Our TPH Experienced Practitioners are here to help you by delivering creative smart solutions to guide you through to a fresh start.
We assist individuals in two ways:
Directors in Liquidation Advisory
By law, the liquidator is required to act on behalf of the creditors. This means that in most liquidations it is common to find that the directors do not instruct any specialist advisor with liquidation expertise to protect their interests.
Some of the issues where a director can find their interests compromised include director loan accounts (tax based), insolvent trading, uncommercial transactions based on dividend distributions, and so on.
Because we know how liquidators’ approach claims against directors we know what ways work best in defending claims. We believe our service will avoid a lot of unnecessary legal jostling so that the liquidator and director can get on to more important pursuits.
At TPH we offer a 60 minute strategy session. Directors can then decide whether to engage our services.
When faced with the prospect of bankruptcy, many individuals simply follow the order and decisions of the officially appointed Trustee in Bankruptcy. But often with an understanding of the details of the bankruptcy laws and with experience at debt negotiation, it is possible to either avoid bankruptcy or at least reduce the wealth loss. This can sometimes result in a significant difference, even sometimes the difference between losing your house and keeping it.
Based on our many years of experience, TPH has helped hundreds of individuals facing bankruptcy or already placed in bankruptcy. Our work commonly includes reviewing your financials, recommendations on whether to proceed with bankruptcy, negotiation with creditors (including the Tax Office) and communication with the Trustee in Bankruptcy (if appointed).
Case Study: Personal Advisory
Margaret, a tph client, was a director of many companies over the years. Due to ill health and the costs of running a defence case against a malicious and inappropriate damages claim, she found herself in the position with very few assets and approximately $400,000 in personal debts spread amongst 7 financial institutions.
Over the course of 8 months, TPH presented her position to the financial institutions in a transparent and logical way with an offer. This was clearly advantageous to the institutions given the obvious outcomes had they not accepted the proposal. Then TPH methodically went through the appropriate paperwork to ensure the arrangement could be implemented. We successfully negotiated with each bank to reduce the debt to 11 cents in the dollar. All creditors entered into deeds of release.
Margaret avoided bankruptcy. Her credit rating was even repaired. It resulted in Margaret having peace of mind. Our fee was fixed and was ultimately only a small percentage of the debt compromised. It was a typical example of how ‘commercial negotiation’ can be very effective to resolve personal debt crisis.
The Government has introduced new laws that mean certain debt management services are now a ‘credit activity’ for the purposes of the National Consumer Credit Protection Act 2009 (National Credit Act). From 1 July 2021, subject to transitional arrangements, providers of debt management services must hold an Australian credit licence (credit licence) with an authorisation that covers debt management services (debt management authorisation).
Let’s Formulate your best solution?
CEO & Senior Strategy Manager
Restructure, Turnaround & Insolvency
A Fresh Start Begins with a Free Consultation with tph Advisory
When a business goes through difficult times it can feel like you are in a boxing match having gone 10 rounds with banks, landlords and creditors.
tph is in your corner giving you all the tools and expert advice to navigate the best outcomes for all parties. Think of tph as the referee guiding you through, ensuring that all parties play by the rules.
Each situation is unique and requires a tailored approach, we understand there are difficult problems that require creative solutions. That’s the tph difference, experienced practitioners with more than 30 years of knowledge in the industry. That’s how you know you are getting the best advice to transition you and your business.