Kazar Slaven - Chartered Accountants Insolvency Practitioner

2. About Kazar Slaven • 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. • 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.

3. Our Team We have team of professionals: • HanryKazar • Michael Slaven • LyndellKazar • Courtney Kazar • Aaron Torline • Amanda Webb • Cathy Wang • Claire Demaine • Daniel del Rio • Jack Steedman • Jacquie Howard • Lachlan Abbott • Melissa Lucas • Michael Lawless • Nicholas Polhill • Stanley Pineda • Tim Womack

4. Corporate Insolvency At corporate insolvency we have : • Voluntary Administration • Deed of Company Arrangement • Creditors’ Voluntary Liquidation • Court / Official Liquidation • Provisional Liquidation • Corporate Receivership • Members’ Voluntary Liquidation

5. Voluntary Administration • In Voluntary Administration, a Kazar Slaven partner, individually or jointly, acts as an administrator to investigate and determine the possible future for a company. • 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. • A company’s directors initiate voluntary administration in writing. It is then the administrator’s responsibility to convene an initial meeting with creditors within eight business days where the creditors have the right to replace the administrator. An investigation is then done and a second meeting is called to determine the company’s future.

6. 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. • 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. • The DOCA binds the deed administrator, the company and its officers and members, and for the duration of the DOCA, the company will be required to show the words “subject to deed of company arrangement” on every public document.

7. Creditors’ Voluntary Liquidation • 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. • The role of the liquidator is to realise the assets of the company and distribute those assets equitably amongst the creditors, conduct an investigation in order to determine whether all of the assets have been properly accounted for and determine whether there are any transactions which may be recoverable by a liquidator for the benefit of creditors.

8. Court / Official Liquidation • 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. • The role of the Official Liquidator is the same as in a Creditors’ Voluntary Liquidation, ie to wind up the affairs, distribute equitably the company’s assets, and to conduct an investigation. The primary task of the liquidator in both cases is to protect the interests of unsecured creditors. • The failure of a company to comply with a statutory demand is the most common ground for an application for winding up; for example, the creditor will issue a statutory demand and the debtor company fails to comply within 21 days after service. This evidence is put before the court to demonstrate the company’s insolvency.

9. Contact Us 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 Website: http://www.kazarslaven.com.au/