At BRI Ferrier Mackay, we have an acute insight into the dynamics of businesses facing closure and individuals facing bankruptcy.
We help mitigate the negative effects of insolvency for stakeholders and maximise potential returns. Our aim is always to achieve the best outcome possible for our clients.
Our team of registered and official liquidators in Mackay acts for banks, company directors, business owners, legal advisors, creditors, investors and regulators. Our experience includes insolvency situations in industries such as property and construction, tourism and hospitality, primary industry, energy, mining, retail, manufacturing and logistics.
We listen to all stakeholders to understand their objectives and implement a strategy that maximises their returns. In this way, we protect creditors’ interests, maximise realisations, manage claims and, where appropriate, pursue recoveries.
The three main vehicles for achieving these outcomes are receivership, creditors’ voluntary liquidation and court liquidation:
- Receivership. BRI Ferrier has acted for all of Australia’s first and second tier lenders as receiver and manager of distressed businesses. As receiver, we take control of a specific asset or entire business that is subject to security, typically held by a bank, and take steps to realise the value for the best possible outcome to the secured creditor. Find out more about business receivership
- Creditors’ voluntary liquidation. BRI Ferrier may be appointed as creditors’ voluntary liquidator when an insolvent company’s directors and shareholders resolve to liquidate the company, or when creditors vote for liquidation following a voluntary administration or terminated deed of company arrangement. Find out more about BRI Ferrier’s creditors’ voluntary liquidation services
- Court liquidation. BRI Ferrier is regularly appointed by courts that determine a business is insolvent and that liquidation is the best means to repay claimants. The appointment may take the form of provisional or official liquidation, where the former is a temporary mechanism. It enables us to take control of the business and its affairs, allowing for an orderly winding down of operations and realisation of assets. Find out more about BRI Ferrier’s court liquidation services
If you experience personal financial distress, BRI Ferrier can help. Our registered trustees in bankruptcy work with debtors to achieve the best possible solutions to their difficulties.
We also act on behalf of creditors to recoup losses. We do this by investigating and assessing potential recoveries available to the trustee. In addition, we may investigate and report any offences the debtor may have committed.
We understand both sides of personal insolvency and provide all parties with a resolution that reduces distress and anxiety.
The two main vehicles for achieving positive outcomes in these situations are personal bankruptcy and personal insolvency agreements:
- Personal bankruptcy. In cases of personal bankruptcy, BRI Ferrier’s trustees have a wealth of experience to provide expert and honest advisory to debtors and, when appointed, to investigate a bankrupt’s financial dealings. We realise assets available for the benefit of creditors in a commercial and cost-effective manner. Find out more about BRI Ferrier’s personal bankruptcy services
Personal insolvency agreements. We have extensive experience in personal insolvency agreements (PIAs), an alternative to bankruptcy. A PIA is a flexible but legally binding arrangement between a debtor and creditors. It identifies the debtor’s property and income available to pay creditors’ claims. It also specifies how any realisations are to be dealt with. Find out more about BRI Ferrier’s personal insolvency agreement services