Accountants and Accounting Practice Service Canberra

www.kazarslaven.com.auwww.kazarslaven.com.au

Call: 61 2 6285 1310Call: 61 2 6285 1310

Kazar Slaven offers professional services and Kazar Slaven offers professional services and advice to companies and individuals in advice to companies and individuals in Canberra and throughout the East Coast of Canberra and throughout the East Coast of Australia who are facing financial difficulty, as Australia who are facing financial difficulty, as well as specialist advice to creditors, banks well as specialist advice to creditors, banks and financial institutions. and financial institutions.

Combined, our senior staff have over 80 Combined, our senior staff have over 80 years’ experience in the industry, ensuring years’ experience in the industry, ensuring that you receive the very best advice to assist that you receive the very best advice to assist in your accounting and insolvency issues.in your accounting and insolvency issues.

Call: 61 2 6285 1310Call: 61 2 6285 1310

www.kazarslaven.cowww.kazarslaven.com.aum.au

Kazar Slaven is a leader in the accountancy Kazar Slaven is a leader in the accountancy sector with extensive knowledge of the sector with extensive knowledge of the Canberra region and a depth of resources. Canberra region and a depth of resources. We have an extensive staff team and are We have an extensive staff team and are focused on business problem solving and focused on business problem solving and insolvency issues.insolvency issues.

We take an analytical approach to the We take an analytical approach to the problem to find the best practical solution problem to find the best practical solution for the stakeholders.for the stakeholders.

Our work includes dispute resolution Our work includes dispute resolution amongst shareholders and business amongst shareholders and business partners who are at odds. We provide partners who are at odds. We provide independent, unbiased advice on the way independent, unbiased advice on the way forward.forward.

Call: 61 2 6285 1310Call: 61 2 6285 1310


Call: 61 2 6285 1310Call: 61 2 6285 1310


Continued…Continued…

Call: 61 2 6285 1310Call: 61 2 6285 1310


Voluntary AdministrationVoluntary Administration Deed of Company ArrangementDeed of Company Arrangement Creditors’ Voluntary LiquidationCreditors’ Voluntary Liquidation Court / Official LiquidationCourt / Official Liquidation Provisional LiquidationProvisional Liquidation Corporate ReceivershipCorporate Receivership Members’ Voluntary LiquidationMembers’ Voluntary Liquidation

Call: 61 2 6285 1310Call: 61 2 6285 1310


In Voluntary Administration, a Kazar Slaven In Voluntary Administration, a Kazar Slaven partner, individually or jointly, acts as an partner, individually or jointly, acts as an administrator to investigate and determine administrator to investigate and determine the possible future for a company.the possible future for a company.

Voluntary administration allows the Voluntary administration allows the business, property and affairs of a company business, property and affairs of a company to be administered in a way that maximises to be administered in a way that maximises the chances of a company’s continuation or the chances of a company’s continuation or provides an outcome resulting in better provides an outcome resulting in better return for the company’s creditors rather return for the company’s creditors rather than immediate wind-up.than immediate wind-up.

Call: 61 2 6285 1310Call: 61 2 6285 1310


In a Deed of Company Arrangement (DOCA), the In a Deed of Company Arrangement (DOCA), the creditors of a company appoint one of the Kazar creditors of a company appoint one of the Kazar Slaven partners to act as the deed administrator.Slaven partners to act as the deed administrator.

The DOCA binds the deed administrator, the The DOCA binds the deed administrator, the company and its officers and members, and for company and its officers and members, and for the duration of the DOCA, the company will be the duration of the DOCA, the company will be required to show the words “subject to deed of required to show the words “subject to deed of company arrangement” on every public company arrangement” on every public document.document.

Call: 61 2 6285 1310Call: 61 2 6285 1310


The Kazar Slaven partners, individually or jointly, The Kazar Slaven partners, individually or jointly, act as liquidator to investigate that all the assets act as liquidator to investigate that all the assets of the company have been accounted for and of the company have been accounted for and distributes those assets amongst the creditors.distributes those assets amongst the creditors.

The role of the liquidator is to realise the assets of The role of the liquidator is to realise the assets of the company and distribute those assets the company and distribute those assets equitably amongst the creditors, conduct an equitably amongst the creditors, conduct an investigation in order to determine whether all of investigation in order to determine whether all of the assets have been properly accounted for and the assets have been properly accounted for and determine whether there are any transactions determine whether there are any transactions which may be recoverable by a liquidator for the which may be recoverable by a liquidator for the benefit of creditors.benefit of creditors.

Call: 61 2 6285 1310Call: 61 2 6285 1310


This process of winding up an insolvent This process of winding up an insolvent company involves the court making a company involves the court making a winding up order and appointing the Kazar winding up order and appointing the Kazar Slaven partners, individually or jointly, as Slaven partners, individually or jointly, as the Official Liquidator.the Official Liquidator.

An application for such an order is usually An application for such an order is usually made by a creditor but may be made by the made by a creditor but may be made by the members, a liquidator or ASIC.members, a liquidator or ASIC.

The role of the Official Liquidator is the same The role of the Official Liquidator is the same as in a Creditors’ Voluntary Liquidation.as in a Creditors’ Voluntary Liquidation.

Call: 61 2 6285 1310Call: 61 2 6285 1310


Provisional Liquidation is an interim step that Provisional Liquidation is an interim step that preserves the assets of a company, pending preserves the assets of a company, pending the hearing of an application for winding up.the hearing of an application for winding up.

In these circumstances one of the Kazar Slaven In these circumstances one of the Kazar Slaven partners is appointed Provisional Liquidator by partners is appointed Provisional Liquidator by the court. the court.

A creditor will usually be the applicant, A creditor will usually be the applicant, however a member may seek the appointment however a member may seek the appointment of a Provisional Liquidator if there is concern of a Provisional Liquidator if there is concern that the directors are acting improperly.that the directors are acting improperly.

Call: 61 2 6285 1310Call: 61 2 6285 1310


In these circumstances one of the Kazar Slaven In these circumstances one of the Kazar Slaven partners is appointed as Receiver by a secured partners is appointed as Receiver by a secured creditor or by the court on the application of a creditor or by the court on the application of a person who seeks to protect their interests. person who seeks to protect their interests.

The most common form of private appointment The most common form of private appointment of a receiver occurs where a secured creditor of a receiver occurs where a secured creditor holds a fixed and floating charge over the holds a fixed and floating charge over the assets of a company.assets of a company.

When appointed, a receiver’s role will be to When appointed, a receiver’s role will be to administer the property subject to the charge administer the property subject to the charge and to realise it for the benefit of the party and to realise it for the benefit of the party entitled to it, usually the secured creditor.entitled to it, usually the secured creditor.

Call: 61 2 6285 1310Call: 61 2 6285 1310


The purpose of liquidation of an insolvent The purpose of liquidation of an insolvent company is to enable a fair form of distribution company is to enable a fair form of distribution of the company’s assets amongst its creditors, of the company’s assets amongst its creditors, and to enable an investigation of the company’s and to enable an investigation of the company’s affairs with the view to determining the affairs with the view to determining the circumstances leading to the winding up.circumstances leading to the winding up.

For Members’ Voluntary Liquidation, the Kazar For Members’ Voluntary Liquidation, the Kazar Slaven partners, individually or jointly, act as Slaven partners, individually or jointly, act as the liquidator to wind up the affairs of the the liquidator to wind up the affairs of the company.company.

Call: 61 2 6285 1310Call: 61 2 6285 1310


BankruptcyBankruptcy Personal Insolvency AgreementsPersonal Insolvency Agreements Part IX Debt AgreementsPart IX Debt Agreements

Call: 61 2 6285 1310Call: 61 2 6285 1310


Bankruptcy of an individual (referred to as a Bankruptcy of an individual (referred to as a debtor), joint debtors, or debtors in partnership debtor), joint debtors, or debtors in partnership is initiated either voluntarily or by court order is initiated either voluntarily or by court order on the application of a creditor. In these matters on the application of a creditor. In these matters one of the Kazar Slaven partners would be one of the Kazar Slaven partners would be appointed as trustee of the bankrupt estate.appointed as trustee of the bankrupt estate.

The role of the trustee is to recover a The role of the trustee is to recover a bankrupt’s property (with certain limits) and bankrupt’s property (with certain limits) and divide the proceeds of sale among creditors in divide the proceeds of sale among creditors in accordance with the Bankruptcy Act 1966 (the accordance with the Bankruptcy Act 1966 (the Act).Act).

Call: 61 2 6285 1310Call: 61 2 6285 1310


Part X (10) of the Bankruptcy Act 1966 Part X (10) of the Bankruptcy Act 1966 provides for arrangements with creditors as an provides for arrangements with creditors as an alternative to a debtor becoming bankrupt. In alternative to a debtor becoming bankrupt. In most cases, a PIA proposal will provide for a most cases, a PIA proposal will provide for a greater return to creditors than what would be greater return to creditors than what would be expected if a debtor were to become bankrupt.expected if a debtor were to become bankrupt.

PIA’s are very flexible and may involve a lump PIA’s are very flexible and may involve a lump sum payment provided by a third party to sum payment provided by a third party to creditors, transfer of assets to creditors or the creditors, transfer of assets to creditors or the proceeds from asset sales to creditors or a proceeds from asset sales to creditors or a repayment arrangement.repayment arrangement.

Call: 61 2 6285 1310Call: 61 2 6285 1310


As an alternative to bankruptcy, the As an alternative to bankruptcy, the Bankruptcy Act 1966 provides for debtors Bankruptcy Act 1966 provides for debtors unable to pay their debts to propose a debt unable to pay their debts to propose a debt agreement arrangement with their creditors.agreement arrangement with their creditors.

A debt agreement is administered by a A debt agreement is administered by a registered debt agreement administrator and registered debt agreement administrator and will usually provide for a greater return to will usually provide for a greater return to creditors than what would be expected under creditors than what would be expected under bankruptcy.bankruptcy.

Call: 61 2 6285 1310Call: 61 2 6285 1310


Insolvency is generally defined as a financial state Insolvency is generally defined as a financial state in which a company can no longer pay its bills and in which a company can no longer pay its bills and other obligations on time. other obligations on time.

Kazar Slaven provides two types of insolvency Kazar Slaven provides two types of insolvency services – corporate and personal.services – corporate and personal.

Corporate insolvency services include Voluntary Corporate insolvency services include Voluntary Administration, Deed of Company Arrangement, Administration, Deed of Company Arrangement, Members’ Voluntary Liquidation, Creditors’ Members’ Voluntary Liquidation, Creditors’ Voluntary Liquidation, Court/Official Liquidation, Voluntary Liquidation, Court/Official Liquidation, Provisional Liquidation and Corporate Receivership.Provisional Liquidation and Corporate Receivership.

Kazar Slaven’s personal insolvency services include Kazar Slaven’s personal insolvency services include Bankruptcy, Personal Insolvency Agreements (PIA), Bankruptcy, Personal Insolvency Agreements (PIA), Part IX Debt Agreements Forensic Accounting and Part IX Debt Agreements Forensic Accounting and Business Consulting Services.Business Consulting Services.

Call: 61 2 6285 1310Call: 61 2 6285 1310


Chartered Accountants / Insolvency PractitionersChartered Accountants / Insolvency PractitionersAddressAddress: : Level 3 Engineering HouseLevel 3 Engineering House

11 National Circuit11 National CircuitBarton ACT 2600Barton ACT 2600

GPO Box 138GPO Box 138Canberra ACT 2601Canberra ACT 2601

TelephoneTelephone: : 61 2 6285 131061 2 6285 1310FacsimileFacsimile: : 61 2 6215 845061 2 6215 8450

EmailEmail: : [email protected]@kazarslaven.com.au

Call: 61 2 6285 1310Call: 61 2 6285 1310


Documents

Accountants and Accounting Practice Service Canberra