Experienced Chinese Lawyers in Melbourne for bankruptcy, liquidation and insolvency

Recent economic times have thrown up some great challenges for business people. Canaan Lawyers provides services across the spectrum of insolvency and bankruptcy. We are able to advise clients on the processes and complexities of bankruptcy and insolvency law and assist them in devising appropriate strategies to meet their unique needs and circumstances.

We advise and act for individuals and corporate clients facing financial difficulties and can assist clients to avoid becoming insolvent or bankrupt or to emerge earlier from the process. We also advise creditor clients in their dealings with parties in financial trouble including assisting clients with the collection of debts. 

We offer comprehensive bankruptcy, liquidation, and insolvency services and advice, including: 

  • filing for bankruptcy, including early discharge;
  • defending clients against allegations of insolvent trading; 
  • assisting clients in navigating voluntary and involuntary administration proceedings;
  • representing clients during receivership proceedings and negotiations;
  • guiding clients through the liquidation process, including the sale of company assets to pay off creditors; 
  • provide legal advice and representation during winding up proceedings; 
  • responding to creditors’ petitions on behalf of clients;
  • reviewing preferential payments made by clients and advising on potential issues; and
  • advising clients on the best course of action for repaying debt and help them develop a repayment plan. 

Frequently asked questions

If I can't pay my debt or the company's debt, does it mean that I must file for bankruptcy or liquidation?

If you’re unable to pay your debts, bankruptcy, liquidation, or insolvency may be options to consider, but they should be a last resort. Before considering these measures, we recommend that you explore other viable solutions. There may be other alternatives available, such as negotiating a payment plan with your creditors or seeking alternative financing options. 

Get in touch with us today to understand your options and determine the best course of action for your specific situation.

Will I lose all my assets if I file for bankruptcy?

Not necessarily. The extent to which you’ll lose assets depends on the type of bankruptcy you file for and the laws of your state. In some cases, you may be able to keep certain assets, such as your home or car. 

Contact us now to understand what assets are protected under the law and guide you through the process to ensure that you keep as many assets as possible.

What is the process of filing for bankruptcy, liquidation or insolvency?

The process of filing for bankruptcy, liquidation, or insolvency can be complex and involve several stages. A lawyer can help guide you through each stage, which may include preparing and filing the necessary documents, attending court hearings, and negotiating with creditors.

It’s important to seek legal advice early on to ensure that the process runs smoothly and to protect your rights.

Can I discharge all of my debts in bankruptcy?

Bankruptcy is a legal process that provides relief to individuals or businesses who are unable to pay their debts. However, not all debts can be discharged in bankruptcy. Debts such as child support, alimony, student loans, and some taxes are generally not dischargeable.

Speak to our lawyers to understand which debts can be discharged and which cannot and guide you through the process to ensure that your debts are discharged to the fullest extent possible.

Can I be held personally liable for my company’s debts?

As a director of a company, you may be held personally liable for the company’s debts under certain circumstances, such as if you signed a personal guarantee for a loan. This means that creditors can come after your personal assets to pay off the company’s debts.

Contact us to understand your personal liability and learn how we can work with you to protect your assets. 

Can I continue to operate my business during insolvency?

In some cases, it may be possible to continue to operate the business during the insolvency process, depending on the type of insolvency proceeding and the specific circumstances of your case. This is known as a ‘trading while insolvent.’ However, it’s important to note that continuing to operate a business while insolvent can be risky and may require additional legal and financial expertise. 

A lawyer can help you understand your options and guide you through the process to ensure that your business can continue to operate to the fullest extent possible. It’s crucial to seek legal advice to understand your options and learn the process to ensure that your business can continue to operate to the fullest extent possible. 

What are the costs involved in hiring a lawyer for these matters?

The costs vary depending on the complexity of your case and the experience of the lawyer. However, our law firm offers fixed fees for these types of matters.

In order to get a specific quote, it would be best to contact us directly. Our lawyers can assess your specific needs and provide you with a fixed-fee quote.

This FAQ content is general in nature and not intended as legal advice. For specific legal advice regarding your situation, we strongly advise you to consult a lawyer. 

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Need help with bankruptcy, liquidation, or insolvency? Speak to our Chinese lawyers in Melbourne today.

At Canaan Lawyers, we are committed to achieving your desired outcome and enabling you to succeed. If you need help with bankruptcy, liquidation or insolvency, our team of experienced lawyers is here to help. Contact us today to schedule a consultation with one of our experienced lawyers.

At Canaan Lawyers, we pride ourselves in our ability to provide premium law services in a variety of different areas, including criminal law, commercial law and litigation. If you have any questions or would like to arrange an appointment with one of our Chinese lawyers in Melbourne, get in touch with our team today. Our Melbourne based office can be reached on 03 9620 0888. Alternatively, you can send an email to info@canaanlawyers.com.au or fill out our online enquiry form and we’ll get back to you as soon as possible.