Insolvency 

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Taylor David is a specialised insolvency based practise.  We are internationally recognised as one of the leading insolvency practices in Australia. 

Taylor David Lawyers is not a traditional litigation based insolvency practice. We pride ourselves on providing innovative advice with a commercial focus. Our aim is to provide guidance in an attempt to obtain favourable outcomes, without necessarily being engaged in protracted court disputes. We act for insolvency practitioners, company directors and creditors. With experience from all angles, we are well aware of the issues to pre-empt, enabling us to provide proactive advice. We are able to advise on all areas of insolvency.

Our expertise covers:

• Insolvency administrations (liquidation/voluntary administration/receivership)
• Preferential payment claims
• Uncommercial transaction claims
• Securities enforcement
• Cross-border insolvency
  
• Creditors’ petitions
• Directors’ guarantees
• Directors’ penalty notices
• Insolvent trading claims
• Creditors’ trusts
• Bankruptcy
• Statutory demands
• Schemes of arrangement
• Creditor rights

Recent matters include:

• Facilitating negotiations to mitigate construction and operational losses for a US$330m silver mine in Central America after the collapse of a global mining machinery manufacturer involving cross border issues between Europe; North and Central America; South East Asia; and Australia.
• Advising the liquidators of a mining company on the recovery of several million Euro from entities operating throughout Finland and Canada.
• Acting for stakeholders in the Golden Heritage Golf Pty Ltd insolvency administration - owners of the Yarra Valley Lodge and Golden Heritage Golf Courses.
• Advising the Administrators of Allied Brands Limited (Baskin Robbins) regarding the establishment of a creditors trust for re-listing on the ASX.
• Pursuing the Australian Taxation Office for several million dollars in preferential payments on behalf of liquidators.

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Advice for Directors

Approximately 80% of our practice is based upon acting for insolvency practitioners.  This puts us in the unique position to comprehensively advise directors of financially distressed companies prior to appointment what to expect, inclusive of:

• If there is any avenue to avoid liquidation (i.e. informal turnaround; Deed of Company Administration via voluntary administration; or refinancing).
  
• If they are likely to be personally exposed or pursued by a liquidator, for:
  • Director loans.
  • Uncommercial transactions.
  • Preferential payments.
  • Insolvent trading.
  • Personal guarantees (particularly where security has been given).
  • For engaging in phoenix activity (i.e. creating a new entity similar to the financially distressed entity).
• Which of the company’s suppliers/creditors are likely to be pursued for preferential payments.
• How to deal with secured assets and creditors (particularly where the security is cross-collateralised over the family home or by a personal guarantee).
• Likely costs involved, inclusive of legal costs and costs of the insolvency practitioner. 

 

Cost of appointing a Liquidator

The up-front cost of appointing a liquidator to a company can in many instances be free.   To find out if your company qualifies to appoint a liquidator without any up-front fee, please contact us on 1300 309 226.