Helping Companies prepare for Liquidation

Helping Companies prepare for Liquidation

If your Company is about to enter into liquidation, Bankruptcy Solutions will deliver independent assistance developed to work in the best interests of those involved.

The Company’s balance sheet will be examined to gain a full understanding of the situation. Then with input from the Director/s, the most appropriate action in order to maximise returns for Creditors and Shareholders will be implemented.

Our extensive experience in assisting Companies to prepare for Liquidation means we are able to navigate you through the process.

Call Bankruptcy Solutions today on 1300 339 604 for assistance.

If you are a Sole Trader or Partnership, please visit our Personal Bankruptcy pages.

Helping Directors through the Liquidation process

Helping Directors through the Liquidation process

Though the Company may be in liquidation, that does not indicate your interests are being looked after. The responsibility of a Liquidator is to look after Creditors – not Directors. Bankruptcy Solutions can help! We offer independent recommendations to safeguard your interests, your individual assets and your lifestyle. You and your family shouldn’t need to lose everything you’ve worked so hard to attain just because the Company is financial difficulty.

Call Bankruptcy Solutions on 1300 339 604 to discuss how we can help.

If you are a Sole Trader or Partnership, please visit our Personal Bankruptcy pages.

Reforming a Company to relieve debt

Reforming a Company to relieve debt

There are times when Companies experience a significant event which triggers overwhelming debt. Continuing operations might seem difficult – Company restructuring can offer the solution you are searching for.

This is where Bankruptcy Solutions can assist. We’ll look carefully at your company to examine all available options. In many circumstances, restructuring will offer reprieve from debt and strengthen operational feasibility. Bankruptcy Solutions will guide you through the entire process.

If your Company is in financial stress, we can help. Call us now on 130 339 604.

If you are a Sole Trader or Partnership, please visit our Personal Bankruptcy pages.

Bush Fire Emergency – Financial Help

Bush Fire Emergency – Financial Help

To help those that may be affected by the bush fire crisis, we are sharing the below resources for financial support. Please share this with anyone you know that may have been affected or have family/friends that may have been affected.

Disaster Recovery Payment

Dep of Human Services

$1,000 per eligible adult
$400 per eligible child

Serious injury, Family member of fatal incident, home is destroyed or uninhabitable

Phone: 1802266
Website

Disaster Recovery Allowance

Dep of Human Services

Equivalent to Newstart or Youth Allowance benefit
Subject to income thresholds

Lost income due to bushfires

Phone: 1802266
Website

Red Cross Disaster Relief

Red Cross

$5,000 grant

Home has been destroyed or is uninhabitable

Website

Salvation Army bushfire disaster support

Phone: 1300 662 217
Email

Primary Producer Assistance

NSW Rural Assistance Authority

Recovery grants of up to $15,000
Concessional loans
Transport subsidies, Impacted by bushfires in specific Local Govt Areas

Phone: 1800 678 593
Website

Sporting Club Assistance

NSW Rural Assistance Authority

Concessional loans

Impacted by bushfires in specific Local Govt Areas

Phone: 1800 678 593
Website

Church and non-profit organisation assistance

NSW Rural Assistance Authority

Recovery grants of up to $15,000

Impacted by bushfires in specific Local Govt Areas

Phone: 1800 678 593
Website

Commonwealth Bank
– Accommodation assistance for insurance customers

– Expediting claims for insurance customers
– Assistance for home loan, credit card and personal loan customers
– Credit limit increases (subject to credit approval)

– Loan restructuring
– Waiving prepayment charges for customers accessing term deposits and investment bonds before maturity date
– Waiving of selected fees and charges

* Check with the institution

Phone: 1300 720 814
Website

Westpac

– Grants of up to $2,000 for temporary accommodation, food and clothing

– Possible deferral of home loan repayments for up to 3 months

– Emergency funds and temporary accommodation for insurance customers

– Possible deferral of credit card repayments for up to 90 days
– Personal loans at discounted rates and no establishment fees for replacement goods (subject to loan approval)
– Waiver of interest rate adjustments for customers withdrawing term deposits
– Customers experiencing severe hardship may be offered a halt on interest accrual on credit products for up to 3 months

*Check with the institution

Phone: 1800 029 749
Website

ANZ

– Ability to suspend repayments on loans and credit cards for up to 3 months
– Temporary interest rate relief on lending for customers experiencing extreme financial distress
– Access to term deposits early without incurring any fees
– Emergency funds and temporary accommodation for insurance customers

*Check with the institution

Phone: 1800 701 599
Website

NAB

– $2,000 grant for customers who’s home is no longer in a liveable condition
– Credit card and personal loan relief where appropriate
– Suspension of home and personal loan repayments
– Waiving costs and charges for early withdrawal of term deposits
– waiving home loan and personal loan application fees
– Support to restructure other existing banking facilities
*Check with the institution

Phone: 1300 683 106
Website

AMP

– Waiving of certain fees for customers requiring urgent access to their funds
– Temporarily postponing home loan payments
– Early access to your super if the ATO have assessed you as being eligible on compassionate grounds
– Faster access to pension fund payments
– A one-off 3 month waiver of Life, Total and Permanent Disability, Trauma, Income Protection and Business Insurance Premiums

*Check with the institution

Phone: 13 30 30 (Banking)
131 267 (Insurance and Superannuation)
Website

General Financial help

Free financial help is available through the National Debt Helpline on 1800 007 007

Insolvency-specific help

Alongside these organisations we are offering free services to our affected clients. We are also offering free consultations in order to provide information, direction to appropriate professionals and direction to financial councillors, to all affected. These options may include; hardship applications, negotiations, part nine debt agreements, informal debt agreements, personal insolvency agreements and bankruptcy.

Debt Solution Options

Debt Solution Options

The most important job we have at Bankruptcy Solutions is to help you understand all the options you have to get your finances in control. There are many things you can try prior to engaging what is called a ‘formal option’. We will address these first:​

Debt consolidation
If you are still financially sound, debt consolidation may be a good option for you. It is a way of combining your debts from multiple lenders into a single loan, and most often with a lower interest rate. This can be much easier for people to manage then multiple debts.​

Budgeting assistance
Controlling your spending is easy to do if you have a budget and stick to it. Budgeting and responsible spending and saving habits are the best way to ensure you stay debt-free over the long term. Regardless of whichever option you take, these skills are vital to ensure a long term healthy relationship with money. ​

Informal arrangement
An informal arrangement between you and your creditors may give you more time to pay your debts if you are facing short term financial difficulty. This can commonly be known as a hardship application. Many people try and openly communicate with their creditors about their situation and may be able to negotiate an offer.

However, it is not always easy to have all your creditors agreeing to your offer. It is also not legally binding on all creditors. There are many more options if you have not been successful with this method.​

Mortgage refinance
Do you have a home loan and equity in your property? If so, you can refinance your home loan to repay other high-interest debts.

Formal Options

If the above options were not helpful and you have sought a financial advice, accounting advice or something similar to no avail, then a formal option may be the right option for you. When we use the term ‘formal options’ we are referring to the following three solutions;

1. A Debt Agreement

2. A Personal Insolvency Agreement

or

3. Personal Bankruptcy

We will break these down into a brief description of each below, however, it can still be overwhelming or confusing to know exactly which option would be best for your circumstances. Please know that we offer a FREE over the phone consultation to help you understand the options and choose the best path to go down. Please contact us through any of our website links to speak to one of our experts.

Bankruptcy

Bankruptcy is a legal process where you’re declared unable to pay your debts. It can release you from most debts, provide relief and allow you to make a fresh start.

You can enter into voluntary bankruptcy. We refer to this as a debtor’s petition. It’s also possible that someone you owe money to (a creditor) can make you bankrupt through a court process. We refer to this as a creditor’s petition.

Bankruptcy normally lasts for 3 years and 1 day.

When you are bankrupt:

you must provide details of your debts, income and assets to your trustee.

your trustee notifies your creditors that you’re bankrupt – this prevents most creditors from contacting you about your debt.

your trustee can sell certain assets to help pay your debts.

you may need to make compulsory payments if your income exceeds a set amount.

If you believe that this may be a possible solution for you, please contact us for a one-on-one consultation where our experts will guide you.

Click Here for more information regarding Bankruptcy

Debt agreement

A debt agreement is one of two agreement options available. A debt agreement, also known as a Part IX (9), is a legally binding agreement between you and your creditors.

A debt agreement can be a flexible way to come to an arrangement to settle debts without becoming bankrupt.

You negotiate to pay a percentage of your combined debt that you can afford over a period of time.

You make repayments to your debt agreement administrator, rather than individual payments to your creditors.

After you complete the payments and the agreement ends, your creditors can’t recover the rest of the money you owe.

Personal insolvency agreement

A personal insolvency agreement (PIA) is one of two agreement options available. A PIA, also known as a Part X (10), is a legally binding agreement between you and your creditors.

PIA’s can be a flexible way to come to an arrangement to settle debts without becoming bankrupt.

A personal insolvency agreement involves:

The appointment of a trustee to take control of your property and make an offer to your creditors.

The offer may be to pay part or all of your debts by instalments or a lump sum.

Other important information you need to know includes:

There are no debt, asset or income limits to be eligible for a PIA.

The length of your PIA will depend on what you negotiate with your trustee and creditors.

You may retain your assets (such as house or car) if the terms of the agreement allow.

Fees apply to process, propose and manage the agreement. You must speak to a trustee about the fees they may charge.

You may not be released from all debts

Please feel free to use our evaluation tool to qualify for a no-cost or obligation consultation