Ticcidew

Restructuring

Insolvency

Receivership

A receiver is appointed by a secured creditor or in special circumstances by the court, to take control of some or all of a company’s assets.

A secured creditor appoints a receiver because the company owes money and it has failed to pay its debt. A court appointed receivership occurs when there may be disputes or disagreements between the parties involved in the business.

A receivership does not necessarily mean that the company’s business has failed, or the corporation has come to an end.

The receiver’s role also includes:

  • To carry on any business of the corporation.
  • To realise the secured assets and pay out the secured creditor’s debt;
  • To pay out money as required by law or the Corporations Act 2001; and
  • To report to ASIC any possible offences.

For more information on Receivership, please contact our friendly team on (08) 6228 1700 or by email at admin@ticcidew.com.au for a free, no obligation consultation.

Independent Directorship

Independent directorship is primarily a situation in which a corporation takes in board of directors (BoD) members from outside to offer fresh experiences and new insights.

The Companies Act of 1956 created distinct criteria for companies to have an Independent Director. Any listed public corporation must have at least one-third of its autonomous directors.

Since the members are new to the business, it is expected that their experiences will be a benefit for the company but still retaining a balance. It brings in unique skills from their industry or personal background with the company’s wellness and operations.

Many of the fundamental flaws and misleading statements that were happening and permitted to repeat within the organisation were obscured by a lack of outside perspective and transparency, according to the consensus.

Independent directors serve as advisors to the group, with a primary emphasis on good governance. They focus on strengthening corporate credibility and governance practices, looking out for the functioning of the company, and playing an active role in financial planning.

Role of an Independent Director

An independent director serves as a guiding light, focusing on increasing organisational reputation.

Some of the important roles performed by them are:

  • reduces the pressure of the owners of an organisation and brings an objective opinion to the table.
  • facilitate the board’s deliberations by bringing impartial judgment on matters like policy-making, risk control, key assignments, or behavior standards.
  • evaluates and observes the company’s performance based on the decided targets.
  • balance and protect the interests of the stakeholders

An independent director is appointed to ensure functional and adequate vigilance in the company.

For more information on Independent Director, please contact our friendly team on (08) 6228 1700 or by email at admin@ticcidew.com.au for a free, no obligation consultation.

Debt Settlement Arrangements

Debt consolidation is the process of taking out a new loan to pay down other creditors and consumer debts. The service involves various debts combined as a single and larger debt termed as loans with more attractive payoff conditions, such as a reduced interest rate, a lower minimum cost, or both.

Debt consolidation loans from lending sources are a common way out for consumers to clear their outstanding debt through bigger loans. Consolidating debt results in a regular annual bill that is frequently at a reduced interest rate and is easier to handle.

Independent directors serve as advisors to the group, with a primary emphasis on good governance. They focus on strengthening corporate credibility and governance practices, looking out for the functioning of the company, and playing an active role in financial planning.

Debt consolidation loans provide two options for the customers:

  • Secured loans include the usage of property as collateral and provide loan at a lower interest rate but if the customer fails to settle the debt
  • An unsecured loan doesn’t require some mortgage to assure monthly payments but requires a high credit score which is quite difficult in the case of a person dealing with debts.

Wonder how to get rid of debt?

If you don’t want to fall into the trap of bills and mortgage due to excessive spending, it is better to reduce or even eliminate debts.

  • Try to avoid falling into debt by consolidating debt by taking a break from your credit cards or even restricting your spending.
  • Maintaining a savings account or building an emergency fund that stops you from reaching for your credit card.
  • The more you spend per time, the fewer days you have to pay, resulting in a lower outstanding balance and a lower interest rate.

It is preferable for those who are dealing with big loans who are trying to consolidate their debts to let their cash flow meet payments on a regular basis or opt for debt resolution. Debt resolution, also known as debt settlement, is the method of bargaining with your creditors on your behalf to convince them to compensate, settle, or consider a lesser bid than you owe.

Want to know how to negotiate your debt?

It is beneficial for consumers to talk with debt negotiators to discuss revised payments that would result in manageable regular payments or even full debt settlement.

If you begin with a lower bid, the creditor would almost definitely counter, increasing the price. With an assertive characteristic and general strategy for negotiation, it is easier to walk through small business debt settlement.

Debt relief assistance can lower your credit score, but it will keep you out of bankruptcy and allow you the opportunity to begin restoring your finances.

For more information on Debt Settlement Arrangements, please contact our friendly team on (08) 6228 1700 or by email at admin@ticcidew.com.au for a free, no obligation consultation.

Bankruptcy Advice​

Bankruptcy is a legal case in which a person or business is unable to recover its unpaid debts. The bankruptcy procedure is often initiated by a petition filed by the defendant or, in exceptional cases, on behalf of creditors, and that leads to the assessment of the debtor’s funds.

The declaration of bankruptcy in Australia can benefit the whole economy by providing people and companies with a second chance to receive loans and by providing creditors with a portion of debt redemption and relieving them of the legal obligation, but it reduces the credit score.

Wonder why bankruptcy occurs?

Companies that have been losing money for a long time use bankruptcy as a last resort. Consumer spending and consumption tend to fall during recessions, which can lead to low sales. Poor economic conditions stand out as a significant cause of large losses. The lender can hesitate to invest and provide additional financing if he sees the company struggling. Lack of strategy and foresight can lead to rash decisions and business loss.

Consequences of Bankruptcy in Australia

Though bankruptcy allows reviving the losses it also involves major losses and effects on the credit score.

  • Bankruptcy does not delete the history of your previous debts; instead, lenders mark you as a reckless creditor, and it lowers a person’s credit score.
  • It allows the public to have access to all of your records, including personal information of financial statements.
  • People who file bankruptcy will lose property to the trustee, but if they successfully discharge the property, the trustee may be unable to sell it.

We know Bankruptcy may bring a lot of stress on your plate but Ticcidew is here to provide you solutions and we believe, the best way out of it is to start building a fresh financial future.

For more information on Bankruptcy Advice, please contact our friendly team on (08) 6228 1700 or by email at admin@ticcidew.com.au for a free, no obligation consultation.