Solvency - Mitigating Insolvency.

We can help preserve your Assets and assist in mitigating the Legal action, SAS Solvency can help preserve your Corporate Interests and Goodwill’s.

We have often issued assistances to 100's of Directors over the years in regards to addressing the matters of Wind up Applications lodged against many good company's by varied Plaintiffs that are published therein the ASIC register and or Court Registers.

We at SAS Solvency monitor daily ASIC Insolvency notifications and all National Court Filings and bring these matters to the attentions of affected Directors to help them address the legal proceedings. Most Directors we contact are typically not aware of the imminent Legal proceedings or aware of the initial Creditors Statutory Demand which would have been posted Registered Mail to the Companies ASIC listed Registered office to be dealt with by you.

If the address is wrong or not updated with ASIC records then it is also construed as an ASIC offence.

If the Registered Office is of your professional advisors office then ask them why it was not Dealt with.

We can Help you. If you would wish for assistance in challenging the Statutory Demand or Setting aside the Legal proceedings then please call us or correspond for an initial Free half hour consultation so we may have a better understanding of the Court Action at play and there upon your consents we can provide you and your good company assistance in Addressing potential allegations of Insolvent Trading or Breaches of Director Duties, thus mitigating any personal Liabilities of your good self as Director and ascertain best method of “Turn Around” and or “Restructuring” where to ensure you maintain profitable trading.

We can assist you personally and or advise your legal representative on how best to structure and protect your assets by ensuring for you the best strategies to minimise the potential damages that may well flow from the potential Liquidation, Administration or Bankruptcy if made personally liable as Director.

We Provide low cost:

Assessment On Your Financial Position
Search Credit Files
Review ASIC Files
Review the Legal Action being taken against you and then provide a Scope of Work and Fixed Price for undertaking the initial stages of countering the Litigation to determine if you have the potential to

trade on, challenge the creditors petition or set aside the Statutory

Demand or ascertain of alternatives available to you.

Our Forensic accountants can also ascertain and or mitigate any vulnerabilities of your Corporate structure and or any potential Personal Liabilities.

We can provide you with the strategies and structures required to successfully maintain your ongoing

earning potential.

Should a Court determine to wind you up we can assist you by way of consolidating the information you make available to us and prepare the documents in a format that meets the ASIC and Liquidators stringent legal requirements.

During the process of assisting you we consider the issues of potential personal Tax office claims, Directors penalty notices or claims by Liquidators to recover Directors loan accounts.

Experience.

SAS Solvency Pty Ltd have the experience and the acumen regarding successful resolution of Insolvency matters, business re-engineering and negotiating also ASIC and ATO continual evolving legislation’s, our experienced consultants will endeavour to assist you achieve a fresh start and help you navigate your way through the regulations efficiently.

Once appointed we undertake to write to the petitioning solicitor requesting a copy of their affidavits lodged with the court, we then write to the court informing them we represent you and prepare Affidavits on your behalf for contesting the Statutory Demand and or to prove your Solvency.

Upon the event of Winding up and Liquidation

If it is found that you cannot trade out of the situation and Liquidation is the only solution, we can particularly help you address the Liquidation process and assist with the compliance and the filing of the Report on

Company Activities and Property documentation. (ROCAP)

Compulsory completing of the ROCAP can be overwhelming and for many Directors, it can be a burdening exercise, SAS Solvency can help take care of this process for you.

The director’s first requirement is to complete and file the ROCAP documentation with the liquidator.

If your company has been placed into liquidation following an Order from the Court, the directors must file the ROCAP documentation within 10 business days from the date of the order.

If your company has been placed into liquidation by way of a shareholder resolution, the directors must file ROCAP within 5 business days from the date of the shareholders’ meeting. Directors rarely can comply with this obligation and this can lead to potential prosecution by the Commonwealth Director of Public Prosecutions.

We at SAS Solvency can seek from the liquidator /ASIC an extension of time to submit the report on company activities and property.

Directors Questionnaire and Request for Information

Throughout the course of the liquidation, you may be required to complete various questionnaires and provide information regarding your company affairs. Call us to learn how we can help you with complying with the liquidator’s requests and explain the nature of the liquidator’s requests.

Requisition to handover company assets

Once a liquidator has been appointed, directors will not have any control over the company or the company assets.

It is common practice for the liquidator to demand of directors to handover any company assets.

If you are in possession of any company assets, contact us immediately to find out how you might be able to enter into a settlement with the liquidator so that you can personally own the company assets and/or

continue to use them in your new business.

Purchasing company assets back from the liquidator

A primary role of the liquidator is to sell the company assets for the benefit of company creditors. In most cases, the only asset in the company could be the actual business which may include the clientele, existing contracts, website domain, business name, intellectual property, sundries, plant and equipment.

If you, or a relative, are interested in purchasing the business and/or the company assets back from the liquidator, call us to find out how we can negotiate a deal with the liquidator.

Published ASIC Notifications and Court Registrations may become accessible in the public domain, therefore prompt action will prevent you from being unnecessarily exposed publicly or registered with a Credit reporting agency that will effect your Trade terms and Credit Rating.

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