General Advice and Assistance

At Abbott Adams Promotions our approach is to address the clients enquiry determine the clients problem and then introduce clients to Abbott Adams Turnaround who provide pre insolvency advice and other assistance to company directors and individuals facing financial difficulties:-

Assistance with Accounts

The next step is to introduce Abbott Adams Accounting who specialise in assisting clients to update their financial affairs. We are often contacted by accountants and solicitors with clients in financial difficulty who wish to arrange a meeting with you divisional members to review their financial position and discuss the options that are available.

When the accountant or solicitor rings in for informal discussion, Abbott Adams promotions takes preliminary notes so that our divisional consultants at no cost to the accountant and solicitors clients can determine what are the options or alternatives. The accountant or solicitor is then contacted and given specific scope of work our divisional members will perform for their clients. The scope of work provided also states that the scope could changed based on us finding things that have not been disclosed by the client, therefore we update the client and if required vary the cost of the agreement

General Meetings, Discussions and Advice

After 30 years in the business of helping we have found that all directors of a company and individual at sometime in their life will face a financial difficulty. Abbott Adams group can assist by way of reviewing the financial difficulty and then provide options available, this includes outlining, risks that could arise.

Should the only option be that you need to start again then we assist with valuing  the assets setting up a structure that will benefit you and more importantly ensure you comply with the legislation re: no pheonixing. It maybe that the course of action is that you should try informal appointment to administer a personal or corporate insolvency problem, again we can assist by appointing a registered trustee or liquidator to act on your behalf in the negotiations.

Pre Insolvency Assistance

The Abbott Adams group provide pre-insolvency assistance to directors of insolvent companies, during the consultation we explain what a liquidators role is and any risks associated with placing a company in liquidation, more importantly how stressful it is if you allow a court to appoint the liquidator, the main reason being that the liquidator who is court appointed is not paid by the court or the petitioning creditor. In these circumstances the liquidator to get paid must go after the director, investigate the financial transaction and claw back any preferential payments to creditors, including the ATO. If the liquidator considers the director traded while insolvent then you will be reported to the ASIC and they have the power to prosecute and disqualify you from being a director in the future. Our consultation  determines if its to late to appoint a liquidator, therefore we provide assistance to the director complete the ROCAP (507), assisting the director with valuing of assets, sale of assets and if not to late to appoint then we nominate and assist in the appointment of a Registered Insolvency Practitioner that we know understands the industry that you work in.

Pre Insolvency assistance with Bankruptcy

At Abbott Adams we also assist individuals who wish to file for bankruptcy, however before assisting with, Debtor’s Petitions or the appointment of a Registered Bankruptcy Trustees or an officer from the Australian Financial Security Authority. We explain in detail how bankruptcy works, the limitations placed on the bankrupt and then expand by asking did they know about Part X options and that even if bankrupted they have an option at a later date to do a section 73 to annual the bankruptcy.
We also emphasise that BANKRUPTY IS A WORD NOT A SENTENCE.

If already Liquidated or Bankrupted

We can still assist you deal with issues that the Liquidator or Trustee appointed has of you This generally includes:-

  • Assisting you complete the statutory documents such as ROCAP (507) and Statements of Affairs;
  • Providing assistance in responding with a liquidator or trustee correspondence;
  • Reviewing claims being made against you or any related entities and any claims of preferential payments; and
  • Address any claims against you re: directors loans, drawings, or related party loans, raised by a Liquidator or Trustee.
  • Address and negotiate A deed of release and settlement that allows you to buy the assets and continue to trade. This will of course vary in accordance with any claims against you and your financial position at the time

Director Penalty Notices

In this case we appoint an affiliated solicitor who will then take our instruction and pass same onto the barrister we nominate. Our experience in dealing in negotiations with the ATO regarding payment arrangements for individuals and companies has only been successful when using the barrister as he details in his correspondence what we have found in the financials and details that we can show the director once aware of the solvency issue took all reasonable sets to comply with the Act. We have many clients nationally in payment arrangements with ATO.

Are you Solvent?

We are often engaged by solicitors and accountants, to review a company’s current solvency and risks the director could face currently and if they continue trading. This consultation includes us assisting the director understand the Safe Harbour laws, the things that must be done to avoid a Directors Penalty Notice and inform the director about secured creditors position and what they can do if informed of a solvency issue. We also inform the director about his options and future strategies. It may be as simple as us being engaged to deal with creditors that cannot be immediately pay.

Assisting with Statutory Demands and Winding Up Applications

When a creditor has issued a company with a Statutory Demand and or a Winding up Application. The step is not to ignore it, at Abbott Adams Turnaround we provide assistance via correspondence to creditors that have issued the Statutory Demand, if this fails to resolve the matter we again assist by way of drafting what should be presented to the court hearing the Statutory Demand and providing a copy of our with review of the company’s financial position. If court hands down a judgment, then we assist by providing the option and putting them into place. Should you have failed to address the Statutory Demand and a wind-up application is to be heard we again provide an affidavit for the court to adjourn the matter on the basis of 459s so you can prove solvency. During the adjournment period, we explain the risks a director could face if solvency cannot be proved and formulate a strategy to deal with the risks. It is at this time Abbott Adams Turnaround takes control of the matter and either moves forward to have the wind-up applications withdrawn, if this is not possible then we assist the director by attending the court hearing and confirming that the director is allowing the company be wound up, once the liquidator is nominated by the court, we contact the liquidator and commence our negotiations on behalf of our clients.

At Abbott Adams Promotions our approach is to address the client’s enquiry, determine the clients problem and then introduce clients to Abbott Adams Turnaround who provide pre insolvency advice and other assistance to company directors and individuals facing financial difficulties:

Assistance with Accounts

The next step is to introduce Abbott Adams Accounting who specialise in assisting clients to update their financial affairs. We are often contacted by accountants and solicitors with clients in financial difficulty who wish to arrange a meeting with our divisional members to review their financial position and discuss the options that are available.

When the accountant or solicitor rings in for an informal discussion, Abbott Adams promotions takes preliminary notes so that our divisional consultants, at no cost to the accountant and solicitors clients, can determine what are the options or alternatives. The accountant or solicitor is then contacted and given specific scope of works our divisional members will perform for their clients. The scope of works provided also states that the scope could be changed, based on us finding things that have not been disclosed by the client. Therefore, we update the client and if required vary the cost of the agreement.

General Meetings, Discussions and Advice

After 30 years in the business of helping, we have found that all directors of a company and individuals at some time in their life will face a financial difficulty. Abbott Adams group can assist by way of reviewing the financial difficulty and then provide options available, this includes outlining risks that could arise.

Should the only option be that you need to start again then we assist with valuing the assets setting up a structure that will benefit you and more importantly ensure you comply with the legislation re: no phoenixing.  It maybe that the course of action is that you should try informal appointment to administer a personal or corporate insolvency problem, again we can assist by appointing a registered trustee or liquidator to act on your behalf in the negotiations.

Pre Insolvency Assistance

The Abbott Adams group provide pre-insolvency assistance to directors of insolvent companies. During the consultation we explain what a liquidator’s role is and any risks associated with placing a company in liquidation. More importantly how stressful it is if you allow a court to appoint the liquidator, the main reason being that the liquidator who is court appointed is not paid by the court or the petitioning creditor. In these circumstances the liquidator, to get paid, must go after the director, investigate the financial transaction and claw back any preferential payments to creditors, including the ATO. If the liquidator considers the director traded while insolvent, then you will be reported to the ASIC and they have the power to prosecute and disqualify you from being a director in the future. Our consultation determines if it’s too late to appoint a liquidator. In that case we provide assistance to the director to complete the ROCAP (507), assisting the director with valuing of assets, sale of assets and if not too late to appoint then we nominate and assist in the appointment of a Registered Insolvency Practitioner that we know understands the industry that you work in.

Pre Insolvency assistance with Bankruptcy

At Abbott Adams we also assist individuals who wish to file for bankruptcy, however before assisting with, Debtor’s Petitions or the appointment of a Registered Bankruptcy  Trustees or an officer from the Australian Financial Security Authority, we explain in detail how bankruptcy works. The limitations placed on the bankrupt and then expand by asking did they know about Part X options and that even if bankrupted they have an option at a later date to do a section 73 to annul the bankruptcy.

We also emphasise that BANKRUPTY IS A WORD NOT A SENTENCE.

If you are already Liquidated or Bankrupted, we can still assist you deal with issues that the Liquidator or Trustee appointed requires of you. This generally includes:

  • Assisting you complete the statutory documents such as ROCAP (507) and Statements of Affairs;
  • Provide assistance in responding with a liquidator or trustee’s correspondence;
  • Reviewing claims being made against you or any related entities and any claims of preferential payments;
  • Address any claims against you, re: director’s loans, drawings, or related party loans, raised by a Liquidator or
  • Address and negotiate a deed of release and settlement that allows you to buy the assets and continue to trade. This will, of course vary in accordance with any claims against you and your financial position at the time.

Director Penalty Notices

In this case we appoint an affiliated solicitor who will then take our instruction and pass same onto the barrister we nominate. Our experience in dealing in negotiations with the ATO regarding payment arrangements for individuals and companies has only been successful when using the barrister, as he details in his correspondence what we have found in the financials and details that we can show the director once aware of the solvency issue, took all reasonable steps to comply with the Act. We have many clients nationally in payment arrangements with ATO.

Are you Solvent?

We are often engaged by solicitors and accountants, to review a company’s current solvency and risks that the director could face currently and if they continue trading. This consultation includes us assisting the director to understand the Safe Harbour laws. The things that must be done to avoid a Directors Penalty Notice and inform the director about secured creditors position and what they can do if informed of a solvency issue. We also inform the director about his options and future strategies. It may be as simple as us being engaged to deal with creditors that cannot be immediately paid.

Assisting with Statutory Demands and Winding Up Applications

When a creditor has issued a company with a Statutory Demand and or a Winding up Application. The first step is not to ignore it, at Abbott Adams Turnaround we provide assistance via correspondence to creditors that have issued the Statutory Demand. If this fails to resolve the matter, we again assist by way of drafting what should be presented to the court hearing the Statutory Demand and providing a copy of our review of the company’s financial position.  If the court hands down a judgment, then we assist by providing the option and putting them into place. Should you have failed to address the Statutory Demand and a wind-up application is to be heard we again provide an affidavit for the court to adjourn the matter based on 459s so you can prove solvency. During the adjournment period, we explain the risks a director could face if solvency cannot be proved and formulate a strategy to deal with the risks. It is at this time Abbott Adams Turnaround takes control of the matter and either moves forward to have the wind-up applications withdrawn, if this is not possible then we assist the director by attending  the court hearing and confirming  that the director is allowing the company be wound up, once the liquidator is nominated by the court, we contact the liquidator and commence our negotiations on behalf of our client.