Understanding Insolvency
Insolvency occurs when an individual or business is unable to pay its debts as they become due. This situation may affect companies, directors or individuals and often requires fast legal intervention. Signs of insolvency include:
- Overdue tax and supplier payments
- Ongoing pressure from secured or unsecured creditors
- Inability to obtain further credit
- Bankruptcy notices or statutory demands.
If you are uncertain about your solvency status or concerned about the financial viability of your business or other legal consequences of insolvency, contact Velos & Velos Lawyers today for a confidential consultation with an insolvency lawyer.
How Velos & Velos Lawyers Can Help
With decades of extensive experience, our insolvency lawyers in Melbourne offer a comprehensive range of legal services to help clients resolve insolvency issues and mitigate risk.
Business Insolvency and Corporate Restructuring
We advise company directors and business owners on turnaround strategies, including voluntary administration and deeds of company arrangement. Our goal is to help clients avoid formal insolvency where possible and explore viable restructuring options.
Liquidation Advice
If a business cannot continue, liquidation may be the most appropriate course of action. We guide clients through the liquidation process, working closely with liquidators and advising on compliance, creditor relations and potential insolvent trading claims.
Personal Bankruptcy
Our lawyers support clients dealing with personal bankruptcy, helping them understand their rights and obligations. We provide legal advice on bankruptcy notices, debt negotiation and liaising with bankruptcy trustees to protect assets and limit liability.
Creditor Representation and Debt Recovery
We act for creditors seeking debt recovery through formal and informal means. Whether initiating legal proceedings, issuing statutory demands or negotiating with debtors, our lawyers work to recover what you’re owed efficiently and effectively.
