Consultations and advice – INITIAL CONSULTATION FREE

To general practitioner accountants, legal practitioners and their clients in financial difficulty, to identify options available to them.

Partnership Receiverships

In these cases, we are appointed by the Court, either by consent order or such other order as the Court determines, to take control of a business in which partners are in dispute, and carry out the orders of the Court, which are quite often for the conduct of the business until such time as the business assets can be sold, and the partnership wound up.

Informal or unofficial arrangements between debtors and creditors

These represent a very small proportion of cases, as they involve getting all creditors to agree on something other than full payment of their debts, and can be frustrated by only one creditor not agreeing. Therefore they have limited appeal as a general rule.

Bankruptcies

These can be either debtor initiated or creditor initiated. In the case of debtor initiation, these are by Debtor’s Petition, i.e. at the request of the person owing the money, or by Creditor’s Petition, by order of the Court. In either case, as Bankruptcy Trustees, we are responsible for getting in the assets of the debtor or debtors (subject to assets which are excluded from bankruptcy) realising them and paying a dividend to creditors who are entitled to claim such payment.

Personal Insolvency Agreements under Part X of the Bankruptcy Act

These are alternatives to bankruptcy, and are legally binding arrangements between debtors and creditors under the Bankruptcy Act provisions. They must be administered by a Registered Trustee in Bankruptcy.

Statutory Trustees

In a dispute over sale of jointly held property, we can be appointed Statutory Trustees to act as an independent party conducting a sale in the interests of all parties. These appointments are by order of the Court.