Dua Associates’ Post

Understanding Insolvency: What Practitioners Look For We explore what insolvency practitioners consider when recovering debts. Discover the three crucial elements they analyze: rights to act, likelihood of recovery, and potential legal costs, to better understand your financial responsibilities. #Insolvency #DebtRecovery #FinancialEducation #LegalAdvice #Bankruptcy #MoneyManagement #CreditorRights #SmallBusinessTips #FinancialLiteracy #DebtHelp

Financial vs. Operational Creditors under Insolvency and Bankruptcy Code! Understanding the distinction is crucial in the context of insolvency proceedings. But where would you classify tax authorities? 🤔 Are they financial or operational creditors? Do ask, if you have any question for us! #IBC #Insolvency #FinancialCreditor #OperationalCreditor #TaxAuthorities

Understanding Director Duties During Insolvency: Protect Creditors When your business faces insolvency, your responsibilities shift from shareholders to creditors. Discover essential steps directors must take to safeguard creditor interests and avoid personal liability or disqualification in this crucial financial transition. #InsolvencyLaw #DirectorResponsibilities #CreditorProtection #BusinessFinance #CorporateGovernance #LegalAdvice #FinancialLiteracy #DebtManagement #DirectorDuties #BusinessEthics

🏡 We know that if a property is jointly owned, and one joint owner passes away, the property passes automatically to the other joint owner by virtue of the rule of survivorship. 💸 But, did you know that if a person dies owing money to creditors, then a creditor can obtain an Insolvency Administration Order effectively bankrupting the deceased retrospectively, and overriding the rule of survivorship. 👩⚖️ As a result of the IAO, a Trustee can apply to the Court for an order requiring the surviving joint tenant to pay an amount not exceeding the value lost to the estate - which could well equate to 50% of the value of any assets owned at the date of death. 😢 This approach can seem unfair to the surviving spouse, particularly as an IAO can be made at any time within 5 years after death. The alternative though, is that creditors are left with unpaid debts that would otherwise have been recoverable, simply because the debtor has passed away. ⚖️ Having acted on both sides of the argument, I accept that it is a somewhat difficult line for a Trustee to have to tread. 💡 Despite section 421A having been brought into force over 20 years ago, it is very rarely used, which may in part be due to the fact that not many people know of it's existence. 📞 If you are questioning whether 421A could apply to you and you would like some advice, don't hesitate to get in touch. 🗝️ The key take away 👉 Your debts don't with die with you. #insolvency #deceasedestate #bankruptcy #421A

Following on from my earlier post, my colleague has provided a detailed breakdown on the workings on S421A of the Insolvency Act and the rationale behind the section

Filing a Consumer Proposal may be a solution that could keep you from being evicted. To find out what your best option is, book a free consultation with a Licensed Insolvency Trustee. They can help you decide on the best path forward. https://bit.ly/46iWKFM #rentalproperty #consumerproposal #bankruptcy #eviction #debtrelief #financialhelp #landlordtenant #budgetingtips #Manitobarentals #Winnipegrentals

REPAYMENT PLAN IN INSOLVENCY RESOLUTION PROCESS OF PERSONAL GUARANTORS TO CORPORATE DEBTOR: Introduction In my earlier article entitled ADMISSION OF APPLICATION ON INSOLVENCY RESOLUTION PROCESS OF PERSONAL GURANTORS OF CORPORATE DEBTOR on 28.02.2024 in this website I narrated in detail the procedure for admission of application on insolvency resolution process of personal guarantors of corporate debtor. In this article the procedure after the approval of the application the procedure involved is discussed in detail. Public Announcement Once the application is admitted the Interim Reso... ... ... http://dlvr.it/T5YcWL #CorporateLaws #Articles #TaxLaws #TaxTMI

Avoid Preference Payments: Insolvency Advice You Need Insolvency can be tricky! In this video, learn the dangers of making preferential payments when insolvency looms. Discover why seeking professional advice is crucial to navigate this financial minefield without risking personal guarantees or liquidation. Stay informed to protect your assets! #InsolvencyAdvice #FinancialTips #AvoidLiquidation #BusinessFinance #DebtManagement #CreditorsRights #FinancialEducation #SmartInvesting #BusinessSuccess #InsolvencyRisks

Learn how mediation offers operational creditors a practical, cost-effective option for settling financial disputes before formal insolvency proceedings. This approach supports quicker resolutions, helping to save time and resources for all parties involved. Read more at: https://buff.ly/4evwfjT #Mediation #OperationalCreditors #DisputeResolution #Insolvency #FinancialNews 

If your business is struggling and potentially facing insolvency, we are here to help. Our team will work with you and your financial advisors to find the best legal option to address the circumstances. Reach out to our team today: https://lnkd.in/g-qxp225 #insolvency #business #businesslawyers #legaladvice #resolution #brisbane #rockhampton #yeppoon