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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.
At CrossRoads, our experienced team strive to provide the best results for all stakeholders in the Receivership process – whilst endeavouring to put your interests first.
We are experienced, fully qualified and registered Insolvency Practitioners.
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.
I am involved in the building industry as a subcontractor and when the builder failed to pay me it destroyed my cashflow and my business. Crossroads provided me with the alternatives and the likely consequences of each action and I was able to move forward with my business.
Warren Z.
When my company’s property development project failed to obtain a DA approval, with $3 million owning, CrossRoads pointed out that Liquidation was the most practical way to go. Dealing with them is easy and efficient and I recommend them highly.
James C.
I had engaged CrossRoads to liquidate my kitchenware shop in Westfield and the staff was always available to answer my questions. They went above and beyond to make the whole process easier for me. Great assistance for a reasonable price.
Sharon C.
Our engineering company was placed into liquidation by mistake. Marc and the team spent time listening to us to better understand our situation, they assisted us in negotiating with the Liquidator and terminating the liquidation. We finally got our company back and started operating again. I would definitely recommend their services.
Michael T.
My restaurant was losing over $30,000 per month. I was stressing out with all the unpaid bills and my suppliers were chasing me for payment. The team at CrossRoads advised me of my options and helped me to place the company into Liquidation on the same day. I am so thankful for their services and I can finally breathe again.
Ellen W.
