Creditors

Creditors

Being a creditor owed money can be stressful and you may not be aware of the insolvency process.  Gervase Consulting is there to provide you with all the necessary information to assist and keep you updated on the recover process.  

INFORMATION FOR CREDITORS via MYOB Recovery Portal:

MYOB Recovery Portal will enable creditors to obtain information, lodge claims and receive updates on our current appointments. The Portal is available for all appointments post 1 September 2017. Older appointments are being added as additional creditor correspondence is being sent.  

Should you require further information please contact our office on (07) 3221 8006 or admin@gervase.com.au

Information that creditors can obtain via the MYOB Recovery Portal:

Documents

Access your claims against insolvent entities from one spot

MYOB recovery portal brings new levels of collaboration between creditors and insolvency practitioners.  Register as a creditor an:

  • Receive alerts when new documents are posted for you on the portal
  • Access information about meetings, dividends and creditor circulars
  • Receive information about dividends payments

Creditor Claims

Nominate to receive notifications electronically

Register as a creditor and:

  • Access your claims and ensure the details are recorded correctly
  • Lodge a proof of your debt electronically
  • Upload documents in support of your claim
  • Visit our site for updated information on the progress of your claim

We can also provide you information directly.

If you require any information , please contact our office to obtain the necessary forms.

E-mail:  admin@gervase.com.au

Phone:  07 3221 8006

Bankruptcy - Our role

Investigations undertaken as Trustees

As Trustees, we have obligations to undertake investigations in the affairs of the bankrupt that include but are not limited to:

  • Obtaining and reviewing the Statement of Affairs (SoA) completed by the Bankrupt and compare the information provided in that document to information obtained from other sources, such as searches, creditors and bank records, to determine whether all significant assets have either been identified and are subject to the Trustee's control, or material changes or omissions can be properly explained.
  • Consider the size of the bankrupt's deficiency, identify any unusual or exceptional transactions and outline the areas that warrant further investigation to establish the security position and ownership of assets, potential transfers and undervalued transactions.
  • Review a period no less than two years prior to the commencement of the bankruptcy be examined in this preliminary review. Regard must be had to the particular circumstances of the bankruptcy which might indicate that a longer period may be required.
  • Consider the activities and circumstances of the bankrupt and whether they are similar to the expected activities of a similar occupation. Where the activities are outside the expected activities, the Trustee must make further enquiries.
  • Where there is involvement with one or more companies or trusts, further enquiries of third parties should be undertaken. Enquiries include contacting:
        • The bankrupt or debtor's legal advisor
        • The accountant,
        • Creditors,
        • Associated entities or financial institutions
        • Trustee of a Trust
        • Superannuation funds
        • Pre-appointment advisors
  • Conduct an interview of the bankrupt if necessary to obtain explanations in relation to any matters identified from the preliminary review.

Undertaking a preliminary review in order to:

  • Identify and report offences to AFSA under paragraph 19(1)(i)
  • Form a preliminary view on whether there are any of the following types of recoverable transactions:
        • Preferences
        • Undervalued transactions, and
        • Transfers to defeat creditors.

Reporting the outcome of our preliminary investigations in our next communication with creditors.  This report may include:

  • The nature of the any recoverable transaction;
  • The amount sought to be recovered;
  • An estimate of the legal cost to pursue the action ;

Liquidations - Our role

Investigations undertaken as Liquidators

As Liquidators, we have obligations to undertake investigations in the affairs of the company that include but are not limited to:

  • Making enquiries of the directors and other officers of the company as to the company’s affairs, including the reasons for failure and the location of its property, books and records.
  • Reviewing the Report As to Affairs (Form 507) from Company officers and compare the information in the RATA with the last available financial statements and any information obtained from other sources, such as searches, creditors and bank records. From this comparison we shall determine whether all significant assets have been identified and are subject of their control and whether material differences (as applicable) can be reasonably explained.
  • Obtaining, reviewing and conducting a preliminary review of the books, records (including any electronic records), bank statements, RATA and any director’s questionnaires to identify any significant, unusual or exceptional transactions for a period of at least 2 years prior to our appointment.

Undertaking a preliminary review in order to:

  • Identify whether any possible offences have been committed, which must be reported to ASIC in the section 533 report, and whether there is evidence to support any allegations of offences, and
  • Form a preliminary view on whether there are any of the following types of recoverable transactions:
        • insolvent trading
        • unfair preferences
        • uncommercial transactions
        • unfair loans
        • unreasonable director-related transactions
        • transactions to avoid employee entitlements
        • circulating security interests created within six months, and
        • unregistered security interests.

Reporting the outcome of our preliminary investigations in our next communication with creditors.  This report may include:

  • The nature of the any recoverable transaction;
  • The amount sought to be recovered;
  • An estimate of the legal cost to pursue the action ;
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Information on our role in other forms of insolvency appointments can be requested and provided by directly contacting our office