Macmillan Lawyers Expands into Insolvency Law Services
News related to:Macmillan Lawyers and Advisors · 2 min read
Macmillan Lawyers and Advisors, a Brisbane-based law firm, has expanded its services to include insolvency law for businesses in the city. The firm, located at Level 38, 71 Eagle Street in Brisbane City, now offers a range of corporate insolvency services to assist companies facing financial strain.
According to Kyle Macmillan, the Principal of Macmillan Lawyers and Advisors, the firm's corporate insolvency services include voluntary administrations, deeds of company arrangements, receiverships, and liquidations. These services are designed to help directors understand their options and navigate the complex legal landscape when a company is under financial pressure.
In a voluntary administration, an independent administrator investigates the company's affairs. Creditors then vote on whether the company should enter a deed of company arrangement, go into liquidation, or return to the control of its directors. Macmillan notes that this process typically takes about 25 business days.
The firm also advises on personal obligations of directors. Under the Director Penalty Notice regime, directors can limit their liability by placing the company into administration or liquidation within 21 days. However, a lockdown notice does not allow this option. The firm advises directors on safe harbour, a provision under section 588GA of the Corporations Act 2001, which protects directors from insolvent trading liability if they pursue a course of action that is reasonably likely to produce a better outcome for the company.
Macmillan Lawyers and Advisors also assists with statutory demands. A company served with a demand for a debt of at least $4,000 must pay within 21 days. The firm notes that grounds for setting a demand aside include a genuine dispute, an offsetting claim, or a defect that causes substantial injustice. The 21-day deadline cannot be extended.
In addition to corporate insolvency services, the firm offers advice on personal insolvency and creditor matters. For individuals, the firm assists with bankruptcy, debt agreements, and personal insolvency agreements. Bankruptcy generally lasts three years, while debt agreements run for three to five years. Simple creditors' voluntary liquidations and personal insolvency agreements are often resolved in six to twelve months.
The firm also helps creditors recover secured and unsecured debts, respond to statutory demands, and manage Australian Taxation Office debts. An initial consultation is free, after which hourly rates apply.
Macmillan emphasizes the importance of early advice in insolvency matters, as many statutory deadlines are fixed by legislation.
The firm's expansion into insolvency law services aims to provide comprehensive legal support for businesses and individuals navigating financial difficulties.