Kamy Saeedi, Principal at Kamy Saeedi Law, one of the most recommended insolvency and liquidation services in Canberra. Photo: Kamy Saeedi Law.
Is your company in serious financial trouble? Don’t panic too much – you’re not alone. COVID-19 has had an enormous impact upon our community over the past few months, as our government has taken actions to stop the spread and flatten the curve. But, with these mandated lock-downs forcing all non-essential services to temporarily close, and social distancing measures preventing people from leaving their homes, Canberra’s businesses have suffered a blow. And this is where insolvency and liquidation services come in.
If you need to resolve an immense debt problem, you may benefit from contacting one of the businesses listed in this article. After consulting local feedback, we’ve come up with three financial and business services that can help you navigate the often complex process of insolvency or liquidation.
What makes a quality insolvency and liquidation service?
Embarking on the insolvency or liquidation journey can be daunting. You need 100 per cent confidence in the advisor you work with. That way, you can have peace of mind you will receive the best advice.
We suggest keeping an eye out for the following traits:
- Experience. There are many factors that go into the insolvency or liquidation process. Registered liquidators with extensive experience have seen it all and can help you achieve optimal results.
- Expertise. The liquidator you appoint should know the ins and outs of the insolvency and liquidation process. There should be no guesswork and they should be up-to-date with rules regarding your rights and responsibilities.
- An eye for detail. The best liquidators in the business have an incredible eye for detail. They can help you achieve the best possible outcome by examining the specifics.
- Understanding. Going through an insolvency or liquidation is no walk in the park. Facing financial hardship – for whatever reason – can cause serious stress. You need someone who is understanding and can guide you through the process.
The best insolvency and liquidation services in Canberra
Riotact’s editorial team has combed through 20 years of on-site comments to compile a list of the most recommended businesses according to you.
To be listed in our Best of Canberra series, each business needs to have consistently received positive feedback on Riotact and Facebook as well as maintaining a minimum average of 4/5 stars on Google.
After conducting some local research, we’ve come up with this list of the top insolvency and liquidation services in Canberra. Here they are.
Kamy Saeedi Law
With over a decade’s legal service within the Canberra business community, Kamy Saeedi Law have built an enviable reputation as one of the leading commercial legal counsels in the region. They boast a balanced team of highly experienced partners and talented young lawyers who are passionate about helping businesses.
Their remarkably talented team are fuelled by a genuine desire to achieve the best possible outcome for each, and every business owner. And, when it comes to matters of insolvency and liquidation, they understand just how fragile this predicament can be, and appreciate the myriad of forces that may have caused it.
Whilst insolvency and liquidation can be deeply stressful, the professional and compassionate team at Kamy Saeedi Law are here to guide you through the entire process. Recognising that no two clients are the same, their client centricity ensures that they will always listen intently and prioritise your interests first. Whether you require insolvency, liquidation, or voluntary administration services you can rest assured knowing that their highly skilled and dedicated commercial litigation team will support you each step of the way.
Kamy Saeedi Law also takes great pride in their excellent client services. They recognise the financial stress of any legal proceeding, particularly when it comes to insolvency and liquidation. As such, Kamy Saeedi Law promise to provide their clients with regularly updated and detailed cost estimates as their matter progresses. Additionally, they offer clients a 24-hour emergency contact number, so you know that assistance is only a phone call away.
Charmain Roberts shared this feedback on the team via Facebook, “Outstanding guidance and assistance during a highly stressful time. Highly recommend this team who are always trying to achieve the best outcome.”
Emergency After Hours Contact: 1800 531 467
RSM Australia – Restructuring & Recovery
These are unprecedented times. Today, businesses must adapt, and quickly, no matter how big or small they are or what sector they work in.
RSM in Canberra's Restructuring and Recovery team works with business owners and individuals to help them assess their current financial situation and consider the best options—for them, their families, and their employees. That includes when a company must liquidate, or close down when it faces challenges such as not having enough cash to pay debts, no way to raise extra funds, can’t pay tax debt and/or is unable to pay wages and entitlements. Under these circumstances it’s important that clients seek advice immediately.
Canberra’s largest and most experienced team of liquidators is led by Frank Lo Pilato and Jonathon Colbran. The team forges meaningful and long-lasting client relationships through their compassionate, people orientated and no-nonsense approach. The aim is to find the best solution given the circumstances.
RSM managing partner Frank Lo Pilato and RSM partner Jonathon Colbran. Photo: Michelle Kroll.
RSM in Canberra's Restructuring and Recovery team works hard to make what can be a deeply stressful time as smooth and transparent as possible. Whatever the situation, RSM is focused on achieving the best possible outcome for all involved.
N Losanno, Addvantage Accountants, wrote, "Frank has assisted us and many of our clients through some difficult and complex circumstances. We have at all times found Frank and his team to be prompt, professional and knowledgeable with valuable solutions for various situations."
Bankruptcy Experts Canberra
If you are feeling like you are entirely suffocated by your debt, the team at Bankruptcy Experts Canberra can help. Offering a free consultation and a 100 per cent money back guarantee, it’s easy to find out whether or not Bankruptcy Experts Canberra’s insolvency and liquidation services are right for you.
Insolvency Guardian
Insolvency Guardian is a specialist insolvency firm that services clients across Australia. The firm has been in business for seven years and is now the country’s fastest-growing insolvency group. Committed to integrity, honesty, and transparency, Insolvency Guardian offers affordable rates and excellent results.
If you’re looking for more information on commercial litigation in Canberra, you might like our articles on the best commercial lawyers and the best bankruptcy lawyers and advisers Canberra has to offer.
Your experience with insolvency and liquidation services in Canberra
Thanks to our commenters who have provided insightful feedback, if you believe we have got it wrong, please let us know.
Have you gone through the insolvency or liquidation process in Canberra? Did you work with a professional services firm? Share your experience below.
Frequently Asked Questions
What is the difference between liquidation and insolvency?
Insolvency occurs when a company is no longer able to pay its debts, or has more financial liabilities than assets on its balance sheet. Liquidation is the process insolvent companies undertake in order to legally end their business.
Why should I go into insolvency and liquidation?
Declaring insolvency and appointing a liquidator has numerous benefits for you. It removes your personal liability as company director, ensures that the affairs of your company are taken care of in an orderly, appropriate and professional manner, and also takes the pressure off you. With your company in liquidation, you no longer need to worry about the stress of going into debt and are able to move on from the stress of trying to keep your company afloat.
What does a liquidator do?
The liquidator is responsible for presiding over the orderly winding up of the company. The company director's authority is suspended as the liquidator act on behalf of the company. They are there to help guide you through this stressful process, and they have the expertise to ensure that you meet all legal requirements of the liquidation process, and that you are doing what is best for you and your business.
How long does the liquidation and insolvency process take?
The time it takes to liquidate a company is not set in stone. It depends on the complexity of the issue, whether or not any litigation is required, and if any dealings made prior to liquidation need to be resolved.
From appointing a liquidator, distributing assets and filing statutory records and reports to Australian Securities and Investments Commission - the whole process can take months.
One thing you can do to help the process run smoothly is to offer your records to your liquidator as quickly as possible, and answer any queries from your liquidator as clearly and promptly as you can.
Have Australian liquidation and insolvency laws changed due to COVID-19?
On 24 March 2020, the Australian government made temporary changes to its bankruptcy laws to reflect the unusual circumstances that companies have been forced into by COVID-19. According to the Australian Financial Security Authority's website, these changes are:
- Increasing the debt threshold for creditors to declare bankruptcy against a debtor from $5,000 to $20,000. Effectively, this makes it easier for debtors to avoid going officially bankrupt.
- Allowing debtors who have been declared bankrupt up to 6 months to respond to the declaration before proceedings can begin - originally, debtors had 21 days to respond.
- Increasing the Temporary Debt Protection period from 21 days to 6 months. This protects bankrupt debtors from their creditors taking actions to recover the money owed.
Loading ...
