Insolvency

The solicitors at Rothwell Lawyers are well versed in commercial and corporations law. 

Our commercial clients, ranging from sole director and shareholder companies to large national corporations, receive experienced, sound and commercially savvy legal advice every time they pick up the telephone or send an email. We understand that in the commercial world, not only does your legal advice need to be exceptional, it also needs to be quick and accessible.

At Rothwell Lawyers we deal with the large and complex Commonwealth Corporations Act on a daily basis and we can provide succinct and timely advice on your company’s obligations under the Act including the duties that fall on directors, secretaries and other public officers of your company. Ignorance is no defence in the area of corporation’s law which is why it is so important to receive exceptional and concise legal advice.

The area of insolvency is an area in which the lawyers and solicitors at Rothwell Lawyers excel. Under the Corporations Act a company will be insolvent if they are unable to pay their debts as and when they become due and payable. This simple definition belies the myriad of elements that are considered by a court when deciding whether a company is solvent or insolvent. 

The easiest way to prove that a company is insolvent is to issue a Creditor’s Statutory Demand on a company. This Demand must comply with Section 459E of the Act and allows a company a period of twenty-one days to challenge the demand or to pay the debt. If the debt is not paid within twenty-one days than a creditor is able to commence proceedings in the Court for the company to be wound-up in insolvency. 

If your company is experiencing financial difficulties it is imperative that you seek legal advice before any creditors of the company commence action to wind-up the company in insolvency. There are options other than insolvency available under the Corporations Act that may be helpful in resolving any long or short term financial problems in your company including a Deed of Company arrangement or the appointment of receivers, controllers or administrators.

At Rothwell Lawyers we also act and advise creditor companies and corporations of their options in recovering debts from insolvent companies. Our lawyers and solicitors have a sound knowledge base and a practical commercial base when advising on the issuing of Creditor’s Statutory Demands for the payment of a debt, debt recovery through the Court system, the submission of Proofs of Debt and any potential consequences in relation to preferential payments. Not only are the lawyers and solicitors at Rothwell Lawyers experienced in the legal issues involved they come from a corporate background which enables them to understand the commercial issues.

If you need advice on Insolvency or are facing bankruptcy take the first step today and get the legal advice you deservce.

Contact our office today and make an appointment to see one of our Insolvency lawyers on 

(03) 9329 3500 they will be able to advise and guide you on the next steps!  

Our office is conveniently located 525 Spencer Street, West Melbourne a short walk from Spencer Street train station.