Canberra Chartered Accountants by Kazar Slaven

KAZAR SLAVEN CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

Kazar Slaven offers professional services and advice to companies and individuals in Canberra and throughout the East Coast of Australia who are facing financial difficulty, as well as specialist advice to creditors, banks and financial institutions. Combined, our senior staff have over 80 years’ experience in the industry, ensuring that you receive the very best advice to assist in your accounting and insolvency issues. Introduction CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

Kazar Slaven is a leader in the accountancy sector with extensive knowledge of the Canberra region and a depth of resources. We have an extensive staff team and are focused on business problem solving and insolvency issues. We take an analytical approach to the problem to find the best practical solution for the stakeholders. Our work includes dispute resolution amongst shareholders and business partners who are at odds. We provide independent, unbiased advice on the way forward. ABOUT US CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

We Have a Team of Professionals CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

CORPORATE INSOLVENCY • Voluntary Administration • Deed of Company Arrangement • Creditors’ Voluntary Liquidation • Court / Official Liquidation • Provisional Liquidation • Corporate Receivership • Members’ Voluntary Liquidation CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

Voluntary Administration Voluntary administration allows the business, property and affairs of a company to be administered in a way that maximises the chances of a company’s continuation or provides an outcome resulting in better return for the company’s creditors rather than immediate wind-up. CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

Process Voluntary Administration • The liquidation of the company. • A deed of company arrangement. • The termination of the administration (returning the company to its previous state). CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

Deed of Company Arrangement In a Deed of Company Arrangement (DOCA), the creditors of a company appoint one of the Kazar Slaven partners to act as the deed administrator. CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

DOCA offers creditors the potential of greater return than if the company were to be placed into liquidation. This can be achieved in a number of ways; for example, the contribution from directors or members or the injection of capital by an investor or purchaser. For creditors to accept a DOCA proposal, it’s necessary for the administrator to demonstrate that the likely result would produce a better outcome than the winding up of the company. DOCA offers CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

The Kazar Slaven partners, individually or jointly, act as liquidator to investigate that all the assets of the company have been accounted for and distributes those assets amongst the creditors. This method of winding up an insolvent company is commenced by the shareholders, however the appointment of the liquidator may either be ratified by the company’s creditors or they may nominate and vote for the appointment of an alternate liquidator. Creditors’ Voluntary Liquidation CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

This process of winding up an insolvent company involves the court making a winding up order and appointing the Kazar Slaven partners, individually or jointly, as the Official Liquidator. An application for such an order is usually made by a creditor but may be made by the members, a liquidator or ASIC. Court / Official Liquidation CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

Provisional Liquidation is an interim step that preserves the assets of a company, pending the hearing of an application for winding up. In these circumstances one of the Kazar Slaven partners is appointed Provisional Liquidator by the court. A creditor will usually be the applicant, however a member may seek the appointment of a Provisional Liquidator if there is concern that the directors are acting improperly. Provisional Liquidation CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

In these circumstances one of the Kazar Slaven partners is appointed as Receiver by a secured creditor or by the court on the application of a person who seeks to protect their interests. The most common form of private appointment of a receiver occurs where a secured creditor holds a fixed and floating charge over the assets of a company. Corporate Receivership CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

The purpose of liquidation of an insolvent company is to enable a fair form of distribution of the company’s assets amongst its creditors, and to enable an investigation of the company’s affairs with the view to determining the circumstances leading to the winding up. For Members’ Voluntary Liquidation, the Kazar Slaven partners, individually or jointly, act as the liquidator to wind up the affairs of the company. Contact US Members’ Voluntary Liquidation CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

Chartered Accountants / Insolvency Practitioners Address: Level 3 Engineering House 11 National Circuit Barton ACT 2600 GPO Box 138 Canberra ACT 2601 Telephone: 61 2 6285 1310 Facsimile: 61 2 6215 8450 Email: info@kazarslaven.com.au Contact US CHARTERED ACCOUNTINS INSOLVANCY PRACTITIONERS

Canberra Chartered Accountants by Kazar Slaven