Insolvency

insolvency

For Companies

OpusRed prides itself on providing timely, cost-effective strategic advice to companies on how best to deal with the threat of an insolvency situation due to pressure from banks, other secured lenders and creditors. OpusRed regularly advises companies on how best to deal with statutory demands and winding up petitions issued by creditors for the recovery of a debt, particularly if the debt is disputed.

Sam Pandya has over 18 years’ experience acting for directors, companies, insolvency practitioners and stakeholders. His experience working for the Insolvency Service (equivalent to ASIC) gives him valuable insight into the inner workings of a government regulator.

OpusRed can also guide you through the options available to your company if faced with a threat of insolvency. These can be formal or informal arrangements and do not necessarily need to lead to a formal insolvency.

OpusRed also assists companies where claims have been made by liquidators of insolvent companies for the return of alleged preferential payments or directors of liquidated companies where liquidators are pursuing them for directors’ loans, unreasonable director related transactions or breach of directors’ duties.

Whether you are a director of an insolvent company requiring advice in relation to your obligations and duties under the Corporations Act, or you are resisting claims made by liquidators, OpusRed has the experience to assist you.

For Insolvency Practitioners

OpusRed lawyers act for insolvency practitioners in their capacities as administrators, receivers, liquidators, deed administrators or mortgagees in possession of insolvent companies. OpusRed’s lawyers have a strong understanding of the specialist legal advice required in this area but appreciate that this legal advice needs to support and achieve a commercial result.

OpusRed regularly acts for insolvency practitioners to assist them in the recovery of:

  • Preference claims
  • Directors’ loans
  • Unreasonable director related transactions
  • Breach of directors’ duties claims
  • Debtor recovery
  • Insolvent trading claims
  • Fraudulent trading

OpusRed lawyers have appeared in the Magistrate Court, County Court, Federal Court, Federal Circuit Court and Supreme Court of Victoria. OpusRed lawyers also conduct oral examination in the Supreme Court.

For Trustees

OpusRed regularly acts for trustees of bankrupt estates, providing strategic legal advice to assist trustees with the recovery of assets for the benefit of the bankrupt’s creditors. Our services include preparing and lodging transmission applications and caveats with all land registry offices around Australia, preparing and filing applications in the Federal Court and Federal Circuit Court for property possession orders and preparing and reviewing contracts of sale on behalf of trustees.

For Creditors

OpusRed regularly prepares and issues statutory demands, winding up petitions, bankruptcy notices and bankruptcy petitions on behalf of creditors to assist them in their recovery process. OpusRed understands the need for certainty of costs and therefore offers fixed fees for these processes. Please also see out page on Debt Recovery for further details.