If Directors of a company are of the opinion that their company is insolvent or is likely to become insolvent at some future time, then the Directors should resolve to appoint a Voluntary Administrator.
As receiver, our duty is to take such steps as are necessary to have the secured creditors debt repaid in full, or if not in full, then as much as is reasonably possible.
An insolvent person may declare themselves bankrupt, otherwise, a creditor may apply to Court for an order declaring a person bankrupt due to unpaid debt.
The approach under an Investigating Accountant engagement may also be utilised by management in determining business improvement or turnaround strategies.
This is a specialty practice area of SMB Advisory which undertakes engagements resulting from actual or anticipated disputes before and after the commencement of litigation.
