Bankruptcy by way of Court Order

Tass is frequently approached by creditors seeking to enforce debts through the bankruptcy process. He adopts a commercial and efficient approach, acting swiftly where urgent recovery or investigation is required. With strong communication at the core of every appointment, Tass ensures stakeholders are kept informed at all stages. He is known for being hands-on, agile, and focused on outcomes, particularly in matters involving real property or complex voidable transactions.

Example:

A creditor took steps to make the debtor bankrupt and contacted Tass in relation to Cor Cordis acting in the matter. On appointment, Tass commenced investigations into the bankrupt’s affairs, which included real estate interests exceeding $1.3 million and a quarantined $400,000 held for distribution to unsecured creditors. The matter became more complex when multiple parties claimed security over the estate’s assets.

Despite limited cooperation from the bankrupt, Tass undertook detailed forensic analysis to verify asset ownership and creditor claims. He instructed legal counsel and engaged in a multi-party mediation. His efforts resulted in a negotiated outcome that preserved the $400,000 for the estate, while also securing undertakings from certain creditors not to lodge claims. This increased the overall return to unsecured creditors and resolved the dispute without protracted litigation.

Voluntary Bankruptcy

Tass brings clarity and empathy to individuals facing financial distress. Recognising how overwhelming the process can be, he offers practical, honest advice from the outset. While meeting his statutory obligations, Tass supports individuals to understand their options and navigate each step. Where appropriate, he explores whether a return to creditors can be achieved through annulment or alternative proposals, helping clients regain control of their future.

Example:

An individual who had operated several businesses in the fruit and vegetable sector entered bankruptcy with personal liabilities exceeding $16.5 million. Determined to resume control of the group, the individual worked with Tass to assess the feasibility of annulling the bankruptcy through a composition proposal.

Tass conducted extensive investigations, met regularly with the individual, and liaised with the major bank involved—whose support was essential due to its exposure. He managed expectations across multiple stakeholders and prepared a comprehensive report comparing the returns under bankruptcy to those achievable through the proposed arrangement.

His work gave creditors the confidence to accept the proposal. The bankruptcy was annulled, creditors received a return they would not have otherwise achieved, and the individual resumed control of the business group.

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Flexible settlements outside of bankruptcy

Tass is skilled at facilitating PIAs, helping debtors avoid bankruptcy and enabling creditors to achieve an acceptable return. His approach is practical, transparent, and collaborative. He takes the time to explain the implications of proposed arrangements, ensures that all relevant transactions and assets are appropriately understood, and communicates openly throughout the process. His ability to bring parties together has led to a high success rate in securing agreements that work for everyone involved.

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Secured creditor enforcement

Tass regularly acts in receivership and agent engagements, managing the recovery and sale of a wide range of assets, including real estate, plant and equipment, vehicles, business assets, and mortgage trail books.

He prioritises the needs of the client, remaining highly responsive and solution-focused throughout the engagement. Whether managing the sale of a residential property or overseeing the recovery of commercial assets, Tass takes a flexible, pragmatic approach to delivering outcomes aligned to the secured party’s objectives.

Independent insight to avoid formal appointments

Tass also works with creditors and debtors who are looking to resolve complex financial situations outside of formal insolvency processes. He prepares independent, practical reports that assess the financial position, identify recovery prospects, and support negotiation between parties—often avoiding the cost and disruption of bankruptcy or a formal agreement.

Example:

A major bank approached Tass to prepare a report on an individual who owed the bank over $10 million and had total liabilities exceeding $50 million. The objective was to gain an informed view of the individual’s financial position and potential recovery in bankruptcy.

Tass drew on his extensive experience to target his information requests, review the available material, and deliver a detailed report within two months. His findings enabled the bank to negotiate a commercial resolution with the individual, avoiding the need for formal insolvency proceedings. This outcome helped the bank manage its exposure while allowing the individual to avoid bankruptcy and move forward.

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