What is Insolvency?
Solvency is defined at section 95A of the Corporations Act 2001 as follows:
“A person is solvent if, and only if, the person is able to pay all the person’s debts, as and when they become due and payable.”
When a company is not solvent, they are deemed insolvent. A company can be deemed insolvent, even if it has an asset surplus, if it cannot liquidate those assets quickly in order to satisfy its debts.
This whole concept of company insolvency is an extremely wide-ranging issue, and it can affect so many different groups of people.
Fortunately, our experts at Irish Bentley Lawyers have extensive experience in handling many different situations for people and companies on all different sides, and we are more than capable of handling yours.
Our services are very competitively priced, and the results of our successfully completed work are worth more than just money. We will ensure that the situation is resolved as quickly and simply as possible, and that you will be able to get back to your normal life.
What is bankruptcy?
Bankruptcy is the procedure where you’re unable to pay your debts and your assets are measured and evaluated. Your assets may be used to repay a portion of outstanding debt. It can release you from most debts, provide relief and allow you to make a fresh start.
Bankruptcy may have a serious impact on you. It may affect your ability to get credit, travel overseas or gain some types of employment.