Insolvency through the looking glass – BlueNotes

So what happens if creditors do not accept the plan? The directors can then consider options that include Voluntary Administration or the simplified liquidation process.

Of course, there are safeguards designed to protect creditors from abuse of the process including:

Where the liquidator forms the view the company or a director has engaged in fraud or dishonest conduct that has, or is likely to have, a material adverse effect on the interests of creditors, the simplified liquidation process is taken to have ceased from the day the liquidator forms that view. The liquidation will then proceed in accordance with the usual process;
related creditors are unable to vote on the restructuring plan;
businesses are unable to act outside of the …
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?mboxid=session#3f2fa233444b4e87a5c40277499c4be4#1689957061&adobe_mc=MCMID=04000249054056839993358493784186094648|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1689955200

Category: RestructuringBy Insolvency Advisory Accountants July 21, 2023

Insolvency through the looking glass – BlueNotes

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=91931573662167745648708078606479228630|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1614704400

Category: LiquidationBy Insolvency Advisory Accountants March 2, 2021

Insolvency through the looking glass – BlueNotes

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=57994931573662167747978708078606479228|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1614564000

Category: LiquidationBy Insolvency Advisory Accountants March 2, 2021

Insolvency through the looking glass – BlueNotes

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19

Category: LiquidationBy Insolvency Advisory Accountants March 1, 2021

Insolvency through the looking glass – BlueNotes

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=91931573662167745648708078606479228630|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1614452400

Category: LiquidationBy Insolvency Advisory Accountants February 27, 2021

Insolvency through the looking glass – BlueNotes

The key aspects of this new law are:

Available for companies with liabilities under $A1 million.
A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
Directors remain in control while they collate the plan with the assistance of the SBRP.
The plan is circulated to creditors within 20 business days (4 weeks).
The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=91931573662167745648708078606479228630|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1614376800

Category: LiquidationBy Insolvency Advisory Accountants February 26, 2021

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