Checklists - Worrells Solvency & Forensic Accountants

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Bankruptcy
Bankruptcy is a legal process where a trustee is appointed to administer an insolvent person’s affairs in order to provide a fair distribution of that person’s assets to their creditors.
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Part X—Personal Insolvency Agreement
Part X (Part 10) is a part of the Bankruptcy Act that allows a debtor to enter into an arrangement with their creditors without being made bankrupt.
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Liquidation
Official liquidation is a process of a Court ordering the winding up of a company’s affairs and the appointment of a liquidator in order to provide for a dismantling of a company’s affairs and a fair distribution to creditors.
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Voluntary Administration
Voluntary Administration is designed to assist companies to either come to a formal arrangement with their creditors to pay their debts, or are quickly and inexpensively placed into liquidation.
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Personal Property Securities Act
The Personal Property Securities Act (PPSA) came into operation on 30 January 2012 and replaced a number of provisions in the Corporations Act dealing with the registration and exercising of securities over assets. The operations of the PPSA are significant in the event of the appointment of an external administrator or trustee.
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Director Penalty Notices
Company directors are legally responsible for ensuring that their company meets its pay as you go (PAYG) withholding, “net” GST (goods and services tax, wine equalisation tax and luxury car tax) and superannuation obligations. If a company fails to comply with their obligations to pay the debt by the due date for payment, company directors are held personally liable for the amount the company should have paid.
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Checklists

To assist advisors with insolvency procedures and best practices, we have created the following checklists.

The onerous task of collating Books & Records can be daunting—this simple checklist will ensure you have supplied everything that is required, while removing any unnecessary guesswork. Click the ‘Checklist’ button to view the latest Books & Records Checklist PDF.

Our Asset Risk Exposure Checklist is a great tool for advisors, to identify potential risks their clients may face, and gives useful tips to assist clients in protecting their hard-earned wealth. Click the ‘Checklist’ button to view the latest Asset Risk Exposure Checklist PDF.

Our Moving from a Sole Trader to Company Checklist assists advisors to help clients considering setting up a new entity to ensure the process is undertaken correctly. Seeking appropriate and qualified advice is vital as the consequences of failing to set it up correctly can be costly.

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