HomePostsWin – Win result using section 73 to Annul bankruptcy

Win – Win result using section 73 to Annul bankruptcy.

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Categories: UncategorizedJuly 4, 2018
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Categories: UncategorizedJuly 4, 2018

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Our Adelaide office is pleased to advise that we have recently paid a 100 cent in the dollar dividend plus interest to creditors of the Bankrupt Estate of “S”

This is a great result for creditors as well as the previous bankrupt who was released from bankruptcy following the successful presentation of a Section 73 composition.

The Debtor was made bankrupt by a Creditor’s petition. While asset rich, the individual was cash poor. We worked with the Debtor to preserve assets and business while a related party and the Debtor put forward cash to pay out creditors utilising a Section 73 composition.

This approach provided  creditors with a full return on their debts as well as interest on interest bearing debts in a short time period. At the same time the Debtor’s bankruptcy was annulled upon the proposal being accepted by creditors, costs of realisation of assets avoided and the Debtors business and assets returned with minimal interruption.

Rodgers Reidy

Associate Director

Before joining Rodgers Reidy, Chris spent 5 years in the insolvency and restructuring division of a Big 4 professional services firm. Since joining Rodgers Reidy 2012, he has gained extensive expertise in formal insolvency appointments, restructuring and advisory appointments across a wide range of industries.

Meet our team of experts

Rodgers Reidy

Associate Director

Before joining Rodgers Reidy, Chris spent 5 years in the insolvency and restructuring division of a Big 4 professional services firm. Since joining Rodgers Reidy 2012, he has gained extensive expertise in formal insolvency appointments, restructuring and advisory appointments across a wide range of industries.

Meet our team of experts

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