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Insolvency refers to when a business is unable to pay its debts. There are different forms of insolvency depending on the organisation – either personal or company insolvency can be claimed.
If you are a sole trader or part of a partnership as an individual, you are able to declare personal insolvency. Under the Bankruptcy Act 1966, there are four options provided to deal with debt for individuals, these being debt agreements, personal insolvency agreements, voluntary bankruptcy, and temporary debt protection.
Temporary debt protection
This provides a 21 day period in which unsecured creditors cannot take any enforcement action to recover debts. You can use this time to negotiate payment plans with your creditors or consider your other options.
Debt agreement
This is a binding agreement between creditors and insolvent individuals. It allows parties to negotiate the repayments and allows for a debt to be repaid without bankruptcy having to be declared. These agreements can be beneficial to both parties, as a creditor may receive more money than if bankruptcy is declared.
Personal insolvency agreement
Personal insolvency agreements involve a trustee being appointed to make an offer to creditors. The trustee will be able to take control of your property and negotiate the agreement with the creditors.
If you are thinking of entering into one of these agreements to repay your debt, or are a creditor seeking to recover a debt, it is recommended that you first seek professional financial and legal advice.
Voluntary bankruptcy
Bankruptcy means that you are legally declared to be unable to pay your debts. It can allow you to be released of a lot of your debt, however, it has serious consequences you must first consider.
It is recommended for both creditors and debtors to consider their options before declaring bankruptcy. There are serious consequences of all methods of managing debt under the Bankruptcy Act.
If you are owed money
If a person owes you money, you can apply with the court for the debtor to be declared bankrupt if they owe you money. However, it is recommended to attempt coming to one of these agreements first.
Company insolvency
Common options for an insolvent company include liquidation, voluntary administration and receivership. If your company is unable to pay its debts it is important that you contact a lawyer as soon as possible as allowing a company to trade whilst insolvent attracts serious penalties. If you are a creditor owed money by a company it is recommended to seek professional advice on methods to recover that debt.
Liquidation
When a company is insolvent, liquidation is the method of a company’s assets being liquidated and the company then wound up. The liquidator will handle the company’s assets and distribute proceeds of the sale of assets firstly to secured creditors and then to other creditors. There are numerous factors determining whether you will receive payment from the liquidator. The company may not have enough money to repay your debt, or your claim may fall lower down in the order the liquidator has to follow, which could mean that you are not entitled to full payment.
Voluntary administration
During the voluntary administration process, the administrator will take control of the company and attempt to find a way to salvage the business. If the company cannot be salvaged the voluntary administrator will attempt to find ways to repay creditors. A voluntary administrator will usually be appointed once the company is determined to be insolvent or likely to be insolvent.
Receivership
A secured creditor is able to put a company that is experiencing financial difficulty into receivership. The receiver will control company assets and collect enough to repay the debt owed to the creditor. The receiver is however under no obligation to report to unsecured creditors.
Court Liquidation
A creditor can also seek to have a company wound up if the debt is owed by a company. the statutory demand is issued under the Corporations Act and provides that if the company doesn’t pay the debt that is owed the creditor will apply for the company to be wound up on the basis that it is insolvent. The court will appoint a liquidator to administer the liquidation process and control and disburse assets and funds.
If an individual or company is not insolvent but is in debt to you such as for an unpaid account or invoice, there are ways in which you can attempt to recover the debt.
Court proceedings
Firstly, if you are going to begin court proceedings to recover a debt, it must be a legally enforceable debt rather than a debt that is currently being disputed. The first step is issuing a letter of demand outlining how much the debtor owes, why they owe the debt, and the consequences of not paying, among other relevant information. The matter must then be pursued through QCAT for amounts up to $25,000 or through the courts depending on the amount owed. This is regulated through state and territory laws. To enforce the debt recovery the court may order a number of enforcement warrants, including payment by instalments, redirection of debt or redirection of earnings.
It is recommended you seek legal advice if you are going to commence court proceedings to recover your debt.
You can also engage a debt collector to recover debts on your behalf. Debt collectors are bound by codes of conduct and standards.
Usually, a creditor will be found liable for the actions of an agency therefore it is important for you to be aware of the obligations of debt collectors even if you are using a third-party agency. The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) encourage creditors to be aware of their obligations to ensure that they are compliant with the Commonwealth consumer protection laws which protect debtors from harassment and illegal debt recovery conduct.
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133 Broadwater Terrace, Redland Bay QLD 4165
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Level 1, 516 Ruthven Street, Toowoomba City, Queensland 4350
GLG Springfield
Level 1, Building 9 ‘Brookwater Office Park’ 22 Magnolia Drive Brookwater QLD 4300
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