Insolvency Lawyers Melbourne - Velos & Velos Lawyers

Dedicated Legal Support for Insolvency Matters in Victoria

As insolvency lawyers in Melbourne, we have the expertise and understand the stress and uncertainty that comes with financial difficulties. Our expert team of insolvency lawyers specialise in providing complete legal solutions to people and businesses.

Whether it’s bankruptcy, corporate insolvency or debt restructuring, our law firm has over 40 years of experience in insolvency and restructuring. We’re ready to guide you through every step to achieve your goals.

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Insolvency Legal Services

For personal insolvency, we assist with:

Bankruptcy advice – expert guidance, protecting your rights and assets.
Debt agreements – to negotiate and establish manageable debt agreements, offering a path to financial stability, sustainability, recovery and profitability.

Corporate insolvency services

As corporate insolvency lawyers in Melbourne, our services include:

Company liquidation – expert assistance in voluntary and compulsory liquidation, minimising risk and improving outcomes.
Corporate restructuring – tailored strategies for corporate restructuring to enhance recovery, viability and profitability.
Litigation and dispute resolution – we’re highly skilled in resolving disputes related to insolvency cases. Our corporate insolvency lawyers represent your interests professionally and rigorously to best achieve your goals.

Why choose us as your insolvency lawyers in Melbourne?

Here are a few reasons why people choose Velos & Velos Lawyers for assistance with insolvency matters:

Expert legal knowledge – we stay abreast of the latest developments in insolvency law, ensuring you receive sound, informed and effective legal advice.

Personalised approach – we provide personalised solutions that align with your financial circumstances.

Proven track record – with over 40 years of successful outcomes, our clients trust us to deliver results that matter.

Ethical and confidential service – we maintain the highest standards of confidentiality and ethics in all client interactions.

Get in Touch for Assistance with Insolvency

Contact Velos & Velos Lawyers today on 03 8379 1000 to discuss your situation or visit the Contact Us page link above to get in touch.

Insolvency Law in Victoria

Insolvency law in Victoria covers the rules and steps for when a person or a company can’t pay back their debts. It helps manage these tough financial situations.

Understanding Personal Insolvency

When someone in Victoria can’t pay their debts, they face personal insolvency. This situation is mainly handled through the Bankruptcy Act of 1966. There are a few ways to deal with this:

Bankruptcy is a common solution in which someone else, called a trustee, takes over your finances. While it can eliminate your debts, it can also affect your credit score, your ability to own certain assets, and more.

Debt Agreements are agreements made with the people you owe money to. They’re less harsh than bankruptcy and need the creditors to agree.

Personal Insolvency Agreements are formal plans made with creditors to settle debts without going bankrupt.

Choosing the right option is important, and getting advice from experts like Velos & Velos Lawyers, who have been doing this for over 40 years, can help you find the best path.

Dealing with Corporate Insolvency

For companies that can’t cover their debts, there are several solutions under the Corporations Act of 2001:

Voluntary Administration: A chosen administrator checks the company’s finances and advises on the next steps. This can help the company survive or ensure creditors get more than if the company was immediately liquidated.

Liquidation is about closing down the company and selling off its assets to pay debts. It can happen voluntarily or through a court order.

Receivership: When a company can’t pay its debts, a receiver can be appointed to sell off assets to pay back what’s owed to secured creditors.

It’s also crucial to avoid insolvent trading, where a company keeps incurring debt when it can’t pay its existing debts, which can lead to severe consequences.

Getting Help with Insolvency

Since dealing with insolvency can get complicated, it’s wise for both individuals and companies to seek advice from experienced lawyers.

The Effects of Insolvency

Being insolvent can lead to losing assets and damaging one’s financial reputation for individuals. For companies, it might mean the end of the business. However, insolvency processes also offer ways to handle debts, potentially allowing for recovery and a new start. This could mean fixing past mistakes, improving management, and returning to profitability.

Get in touch with insolvency lawyers in Melbourne

As insolvency lawyers in Melbourne, we can assist you with all insolvency matters in Victoria. Call us on 03 8379 100o or visit our Contact page above.