Information for Creditors 


Glossary of Insolvency terms

This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general guidance only. Many of the terms have a specific technical meaning in certain contexts that may not be covered here
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A guide to Voluntary Administration for Creditors
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A guide to Liquidation for Creditors
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A guide to Receivership Creditors
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Approving External Administrators fee

A liquidator, voluntary administrator or deed administrator (i.e. an ‘external administrator’) is entitled to be paid reasonable fees, or remuneration, for the work they perform, once these fees have been approved by a creditors’ committee, creditors or a court, and to be reimbursed for out-of-pocket costs incurred in performing their role
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External Administrator's Independence

When a company enters into voluntary administration, a deed of company arrangement or liquidation, it is important that the person put in charge (the ‘external administrator’) is independent of the company and its directors, and acts in the interests of creditors as a whole.

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 FAQs

Am I a creditor? 

Is the company I am dealing with in financial trouble? 

What are my options if I believe a company is in financial trouble?
 

 

Greg Shilton

Insolvency and Liquidation Specialist

 

Confidential

Practical

Objective

 

03 9553 2062

greg@gregshilton.com.au