Commercial insolvency

A company collapse – no matter what size the organisation – can have a significant impact on the commercial futures of employees, customers and suppliers.

In these difficult and often emotion-charged situations, Scoglio Law works to soften to blow of insolvency and achieve the best possible commercial outcomes for our clients.

Scoglio Law’s corporate insolvency services include:

  • voluntary corporate administration
  • corporate liquidation
  • corporate receivership
  • personal bankruptcy
  • securities enforcement
  • business reconstruction advice
  • deed of company arrangements
  • credit recovery.

As necessary, we work with specialist partners such as forensic accountants, tax lawyers and insolvency practitioners to add value to our insolvency strategies. This can include the development of business recovery or company restructuring programs for our clients.

In focus:
Reforms to encourage greater scrutiny of insolvent companies

As part of proposed national insolvency law reforms announced by the Federal Government in late 2005, financial incentives will be offered to encourage corporate liquidators to investigate insolvent companies that have few or no remaining assets.

From 2006, liquidators will be able to apply for funds from a government-established Assetless Administration Fund to conduct investigations. Mostly, funds will be approved for investigations into companies where ASIC feels that misconduct may have occurred before insolvency.

Other proposed insolvency law reforms include greater protection of creditors’ interests (particularly employees’ entitlements), tighter regulation of insolvency practitioners’ activities, and fine tuning of the voluntary administration process.

For more information, contact Scoglio Law Principal, Tony Scoglio on (07) 3833 2100 or tony@scogliolaw.com.au