What will I gain from a meeting with you?

A professional outline of the options available to your business or your company if financial difficulties are being experienced.

Does my accountant or solicitor need to attend the initial meeting with you?

No, however it can be helpful if they are in attendance. If not, we can contact them later, with your approval, to gain any other information required.

What do I need to bring with me?

Ideally
• A list of creditors
• The most recently prepared financial statements for your company or business
• Letters of demand, summonses, etc.
• Any notices received from the Australian Taxation Office.

How much does it cost for the first meeting?

There is no charge for the first meeting.Our fee structure will be explained and a fee estimate provided at the first meeting.

When do Bent & Cougle Pty Ltd become involved?

After you decide you want to pursue one of the options outlined and you instruct us in the matter.

Does my accountant or solicitor still have a role?

Yes, in providing financial records and documents to allow you to be properly advised on an administration to be conducted. Your accountant and solicitor would normally continue to handle for instance your personal income tax and legal affairs.

What do I do about creditors calling me looking for payment of their accounts?

We take all creditors’ calls once we are instructed to act.

Do I need to be in contact with my creditors?

Once we are engaged we advise creditors of your business or companies position.

What can you do if the Sheriff is about to sell our assets?

Generally, once you instruct us to act, we notify the Sheriff and the proceedings are stayed.

What is a Part X?

Part X is a section of the Bankruptcy Act that allows a person (or persons), in financial difficulties to appoint a registered Trustee to organise a meeting of creditors at which creditors vote whether to accept or reject your offer to settle their claims.

What happens when I am declared bankrupt?

Bankruptcy is a legal status to provide protection from creditors. Generally a person's assets, excluding a motor vehicle, household possessions and tools of the trade to indexed thresholds, are sold to pay the debts.

The Bankruptcy Act provides protecton for superannuation.

A bankrupt can also be required to make contributions to their estate from their income, if their income exceeds an indexed threshhold.

Can I still be in business after being declared bankrupt?

Yes, but the restrictions can make conducting business more difficult.

Where are your offices?

Level 5, 332 St Kilda Road (Corner of Dorcas Street), Melbourne Vic 3004
We are opposite the Shrine of Remembrance

How do I find out more?

Phone Bent & Cougle Pty Ltd on 9645 7244 and make an appointment with no obligation.