INSOLVENCY

Voluntary administrations

Through the voluntary administration process, we assess the best approach to enhance your business’s chance of recovery or provide favourable returns for creditors. This involves restructuring or recapitalising your business.

Deed of company arrangements

A deed of company arrangement (DOCA) is a legal agreement between a company and its creditors aimed at restructuring debt and, when possible, continuing to operate a business, offering a preferable alternative to liquidation. Our team manages the DOCA process and collaborates with relevant stakeholders to implement the agreed arrangements.

Liquidations

In cases where a company is insolvent and unable to meet its financial obligations, the process of winding up the company's affairs is initiated. Whether instigated by creditors or the company itself, we handle the liquidation process efficiently, ensuring the needs of all relevant stakeholders are met.

Small business restructuring and liquidation

We provide tailored and simplified restructuring and liquidation solutions designed to address the financial distress experienced by small business owners.

Bankruptcy

Bankruptcy is a process triggered when an individual becomes insolvent, and unable to meet their financial obligations. Whether initiated by creditors or the debtor themselves, our approach to administering an individual's affairs is focused on practicality and efficiency, while ensuring the needs of all relevant stakeholders are addressed.

• For Debtors: Bankruptcy can offer relief from the pressures of existing creditors and the discharge of most unsecured debts. Our team is dedicated to guiding you through this challenging process, with experienced staff available to provide clear explanations and explore the available options to manage your financial affairs effectively.
• For Creditors: Bankruptcy serves as an avenue for creditors to recover outstanding debts from individuals. As one of Australia's largest bankruptcy practices, our experienced team identifies any viable claims and seeks to realise assets to maximise returns for creditors. Our commitment to a commercial approach ensures the best possible outcome for all parties involved.

Personal insolvency agreement

A personal insolvency agreement (PIA) is a formal agreement between an individual and their creditors, offering a flexible approach to resolving outstanding debts without bankruptcy.

Cor Cordis specialises in helping individuals customise a proposal that outlines the management of their assets and debts. We collaborate closely with individuals and their creditors to secure the most favourable outcome for all parties involved.

Informal arrangements

Informal arrangements present an opportunity to regain financial control, a faster and more affordable approach compared to formal insolvency procedures.

We’re able to offer and implement alternative solutions, distinct from formal insolvency appointments, to ensure all parties benefit.

Property sale – statutory trustee

A statutory trustee maybe designated when you encounter difficulties in resolving a property dispute with one or more co-owners. This situation can arise from circumstances like divorce, partnership dissolution, or bankruptcy. The Court appoints a statutory trustee to oversee the property's marketing and sale and distribute the net proceeds from the sale to the concerned parties.

Receiverships/Mortgagee in possession

Receiverships and mortgagee in possession are both mechanisms employed when a borrower defaults on their secured debt obligations. In receivership, a secured creditor appoints a receiver to seize control of the borrower's assets and subsequently sells these assets to optimise the return to the secured creditor. This encompasses the sale of real property (both commercial and residential), businesses, motor vehicles, vessels, and any other secured assets.

Similarly, in the case of mortgagee in possession, a mortgage lender can designate an agent to assume control of the borrower's assets and execute the sale of these assets to maximise the return to the secured creditor. This entails the sale of real property (both commercial and residential), motor vehicles, vessels, and any other secured assets.‍

Voluntary administration

A secured creditor, especially one holding a security interest in the majority or entirety of a company's assets, has the authority to appoint a voluntary administrator to oversee the affairs of the company. This step initiates the voluntary administration process, through which we assess and identify the most effective strategy to optimise your chances of recovering your investment. This may involve a comprehensive restructuring or recapitalisation of the business or the company's assets, with the ultimate goal of securing the best possible return for the creditor.