Watkins Tapsell DEBT RECOVERY AND INSOLVENCY
Supporting you through the process of debt recovery
Debt recovery and insolvency is often a sensitive and complex area of law.
We can support you through financial hardship, and collecting money owed, by managing the process for you; from setting up your terms and conditions through to legal proceedings with debt collection in Sydney.
Our experience and know-how mean we act quickly to reduce your debtor days and recover your money sooner.
Watkins Tapsell DEBT RECOVERY AND INSOLVENCY
Our services for debt collection in Sydney include:
- Debt management – Establishing your debt management systems including reviewing terms and conditions and letters of demand.
- Pre-litigation negotiations – We make direct contact with the debtor and manage negotiations.
- Litigation procedures – We take appropriate legal action if all other options do not achieve the desired result.
- Locating a debtor– Including real property searches for intrastate and interstate debtors, and Australian Securities and Investigation Commission searches for company directors.
- Insolvency – We can guide you through the corporate and personal insolvency process, and provide alternatives for debtors and companies to work through their financial difficulties.
For details on our full range of services and how we can help you with debt collection in Sydney, get in touch with our team below.
Debt collection in Sydney FAQs
What is insolvency in Australia?
Insolvency refers to when an individual or company can no longer meet their financial obligations. This means that they cannot pay lenders as their debts become due. There are many reasons for insolvency including poor money management, reduced cash inflow and increased expenses.
By hiring professional insolvency lawyers in Sydney for debt collection services, you’ll have a better chance of overcoming financial distress. At Watkins Tapsell, we will guide you through the process of corporate or personal insolvency and provide the best ways for you to work through financial difficulties.
How to prove insolvency
Generally, there are two ways to test and prove insolvency. This includes a cash-flow test and a balance sheet test. The former assesses your ability to pay your debts, while the latter weighs your current assets against current liabilities.
Our insolvency lawyers in Sydney can walk you through the stages of proving insolvency. In addition, our debt recovery solicitors in Sydney will provide you with high-quality advice in terms of debt collection and managing any financial hardship.
What does insolvent liquidation mean?
Insolvent liquidation refers to closing a company since it cannot pay its bills. It can also mean that the value of the business assets is less than the liabilities it owes.
There are two main forms of insolvent liquidation procedures:
- Creditor’s voluntary liquidation – when the company’s members determine that the company can no longer pay its debts and is likely to become insolvent.
- Compulsory liquidation – when a company cannot pay its debts, so a creditor takes legal action in pursuit of the money owed.
At Watkins Tapsell, our debt recovery lawyers in Sydney will help you throughout the liquidation process. This includes debt collection in Sydney and managing financial distress.
What to do if your company is insolvent
If you find that your company is insolvent and needs debt collection services, then hiring professional insolvency lawyers in Sydney may be your best option.
Whether it’s a personal or corporate insolvency issue, our debt collection team will work through the process to find you real solutions. This includes providing alternatives for debtors and rectifying financial difficulties. Watkins Tapsell also offer professional legal services that deal with issues such as family law and commercial litigation.
