Corporate Insolvency

Corporate Insolvency

Corporate insolvency has catastrophic consequences for the company, its creditors, directors and shareholders. These circumstances create complex legal issues that usually require urgent attention. 

Bennett & Philp has one of the most experienced corporate insolvency teams of any Queensland law firm. These highly skilled lawyers act for liquidators, voluntary administrators, receivers, controllers, accounting firms, financial institutions, public and private companies and individuals.

Liquidators, administrators and receivers Services

  • acting and advising in relation to urgent business sale or asset sale agreements that need to be completed urgently after the appointment including preparation of all necessary contractual documentation;
  • advising on and preparing Deeds of Company Arrangement;
  • advising on and preparing documentation for creditors trusts;
  • advising on and acting in relation to phoenix style restructures by directors;
  • taking action under the Corporations Act to recover unfair preferences, commercial transactions, related party transactions;
  • carrying out public examinations.

Directors and shareholder services

  • advising directors and shareholders on their rights and options pre and post insolvency;
  • assisting directors, shareholders and family members in defending actions brought by insolvency practitioners for unfair preferences, breach of directors duties (such as phoenix transactions), non-commercial transactions and other related party transactions;
  • defending directors and companies against winding up proceedings and other actions brought by ASIC;
  • defending winding up proceedings;
  • advising on and drafting deeds of company arrangement;
  • preparing creditors trusts in a Deed of Company Arrangement;
  • drafting and negotiating informal and formal agreements for companies seeking to compromise their debts as an alternative to liquidation;
  • providing all necessary assistance and advice on informal workouts and other forms of restructuring.

Creditor services

  • acting for creditors to wind up corporate debtors
  • acting for secured creditors to realise secured assets
  • advising creditors how to proceed in relation to complex legal structures such as trust and unincorporated joint ventures
  • advising creditors in relation to pursuing foreign companies or judgments obtained in other countries against assets or debtors located in Australia
  • representing creditors in creditors meetings
  • acting for creditors in proof of debt disputes against liquidators
  • acting for creditors in preference claims, uncommercial transactions and other claims made by liquidators.

Our experience includes

  • defending winding up proceedings brought by ASIC against publicly listed companies on the stock market;
  • acting for the administrators of a local Aboriginal Council in advising, negotiating on and preparing a Deed of Company Arrangement that ultimately saw all creditors paid out in full;
  • acting for the administrators and then liquidators of a large building company with 8 separate apartment projects with approximately 300 apartments half finished when the appointment occurred, we acted in preparing all necessary contractual agreements with financiers, developers, subcontractors and the Building Services Authority to ensure all the apartments were ultimately completed by the building company;
  • acting on the sale of a large publishing company which resulted in the business assets being sold for a significant sum to another publisher, this required substantial negotiation and advice to ensure that all copyright and license issues regarding the authors were dealt with in the sale;
  • suing directors and shareholders in relation to related party transactions and breach of director’s duties in both the Federal and Supreme Court when the directors were attempting to avoid large tax liabilities, ultimately these cases settled which resulted in substantial payouts to the liquidator;
  • making appropriate fee approval applications on behalf of administrators, liquidators and receivers in both Federal and State Courts. 

Don’t wait until you end up in Court the next day, call us on +61 7 3001 2999 to consider your realistic options as soon as possible.