Restructuring, Turnaround and Insolvency Specialists

Receiverships & Controllerships

An appointment of a Receiver & Manager or Controller occurs when a secured party wishes to recover its exposure to the company through a formal insolvency appointment.

In such a situation, the Receiver takes control of the business operations and seeks to realise the assets of the company on behalf of the secured party. Prior to such an appointment occurring, it is quite common for the secured party to appoint an insolvency practitioner as an Investigating Accountant to review the affairs of the company on its behalf.

In some instances a director may make a direct approach to their financier and request such an appointment occur. Alternatively, the secured party may act to affect an appointment with only limited consultation with the directors.

The Brooke Bird team can provide advice to businesses experiencing difficulty maintaining cash flow and profitability. We can also act as Investigating Accountants to assist secured creditors in the decision-making process.

Click HERE for relevant ASIC information sheets.

 

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