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Receiver and/or Manager appointed by a Secured Creditor can realise their security granted by the Company over its assets in the event that the Company has defaulted under the Facility Agreement.
Via legal process, a Receiver and/or Manager can be appointed by the Court on the request of the stakeholder due to unpaid debts, dispute or injustice that has occurred.
Receiver and/or Manager appointed by the Secured Creditor may have the authority to take control of the Company's asset and deal with the Company's affairs without any regards to the Directors and Shareholders.
Receiver and/or Manager appointed by the Court due to a dispute acts as an independent party to secure and safeguard the relevant assets and complies with the requirements of the Court Order or Directions.
The tasks of Receiver and/or Manager acts for the Secured Creditor are to recover funds then pay the Secured Creditor in the first instance. The Receiver and/or Manager is there solely to serve the interests of the Secured Creditor.
It is not unusual that a Receiver and/or Manager is appointed concurrently with a Voluntary Administrator, as oppose to Receiver, the Administrator is acting for all creditors as a whole.
We are experienced, fully qualified accountant.
Our step by step approach reduces your stress to a minimum, making the process as smooth as possible.
We can tailor a simple, practical solution to sort out the mess to best achieve your desired result.
A Director may be personally liable for outstanding Employees’ PAYG and Superannuation when the ATO issue a
Director Penalty Notice.
A creditor can apply to the Court to obtain Order to Wind up the Company if a Statutory Demand has not been responded to within 21 days.
Action is required at once if your Company is issued with this Notice, otherwise, this may lead to serious consequences for both the Company and Director.
