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Insolvency Melbourne Services by Oracle Insolvency Services Help Businesses Closing Due to the Pandemic Cut Costs and Exit Smoothly

By: Get News
Oracle Insolvency Services provides corporate and personal insolvency services to clients in Australia. It allows for a better return to creditors, cost-effective closing of companies, and ensures that a proper investigation is conducted to establish the circumstances for liquidation.

According to announcements released by Oracle Insolvency Services, this firm has more than two decades of experience in providing insolvency Melbourne and bankruptcy Melbourne services to corporate and individual clients. Its services are proving to be extremely useful for firms facing financial difficulties due to the COVID-19 pandemic. Oracle Insolvency Services correctly interprets financial laws concerning the Coronavirus and provides clients with the best possible alternatives for their situations. 

Voluntary Administration services provided by this firm allow companies in financial duress to continue trading, or these services allow for a better return to unsecured creditors if the company folds. The service also facilitates, as required, the liquidation process, return of control to the company’s directors, or a proposal for the Deed of Company Arrangement (DOCA). The firm ensures that during this phase, the creditors cannot take coercive action against the company. 

The range of services provided by this firm includes receiver and manager services, member’s voluntary liquidation, bankruptcy, insolvency, forensic accounting, small business restructure, etc. 

Personal insolvency agreements for individuals drafted and overseen by Oracle Insolvency create room for maneuver without bankruptcy. This shields a business from aggressive creditors. The arrangement allows friends or family of the person in debt to put up cash through a provision not available in bankruptcies. It results in a better return to creditors that would not have been possible had the business declared bankruptcy. The firm acts as a controlling trustee for the debtor and controls the property for the length of the appointment. 

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Oracle Insolvency said, “Our insolvency and bankruptcy services help businesses and individuals resolve their bankruptcy issues and guide through the insolvency process. We offer formal insolvency services for those in financial difficulties, such as voluntary administration and bankruptcy alternatives, or devise turnaround strategies.

For those that seek to recover value, we act as liquidators, trustees in bankruptcy, and receivers of debtors. We maximize returns through our bespoke asset recovery strategies, including, when needed, by pursuing litigation. 

For personal insolvency, debtors (whose assets, liabilities, and income fall within prescribed thresholds) may enter into a proposal under Part IX of the Bankruptcy Act. The proposal must identify the property to be dealt with and specify how it will be distributed.  Usually, a certain amount from the person’s future income is committed to the proposal. A person is nominated to oversee the proposal distributions.

The creditors vote by way of a special resolution to accept or reject the proposal. Our ‘OIS Forensics’ team assists lawyers on matters that require accounting expertise by preparing independent expert’s reports and testifying at trial. We aim to present our opinions in a supportable form at law and can be sensibly integrated into the overall case presentation.”

About the Company:

Oracle Insolvency Services has over 20 years of experience and has helped thousands of businesses throughout Australia help with their insolvency and bankruptcy issues. This boutique firm of chartered accountants also offers forensic accounting services. Industries served by this firm include building, hospitality, retail, and others.

Media Contact
Company Name: Oracle Insolvency Services
Email: Send Email
Phone: 1300 391 330
Address:Level 27/101 Collins St
City: Melbourne
State: VIC 3000
Country: Australia

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