Services - Restructuring - Formal
Insolvency
Olvera believes in creating an environment for entrepreneurial activity to thrive and reducing the stigma of business failure, we consider that a fear of failure impedes innovation.
However, sometimes debt consolidation and debt management strategies are not enough. Complexities and circumstances sometimes dictate that a Voluntary Administration process or a wind down via a Liquidation process is unavoidable.
At Olvera, we have experience in solving complex issues in distressed environments.
We take the time to understand the complexity of stakeholders needs and the importance of value preservations strategies in Voluntary Administration or Liquidation scenarios.
Voluntary Administration
Voluntary Administration is a process where an insolvent company is placed in the hands of an independent person who can assess all the options available and generate the best outcome for a business owner and for creditors.
An Administrator can be appointed by:
- the directors (by resolution of the board and in writing)
- a secured creditor (with a security interest in all or substantially all of the company’s property); and
- a liquidator (or provisional liquidator)
Olvera prefers to take appointments where there is a clear intention that the directors’ put forward a deed proposal and that the company will be out into a Deed of Company Arrangement.
Creditors Voluntary Liquidation
A creditors voluntary liquidation occurs when the company’s members/shareholders determine that the company can no longer satisfy its debts and deem the company to be insolvent, or likely to become insolvent.
A majority of the company’s shareholders must resolve to place the company into liquidation.
Bankruptcy
Bankruptcy occurs when you’re declared unable to pay your debts. The process releases you from most debts, provide relief and allow you to make a fresh start.
Bankruptcy process normally lasts for 3 years and 1 day.
Olvera also puts together Personal Insolvency Agreements (PIA) which seek to compromise and settle personal creditor claims by agreement.
Kate Barnet is Olvera’s registered trustee in Bankruptcy.
Receivership
A company goes into receivership when an independent registered liquidator (the receiver) is appointed by a secured creditor, or in special circumstances by the court, to take control of some or all the company’s assets.
How we can help
Olvera understands that sometimes the best outcome comes not from a continuation of a business but from its orderly wind down through liquidation, even an insolvent liquidation can be completed to minimise financial loss.
Our services include:
- Four principals who take appointments as voluntary administrators, liquidators and receivers; and
- Kate Barnet takes selected appointments as Trustee in Bankruptcy.
