Do you need to recover money?
You are a creditor if a person or company owes you money.
A creditor may be a secured or unsecured creditor. A secured creditor holds a security interest in the person’s or company’s assets, whereas as an unsecured creditor does not.
How can we help?
- We can assess a business and identify the risks to stakeholders
- We can advise on the likely consequences of taking action against a debtor
- We can accept an appointment as trustees or liquidators
Quicklink to: Bankruptcy | Insolvent Liquidation | Receivership
Bankruptcy
If you are owed more than $10,000 by an individual and a person has committed an act of bankruptcy (as per section 40 of the Bankruptcy Act 1966 (Cth)) you may be able to apply to the court to have the person made bankrupt on a creditor’s petition. The court will review the petition and determine if a sequestration order is to be made, making the person bankrupt.
A creditor can appoint a particular trustee, like one of the principals of SLP, by obtaining from us a consent to act declaration. A trustee appointed to a bankrupt estate takes control of the bankrupt’s assets and realises them with the aim of making a distribution to creditors.
Insolvent Liquidation
When a company is not able to pay its debts in full, a creditor can make an application to the court to wind up the company and appoint a liquidator. The liquidator will take control of the company and attempt to realise assets of the company to meet the claims of creditors. The liquidator will also investigate whether legal claims are available to the company that might generate returns for creditors.
The principals of Sheahan Lock Partners are experienced liquidators and litigators who have returned hundreds of millions of dollars to creditors from companies in liquidation.
Receivership
Receivership is a process in which a person is appointed privately by a secured creditor to take control of the assets covered by the security to pay their appointor’s debt. A receiver can be appointed even if the company and directors are opposed to the appointment. The receiver has an overarching responsibility to look after the interests of the secured creditor.
We’re here to help.
If you’re owed or owe money, our specialists can help you.
Let’s talk today about creating a better tomorrow.