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Welcome to APL Insolvency

Like any phase of a business's evolution, the threat of insolvency can be managed effectively.

Contact APL Insolvency, the corporate advisory and insolvency specialists, on (03) 9696 2885 for advice on the best options available for you or your client..

circle icon    FACING FINANCIAL PROBLEMS?

Is your company facing financial problems? Is your business unable to pay its debts on time?

APL Insolvency specialises in dealing with companies facing financial difficulties.

Call APL Insolvency on 03) 9696 2885 for free and confidential advice regarding your available options.


circle icon    INSOLVENCY APPOINTMENTS

APL Insolvency deals with all forms of corporate insolvency including:

  • Voluntary liquidations
  • Court liquidations
  • External administrations
  • DOCAs
  • Receverships


circle icon    WHAT WILL IT COST?

Concerned about the potential costs of winding up your company?

APL Insolvency provides cost-effective insolvency services often at a consderably lower cost than the 'Big 4' accounting firms.

Call APL Insolvency on (03) 9696 2885.




ABOUT US

APL Insolvency is led by Jeremy (Jack) Abeyratne, a Liquidator with over 18 years insolvency experience.

The staff at APL Insolvency have broad commercial experience and are skilled in all types of insolvency.

  • JEREMY (JACK) ABEYRATNE
    Liquidator

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  • MANNY HILL
    Manager

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  • SAM PATEL
    Supervisor

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  • ADRIAN IVASYK
    Senior Accountant

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  • NICOLE ABEYRATNE
    Office Manager

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OUR SERVICES

APL Insolvency specialise in all forms of corporate insolvency including:

  • Voluntary liquidations
  • Court liquidations
  • External administrations
  • DOCAs
  • Receverships


FAQ

What is a creditors' voluntary liquidation?

A creditor's voluntary liquidation is a voluntary winding up process commenced by the directors and shareholders of company after they have decided that the company is insolvent and can not pay its debts as and when they fall due.


When does a creditors' voluntary liquidation usually occur?

Under the provisions of the Corporations Act 2001, company directors have an obligation to actively monitor their company's performance and to take appropriate action if they form the opnion that their company is insolvent and unable to pay its debts as and when they fall due.


What does the process involve?

The process of winding up a company as a creditor's voluntary liquidation is directed by the provisions of the Corporations Act 2001, commencing with the passing of appropriate resolutions by the company's directors and shareholders. The necessary documentation is usually prepared with the assistance of an insolvency practitioner and are public documents once lodged with ASIC.


What are directors responsibile for during a liquidation?

Once the company is in liquidation, the liquidator assumes control of the company's affairs and the company's directors no longer have the ability to deal with company property. Directors must provide the liquidator with the company's books and records and during the course of the liquidation, directors have an obligation to assist the liquidator as may be required.


Disclaimer

The above information is provided for information purposes only. No warranty express or implied is given in respect to the information provided and you should seek your own advice in that regard. It is not expected that readers will rely wholly on the information detailed above and accordingly, neither APL Insolvency nor any member of the firm bears any responsibility for any loss resulting from any error or omission in the above information.

Last Updated: 11.04.2017

What is a voluntary administration?

The voluntary administration process involves the appointment of an external administrator by the company's directors and allows a proposal to be put forward which, if accepted by the company's creditors, results in the company entering into a Deed of Company Arrangement (DOCA) and control of the company reverting to the directors.


How does a voluntary administration commence?

An administrator is usually appointed by the directors of a company after they have formed the opinion the company is insolvent and is unable to pay its debts as and when they fall due (similar to a creditor's voluntary liquidation). The appointment can also be made by a secured creditor in certain circumstances.


What is the difference between a voluntary administration and a liquidation?

The primary differences between a liquidation and a voluntary administraton is that while a liquidation is effectively the end of a company and is focused on winding up its affairs, a voluntary administration allows the directors to put a formal proposal to the company's creditors which is then voted on at a meeting of creditors.


How long does a voluntary administration take?

The administration process usually takes between three to five weeks (although extension of time are available in certain circumstances) during which the adminiustrator conducts an investigation into the company's affairs and prepares a report for creditors detailing the director's proposal and comparing the potential return to creditors under the proposal or in a liquidation scenario.


What happens if a DOCA proposal is accepted by creditors?

If a majority of creditors (in value and number) vote in favour of the directors' proposal, a DOCA is prepared and executed between the company and the Deed Administrator (usually the appointed external administrator) and control of the company returns to the directors. The Deed Administrator is then simply resonsible for impleneting the terms of the DOCA.


What happens if creditors vote against a DOCA proposal?

However, if a majority of creditors are not in favour of the proposal, they may vote for the company to be placed into liquidation.


Disclaimer

The above information is provided for information purposes only. No warranty express or implied is given in respect to the information provided and you should seek your own advice in that regard. It is not expected that readers will rely wholly on the information detailed above and accordingly, neither APL Insolvency nor any member of the firm bears any responsibility for any loss resulting from any error or omission in the above information.

Last Updated: 11.04.2017

What is a Directors' Penalty Notice?

A Directors' Penalty Notice issued by the Australian Taxation Office (ATO) can make a company's directors personally liable for company debts in certain circumstances. A DPN is is a form of enforcement used by the ATO to ensure a company director's is complying with its taxation obligations.


When is a Directors' Penalty Notice issued?

The Australian Taxation Office uses Directors' Penalty Notices to enforce payment of certain taxation liabilities - specifically, unpaid PAYG and Superannuation Guarantee Charge (SGC) liabilities.


Are all Directors' Penalty Notices alike?

There are actually two types of Directors' Penalty Notices - one type provides for directors to pay the outstanding taxes, or else appoint a liquidator or external administrator, within twenty one days or else they become personally liable for the company's outstanding tax debts.

The other type of Directors' Penalty Notices - the 'lockdown' DPN - makes directors personally liable for the outstanding taxes immediately. These are usually issued where a company's taxation liabilities have been unpaid and unreported for more than three months.


Disclaimer

The above information is provided for information purposes only. No warranty express or implied is given in respect to the information provided and you should seek your own advice in that regard. It is not expected that readers will rely wholly on the information detailed above and accordingly, neither APL Insolvency nor any member of the firm bears any responsibility for any loss resulting from any error or omission in the above information.

Last Updated: 11.04.2017

What is the definition of insolvency?

The Corporations Act 2001 defines insolvency as being when a company is unable to pay its debts as and when they fall due


Does it matter if there is a surplus of as sets on the company's balance sheet?

A net surplus of assets on the company's balance sheet is an indication that the company may be solvent however, there are many factors that need to be considered when assessing a company's solvency.


What if I have put a lot of money into the business?

The ability of directors to inject more funds into the company may be a factor when considering a company's solvency. A company may not be insolvent if it's directors are able to provide sufficient funding to enable the company to meet its debts as and when they fall due.

However, the company may still be insolvent even if its directors have previously put a lot of money into the business if the company is unable to meet its current debts as and when they fall due.


Disclaimer

The above information is provided for information purposes only. No warranty express or implied is given in respect to the information provided and you should seek your own advice in that regard. It is not expected that readers will rely wholly on the information detailed above and accordingly, neither APL Insolvency nor any member of the firm bears any responsibility for any loss resulting from any error or omission in the above information.

Last Updated: 11.04.2017

What is insolvent trading?

An insolvent trading claim may be brought by against a company's directors in circumstances where a company has continued to trade - and incur liabilities - when the directors knew, or should have known, that the company was insolvent.

An insolvent trading claim is made against directors personally. Any assets or property owned by directors personally may therefore be at risk in the event of such a claim.


What does an insolvent trading claim involve?

For a liquidator to bring an insolvent trading claim against a company's directors, he must determine that the company became insolvent at a particular point in time, that the directors knew or should have know that the company was insolvent and that the company continued to incur liabilities that it was unable to pay

The amount of an insolvent trading claim relates to the amount of liabilities incurred following the company's insolvency (and which could potentially have been avoided if apprpriate action was taken once the company's insolveny was, or should have been, known by the directors.)


Disclaimer

The above information is provided for information purposes only. No warranty express or implied is given in respect to the information provided and you should seek your own advice in that regard. It is not expected that readers will rely wholly on the information detailed above and accordingly, neither APL Insolvency nor any member of the firm bears any responsibility for any loss resulting from any error or omission in the above information.

Last Updated: 11.04.2017

How can APL Insolvency help?

APL Insolvency specialise in corporate insolvency matters, provding insolvency related advice and taking formal insolveny appointments.


Don't wait until it's too late!

Too often we see directors who - perhaps fearful of the possible costs or actions of a liquidator they think may be involved based on what they have heard - have waited too long to seek advice from a professional insolvency practitioner This often leads to a worse outcome for the company and for creditors, as well as increasing the risk that directors may be exposed to an insolvent trading claim against them personally.

Unfortunately, this (incorrect) view of the role and costs of insolvency practitioners persists, An initial consultation to discuss your company's affairs costs nothing but can provide important information regarding the options available to the company and the consequences of an insolvency appointment.


Contact APL Insolvency now

If you are considering appointing a liquidator or an external administrator, or else wish to discuss the available options or the potential consequences of an insolvency appointment, contact APL Insolvency now on (03) 9696 2885 for free and confidential advice.


Disclaimer

The above information is provided for information purposes only. No warranty express or implied is given in respect to the information provided and you should seek your own advice in that regard. It is not expected that readers will rely wholly on the information detailed above and accordingly, neither APL Insolvency nor any member of the firm bears any responsibility for any loss resulting from any error or omission in the above information.

Last Updated: 11.04.2017




CONTACT US
You can find us at Level 5, 150 Albert Road, South Melbourne, Victoria 3205.


Contact APL Insolvency for any insolvency queries:

location iconLevel 5, 150 Albert Rd, Sth Melbourne, Vic 3205

mail iconP. O. Box 841, Sth Melbourne, Vic 3205

phone icon(03) 9696 2885

post iconwww.aplinsolvency.com.au

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