SV Partners

Small Business Restructuring is a formal process which allows a business to manage its debts while remaining operations. This may involve restructuring debt, reducing waste and costs, selling assets and changing the organisation’s structure to operate more efficiently and profitably. Small Business Restructuring ends when one of the following conditions is met: 🔷 The terms of the Plan are satisfied 🔷 The Plan is rejected by the creditors 🔷 The Plan is terminated early under certain circumstances If the terms of the Plan are satisfied within the specified timeframe, the company is released from its admissible debts and continues to trade as normal. If the Plan is rejected, the SBR ceases and the company continues to trade. A Small Business Restructuring Plan may be terminated early: 🔷 By Court order 🔷 If a condition of the Plan is not met within 10 business days 🔷 If the Plan is not followed, and the contravention is not rectified within 30 business days 🔷 If an Administrator, Liquidator or Provisional Liquidator is appointed If a Restructuring Plan is terminated early, the company is not released from its admissible debts. For more information, visit svpartners.com.au or call us today on 1800 246 801. #svpartners #insolvency #smallbusinessrestructure #sbr

In this article, Jason Cronan (Director) and Daniel Luckman (Associate Director) from our Sunshine Coast office reflect on the key insolvency trends of 2024, including the ATO’s aggressive pursuit of unpaid taxes, the popularity of Small Business Restructures (SBRs), and rising director and shareholder disputes. Read the full article here: https://ow.ly/EUgI50Uqq0t #svpartners #insolvency #sbr #ato

Statutory Trustees are specialists appointed by the Court to manage the process of selling real property, such as vacant land or blocks with houses or buildings constructed on them. A Statutory Trustee is typically appointed in cases where there has been a dispute between the property’s co-owners regarding the sale, and the process needs to be administered by a third party to reach an agreeable outcome. The Trustee’s Role includes: 🔷 Ensuring the property’s value is realised and proceeds are distributed among owners and creditors. 🔷 Quantifying amounts owed to secured creditors like mortgagees and caveators. 🔷 Confirming ownership interests and secures vacant possession. 🔷 Coordinating the sale by contacting agents, valuers, and may initiate marketing campaigns. 🔷 Distribution - After paying valid security interests, the remaining funds are distributed to property owners. If you're navigating this process, contact SV Partners today on 1800 246 801 for expert assistance or visit us at svpartners.com.au for more information. #svpartners #insolvency #statutorytrustee

A Members' Voluntary Liquidation (MVL) is a structured process used to wind up solvent companies. This approach ensures assets are distributed efficiently to creditors and shareholders while adhering to legal and tax obligations. MVLs are often chosen for their ability to formalise the closure of a business, resolve shareholder disputes, and offer potential tax benefits to shareholders. Below are the key purposes of an MVL: 🔷 Simplification of a group structure wherein the more subsidiary companies the greater the compliance costs. 🔷 The reason for the company’s existence is no longer relevant, or the company has achieved its purpose (such as in the construction industry) 🔷 A family company has outlived the first and perhaps even second-generation founders and the present shareholders no longer wish to be in business together or want access to any shareholders’ entitlements they may have. 🔷 It provides a measure of security, as a Liquidator is appointed if the company is revived (for example, to answer historical insurance claims). For more information visit svpartners.com.au or call us today on 1800 246 801. #svpartners #insolvency #membersvoluntaryliquidation

The Creditors’ Voluntary Liquidation (CVL) process involves several key steps, including the appointment of an independent Liquidator and ending with the company’s deregistration. Here’s a summary of each phase in the CVL process: 🔷 Company unable to pay its debts: The company directors decide to liquidate the company. 🔷 Liquidator appointment: An independent, registered specialist accountant is appointed as the liquidator. 🔷 Public announcement: The liquidator posts a notice on the ASIC Published Notices website. 🔷 Creditor notification: Creditors are informed about the liquidation and their rights. 🔷 Creditors' meeting: A meeting may be held to approve the liquidator's actions or appoint a new liquidator. 🔷 Liquidation process including: - Selling or closing the business - Selling the company's assets - Contacting creditors and receiving their claims - Sending progress reports to creditors - Investigating any criminal offences or inappropriate transactions - Distributing payments to creditors (dividends) 🔷 Finalisation: The company is deregistered after notifying ASIC. Each phase of the CVL process is designed to ensure a fair outcome for creditors and the lawful wind-up of the company’s affairs, providing finality for all parties involved. For more information, visit svpartners.com.au or call us today on 1800 246 801. #svpartners #insolvency #creditorsvoluntaryliquidation #cvl

Applications to appoint a Statutory Trustee are most commonly made when the co-owners of a property cannot agree on how to sell or deal with the property. This can be due to circumstances such as: 🔷 Spouses that are divorcing 🔷 Investment partners looking to dissolve their agreement 🔷 During bankruptcy when one owner of a property is bankrupt and the others are not Where one co-owner is bankrupt, if the other co-owners are unable to raise sufficient funds to purchase the bankrupt estate’s interest in the property, or they do not agree to the joint sale of the property, the Bankruptcy Trustee may apply to Court for the appointment of a Statutory Trustee. A Statutory Trustee may sell the property and distribute the funds, regardless of whether the non-bankrupt co-owner agrees. Statutory Trustees may be appointed to affect the sale of any residential, commercial or industrial properties that are jointly owned. For more information visit svpartners.com.au or call us today on 1800 246 801 #svpartners #insolvency #statutorytrustee

🔷🔷Urgent Expressions of Interest Invited🔷🔷 Golden Age (www.cgabio.com) is a manufacturer of heparin sodium and natural beef casing operating from state of the art leased premises located in Dandenong South, Victoria. Peter Gountzos and Tim Brace as Joint and Several Administrators of Golden Age are seeking urgent expressions of interest for either the recapitalisation of the Company / or the sale of its Business Assets. Key investment opportunities include: 🔷 Fully documented QA Procedures; 🔷 Australian and International Customer database; 🔷 Existing accreditations including Halal Certification and other Meat Processing and Exporting Licences; 🔷 Specialised state of the art leased premises and industry leading Equipment. Expressions of Interest are sought by close of business on Friday, 6 December 2024. Further information will be available to interested parties after the execution of a Deed of Confidentiality and Indemnity. All inquiries should be directed to Mr. Jordan Stackwood-smith of SV Partners on (03) 9669 1109 or [email protected]. #svpartners #businessforsale #voluntaryadministration

During Voluntary Administration, Directors cede their control over the business to the Administrator, but must assist by providing records and required information. If the company enters a Deed of Company Arrangement (DOCA), Director powers depend on its terms. Full control returns to Directors once the DOCA is completed unless Liquidation follows. For more information visit svpartners.com.au or call 1800 246 801. #svpartners #insolvency #voluntaryadministration #doca #director

When a Receiver is appointed, existing contracts with the company are not automatically terminated. The contract may still be valid without the Receiver having personal liability for the company's obligations under the contract. In such a scenario, it’s a good idea to get legal advice, as the rules can be complex. For more information visit svpartners.com.au or call us today on 1800 246 801. #svpartners #insolvency #receivership

Very pleased to have achieved such an excellent outcome in the matter of Shire Lind Developments (NSW) Pty Ltd (in liq) [2024] NSWSC 1454. Thanks to the incredible team of Danielle Woods & Jonathan Abednego along with Matthew Sibley & Rob Webb of Watson Webb acting for Jason Porter FCA RITF in his capacity as Liquidator. Yesterday, the Honourable Justice Nixon handed down judgment, awarding some $1.53 million plus interest and costs in relation to the insolvent trading claim against the Director and a related entity of the Company, as well as an unfair preference claim against another entity. A congratulations to our team of Jason Porter FCA RITF, Joshua Robb FCA FCPA RITP and Matthew Aldred on their hard work and a successful outcome. The full 112-page judgement can be viewed here: https://lnkd.in/gxmGCVPH #svpartners #insolventtrading