Are Restraint of Trade Clauses Enforceable?
One of the most important types of clauses found in most employment agreements utilised by Australian businesses are restraint of trade clauses.
Insolvency
Our lawyers are experts in all areas of insolvency law. When times are tough for your business we can get you through with positive outcomes.
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Cost of a Business LawyerInsolvency - Why you need a business lawyer
Providing tailored legal advice
Insolvency refers to a company that is unable to pay its debts when they are due for payment. If you believe your company may be experiencing insolvency, you should seek legal advice. A lawyer can assess your individual situation, including your personal and financial circumstances, and advise you on how to move forward to achieve the best possible outcome for your situation.
Drafting legal documents
It is important to ensure your legal documents are correctly drafted to prevent any issues arising later on down the track. Our lawyers have decades of experience in drafting various legal documents relating to insolvency.
Negotiating with your creditor
You may wish to negotiate your debts with your creditor. This may result in the burden of insolvency being eased. We can help you make negotiations with the creditor that may result in gaining extra time to pay your debts, gaining a lower interest rate or being charged fewer penalties.
Considering your best interests
Insolvency is one of the most complicated areas of law. An experienced lawyer can ensure your bests interests are considered throughout the process so you can have confidence that you are being put first when options are discussed for the future.
Frequently asked questions
A creditor is an individual who is owed money by a company.
If your company is insolvent, the most common procedures are liquidation, voluntary administration and receivership.
If your company is experiencing financial hardships, creditors or a court may put the business into liquidation. This means that an independent, qualified individual (a liquidator) takes control of the company to tie up outstanding affairs in a way that will benefit the creditors.
The time it takes for liquidation to be complete depends on the complexity of the company’s affairs. There is no time limit that it is required to be completed in, however the process can range from 12 to 18 months for an average, uncomplicated company, or even longer if the company is larger and has more complexities.
If your company is experiencing financial hardships, it may be placed into administration voluntarily by directors. A company can also be placed into administration involuntarily by creditors. Voluntary administration aims to resolve the company’s future direction as quickly as possible. This means that an independent, qualified individual (an administrator) takes control of the company to determine how to save the company.
Voluntary administration commonly lasts for 35 days; however, the court can extend this if the administrator needs more time to report on the financial affairs of the company.
If your company is experiencing financial hardships, it may be placed into receivership by a secured creditor such as a bank or the court. This means that an independent, qualified individual (a receiver) takes control of all or some of the assets of the company to sell them in order to repay the debt owed to a creditor.
There is no set time for receiverships to be completed. It can take several weeks in the best-case scenario to several months as the most common scenario. The worst-case scenario is that it could take years for receiverships to end. Receivers must sell enough assets to repay the creditor in order for the receivership to end.
If you have received a statutory demand from a creditor, you must act within 21 days, either by paying the debt you owe, setting aside the statutory demand, entering into a payment plan so you can pay the debt, or not paying the debt.
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