For Advisers With Clients Who Need Help
At Jirsch Sutherland, we work with advisers to ensure their clients receive the best advice for their situation. When a client needs help, it helps to discuss the options available with an independent party to ensure the most appropriate solution is implemented.
The solution for a client that needs help varies greatly according to the situation. For example, the advice will be very different depending on whether they are operating under a sole trader, company or trust, structure.
If your client is finding it difficult to pay their debts, there are a number of options. The most common are:
- Voluntary Administration, which allow insolvent companies to operate
- Receivership, where someone is appointed to take control of some or all of the assets to ensure creditors are paid
- Deed of Company Arrangement, which is a binding arrangement between a company and its creditors
- Voluntary or Involuntary Liquidation, where the business assets are converted to cash
- Personal Insolvency Agreements, which are binding agreements between the debtor and creditors to accept an amount of money
- Bankruptcy: which releases the debtor from most of his or her debts