Hutchinson Legal can provide advice to liquidators, administrators and receivers appointed to insolvent companies to deal with the wide range of legal issues that confront external administrators in their assessment and management of a company’s financial affairs. Such matters include dealing with PPSA (Personal Property Securities Act 2009) and retention of title claims over property in the company’s possession, claims against creditors of the company that have received preference payments, claims to “claw back” uncommercial transactions and Unreasonable Director Related Payments, as well as insolvent trading claims made against Directors of the company.
We can also provide advice to Directors of insolvent companies that have had external administrators appointed to them, to ensure the external administrators are acting appropriately and to defend Directors from any claims made against them, such as insolvent trading claims.
When a company is, or about to become, insolvent, the Director(s) must seek advice to properly consider whether or not to appoint a liquidator or voluntary administrator to take control of the company. Understanding the legal consequences of such an appointment can help make your decision.
The rights of a creditor to pursue a debt may change when a company becomes insolvent or when a person becomes bankrupt. It is important you seek legal advice to understand your legal rights and obligations in this complicated and ever changing area of the law.
If you have received any notice of a threat to be taken to court from a liquidator or bankruptcy trustee, you should urgently seek our legal advice. We have successfully challenged and negotiated much better outcomes for our clients than would have been the case if they did not seek our assistance. We speak the language of liquidators and trustees, so we can help you understand the claims being made. Contact our team to receive advice on your available options.