Important Things to Consider When You Meet the Insolvency Practitioner
If you have decided to declare your company as insolvent, you will need to meet the insolvency practitioner. It will help you get an Individual Voluntary Arrangement. Here we are providing you information to meet the insolvency practitioner.
What documentation will you need?
Before you meet the insolvency practitioner, it is very important to get all the necessary documents ready for the successful execution of the meeting. So, here is the list of paperwork that you will be required to present before the meeting.
- income proof that includes benefit letters, pay slips, and the recent bank statements
- proof of savings in the form of bank statements
- details regarding rent, or mortgage agreement
- information of the assets owned that includes a car and its worth
- Details of the creditors, and debtors. You need to tell them who they are and how much do you owe
- a budget sheet that lists the income as well as spending
It is required to sort out the documentation before you meet the practitioner. The Insolvency Experts is a trusted team of licensed and affordable liquidation specialists in Australia. These professionals assist their clients by offering them rapid, easy, and low-cost insolvency advice to companies.
What should be your budget?
Before you meet the practitioner, it is very important to check your budget and financial status. You need to list all the monthly expenditures and income of the business. This analysis will tell you how much spare income do you get every month to pay the creditors.
Why do you need to be honest with the insolvency practitioner?
You need to know that you need to specify all the facts honestly before the insolvency practitioner. You need to state the circumstances clearly. Do not try to hide any fact from them or you can put yours as well as your business at a risk.
It is an offense to deliberately withhold or provide misleading information about the circumstances that your company is at this moment. False information can lead to disagreement with the practitioner and in severe cases, can give can you fined or an arrest.
After the initial consultation, it is required to perform a face to face consultation. You will be required to establish the identity of the shareholders, and directors of the company. once this is done, you will be required to prove the legal credentials of the attendees.
The next thing that you will need to do is to provide a comprehensive image of the present circumstances of the company along with the detailed list of the creditors and the amounts owned by it. The more information the company provides to the practitioner, the easier it will get to serve the company.
Meeting with the insolvency practitioner is very critical and holds a lot of significance for your business. By keeping all these points in mind, you can effectively address your concerns with them and get the desired outcome from the meeting.