St. Clair & Associates has significant experience in acting for and advising clients (creditors, debtors and insolvency practitioners) on matters concerning both personal and corporate insolvency.
Personal insolvency relates to the steps leading to a personal bankruptcy (or other Bankruptcy Act 1966 arrangement), the consequences of bankruptcy, the respective rights and obligations of a bankrupt and a trustee-in-bankruptcy and the recovery of assets to a bankrupt estate.
It is never better for someone facing bankruptcy, who is a bankrupt, or affected family members, to just ‘sit on’ a legal problem and hope it will go away.
St. Clair & Associates can assist by:
- Acting for creditors against debtors with the objective of bankruptcy, including by the preparation and service of Bankruptcy Notices and acting for creditors in Creditors Petition (bankruptcy) proceedings (which seek a sequestration (bankruptcy) order).
- Advising debtors who are faced with the prospect of bankruptcy-related action against them, including whether the creditor has arguably ‘messed things up’ (such as by serving a Bankruptcy Notice that is liable to be set aside).
- Acting for secured creditors in the realisation of their securities (sale of secured assets), including where (such as in the case of unregistered interests in land) obtaining the Court’s leave (permission) is first required.
- Advising creditors of their rights in relation to bankruptcy, including their rights at meetings of creditors, and whether there are grounds for the removal of a Trustee.
- Acting for creditors who have had a Proof of Debt rejected or assessed unfavourably by a Trustee-in-Bankruptcy by (among other things) challenging the Trustee’s decision in Court.
- Acting for family members of bankrupts, who are subject to demands by a Trustee-in-Bankruptcy, or whose interests are affected by the bankruptcy (such as alternatives to the sale of a matrimonial home).
- Advising Trustees-in-Bankruptcy on their rights and potential actions for the recovery of property to a bankrupt estate.
- Acting for Trustees-in-Bankruptcy in legal proceedings (both offensive and defensive), and in Court examinations.
- Acting for, and advising, bankrupts in their dealings with their Trustees-in-Bankruptcy, including: - In answering requests for information sought by the Trustee-in-Bankruptcy; - Making requests for permission for overseas travel; - Challenging decisions made by a Trustee, such as whether a decision to extend a period of bankruptcy is lawful; - Advice on whether certain assets are properly within a bankrupt estate (including whether cars registered in the bankrupt’s name were really owned by the bankrupt, and issues concerning property held by a bankrupt on trust).
- In answering requests for information sought by the Trustee-in-Bankruptcy;
- Making requests for permission for overseas travel;
- Challenging decisions made by a Trustee, such as whether a decision to extend a period of bankruptcy is lawful;
- Advice on whether certain assets are properly within a bankrupt estate (including whether cars registered in the bankrupt’s name were really owned by the bankrupt, and issues concerning property held by a bankrupt on trust).
In many respects, the law of corporate insolvency is very similar to that of personal insolvency.
Corporate insolvency relates to the steps leading to the winding up or external administration of a company, the consequences of external administration (including liquidation), the respective rights and obligations of company officers and liquidators, and the recovery of assets to a company in liquidation.
St. Clair & Associates can assist by:
- Acting for creditors against corporate debtors with the objective of winding up (liquidation), including by the preparation and service of Statutory Demands and acting for creditors in winding up proceedings (which seek the appointment of a liquidator).
- Advising corporate debtors who are faced with the prospect of insolvency-related claims against them, including whether any Statutory Demand can be set aside, and in whose interests company directors should be acting.
- Acting for secured creditors in the realisation of their securities (sale of secured assets), including where (such as in the case of unregistered interests in land) obtaining the Court’s leave (permission) is first required.
- Advising creditors of their rights in relation to liquidation, including their rights at meetings of creditors, and whether there are grounds for the removal of a liquidator.
- Acting for creditors who have had a Proof of Debt rejected or assessed unfavourably by a liquidator by (among other things) challenging the liquidator’s decision in Court.
- Acting for those faced with demands by liquidators, such as those who have received company money and where the liquidator is alleging that receipt constituted an ‘unfair preference’.
- Advising liquidators on their rights and potential actions for the recovery of company property, or on actions against company officers for insolvent trading.
- Acting for liquidators in legal proceedings (both offensive and defensive), and in Court examinations.
- Acting for, and advising, company officers in their dealings with liquidators, including:
- In answering requests for information sought by the liquidator; and
- Advice on whether certain assets are properly within the scope of what a liquidator can recover or claim.