The simplest definition of a Workout is that a Workout is a process for the rescue or resuscitation of a financially distressed company which is supported by…

• The Workout Process 

  A Workout or debt restructuring will be essential where: * there is the potential for a viable business after the workout; * the value of the…

• Causes of Corporate Underperformance 

  A variety of events could lead to a company being in financial distress, including: * loss of key management; * Unexpectedly poor performance,…

• The Investigating Accountant and Monitoring Accountant 

  Typically in a Workout process, the creditors will require the involvement of an Investigating Accountant. The role of the Investigating Accountant is to: …

TYPE COMMENCED BY REASON WHO MAY ACT APPOINTEE TITLE POWERS FROM INDIVIDUALS BANKRUPTCY Creditor or debtor Realise assets to pay…

• Glossary of Insolvency Terms 

  This is a brief explanation of some of the terms used in company insolvency proceedings. Asset Any property of value owned by a company. Can include…

Insolvency law and practice is a complicated area. The foundations of insolvency law come from the Corporations Act and the Bankruptcy Act. Laid on those…

• How to Recognize Insolvency 

  In a legal sense, insolvency is discussed in section 95A(1) of the Corporations Law. A company is insolvent if it cannot pay its debts as and when they fall…

• Effects of insolvency On Directors, Creditors and Advisors 

  We have outlined below, the effects of insolvency on the directors, advisers, secured and unsecured creditors, but also what actions each of those parties are…

• VAs from a Lessor’s perspective 

  Voluntary Administrations pose specific problems for lessors. Detailed below, are a number of questions regularly asked by lessors who are faced with a…

• Key Legal Provisions for Creditors 

  There is always a risk element for lenders, financial institutions and creditors of companies. It is important to have some knowledge of the law relating to…

• Independence of external administrators 

  If a company is insolvent or in financial difficulty, it can be put into external administration. The three most common forms of external administration are…

Insolvency law and practice is a complicated area. The foundations of insolvency law come from the Corporations Act and the Bankruptcy Act. Laid on those…

• The value of a fixed and floating charge 

  A company may grant a charge which is fixed, floating or a combination of both. A fixed charge is one that is over specific assets such as plant and equipment,…

• Pitfalls in liquidations for Secured Creditors 

  Upon the appointment of a liquidator to a company, a secured creditor should be mindful of a number of areas which may affect their eventual recovery: Liquid…

• Secured Creditors position In Voluntary Administrations 

  There are a number of matters which a secured creditor should be mindful of when faced with a Voluntary Administrator being appointed to a company in which…

The Corporations Act sets out the rules and procedures for the liquidation of companies. The liquidation of a company is the process of finalising its…

• Court Liquidation 

  Commencement of winding up by the court may be instigated by creditors, directors, shareholders or ASIC. Most Court liquidations are commenced by the…

• Provisional Liquidation 

  On occasions there will be a matter of great urgency in relation to a company, usually that its assets are in jeopardy. In such a case, an application can be…

• Creditors Voluntary Liquidation 

  In the situation where directors of a company have formed the opinion that the company is insolvent, they have the option of starting a Creditors Voluntary…

• Members Voluntary Liquidation 

  This form of winding up is available only to solvent companies. The primary reason for a liquidator being appointed to a solvent company is to return capital…

Creditors, shareholders and directors can unexpectedly find themselves involved in the complex world of corporate insolvency, company workouts or corporate…

• Workout Representation Services 

  Creditor Representation Service Our professionals have achieved a record of success in helping our clients make the complex judgment calls needed to…

• Investigation Services 

  Transaction Advisory Services Purchasing assets from distressed companies presents some wonderful opportunities and also special challenges. Our team is…

• Education and Training 

  FSIA has a team of instructor trained professionals specialising in insolvency and restructuring courses. Our presenters have many years experience in…

• FSI Property & Construction 

  FSI Property and Construction brings together experienced corporate restructuring practitioners with genuine property experts. Where a business in financial…