional time for the company to pay its debts to creditors.
Appointment types for the above that that Integra can utilise include:
Voluntary Administration
Deed of Company Arrangement
Small Business Restructuring
SECTION 66G APPOINTMENTS
Integra can assist with disputes between co-owners of property (real estate).
Section 66G of the Conveyancing Act 1919 (NSW) allows a court, on the application of one or more of the co-owners, to appoint trustees to sell a property.
The sale proceeds are used to meet the property’s secured debts and the costs of sale (including the section 66G Trustees’ costs). The remaining funds are held on trust and distributed by the s66G trustees to the co-owners.
This appointment type is often used in bankruptcy proceedings, family law disputes, relationship breakdowns and co-owner property disputes.