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Insolvency occurs when a business cannot pay its debts. An insolvency practitioner, being a Registered Liquidator, is appointed to take control of the insolvent company, manage its affairs and pay monies to creditors.

One misconception of formal insolvency is that it means the cessation of the business. This is not always the case. There are various options available within the insolvency regime to restructure all or some of the business.

The insolvency appointments MaC Insolvency can undertake include:

• VOLUNTARY ADMINISTRATION - A ‘temporary’ appointment lasting 35 days that lets an Administrator take control, examine the company's affairs and recommend to creditors a future course of action for the company.
• LIQUIDATION - An appointment that sees a liquidator appointed to wind up all of the company’s affairs and then deregister the company.
• DEED OF COMPANY ARRANGEMENT - A flexible arrangement which an Administrator negotiates during a Voluntary Administration that saves the business avoids Liquidation and satisfies creditor’s debts usually by way of a compromise.
• RECEIVERSHIPS - An appointment enforced by secured creditors typically over specific mortgaged assets or the entire business.

Business turnaround services may take the form of one-off engagements or ongoing roles or a combination of informal or formal insolvency solutions. The primary purpose is to save or restructure the business, preserving capital and jobs.

These services may include:

• Company restructuring
• Debt restructuring
• Tax office negotiations
• Safe Harbour engagements
• Mixed informal/formal insolvency arrangements.

As Registered Liquidators and CPA’s, MaC Insolvency has the expertise to undertake many specialist advisory services, including:

• Pre – Insolvency Advice
• Forensic Accounting
• Expert Reports for Court
• Fraud Examinations
• Custom Advisory

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