Our Services

A deceased estate becomes complicated when the debts, disputed assets or insolvency questions left behind cannot be resolved in the usual way. TTJ Advisory can step in where a formal trustee or insolvency-related role is needed, for example where an estate may be insolvent or assets must be realised and creditors dealt with. The work is handled with care, discretion and proper accountability.

Voluntary administration is a formal process for an Australian company that is insolvent or likely to become insolvent. An independent administrator is appointed, takes control of the company and assesses its position, then reports to creditors so they can decide whether the company should be restructured through a deed of company arrangement, handed back to the directors, or wound up. It is designed to create breathing space while the options are worked out.

A Director Penalty Notice (DPN) is a notice from the ATO that can make a company director personally liable for certain unpaid company tax debts, including PAYG withholding, GST and the superannuation guarantee charge. What a director can do in response depends on the type of notice and, importantly, on timing. Because some options close quickly, a director who receives a DPN should get advice without delay.

Court-ordered liquidation is where a court orders that an insolvent company be wound up and appoints a liquidator. It usually follows a creditor's winding-up application, often after an unpaid statutory demand. Once appointed, the liquidator takes control of the company, investigates its affairs, realises whatever assets are available and reports to creditors and ASIC. It is one of the more serious points a company can reach.

Small Business Restructuring (SBR) is a formal process that may let an eligible small company propose a plan to its creditors while the directors stay in control of day-to-day trading. It is one of several options for a company in financial difficulty, not a guaranteed fix, and whether it suits depends on the company's eligibility, debts and creditors. TTJ Advisory helps advisers and directors work out whether it is the right path.

Bankruptcy is a formal personal insolvency process for an individual who cannot pay their debts. A bankruptcy trustee is appointed to administer the person's affairs, deal with creditors and manage assets and income contributions under the Bankruptcy Act. It has real and lasting consequences, so it is worth understanding properly, including whether an alternative such as a Personal Insolvency Agreement might be available, before any decision is made.

Receivership is a formal process in which a receiver is appointed, usually by a secured creditor and sometimes by a court, to take control of specific company assets or a part of the business. The receiver's focus is generally on recovering the debt owed to the appointing secured creditor. It is a distinct process from voluntary administration and liquidation, which deal with the company as a whole.

A Personal Insolvency Agreement (PIA) is a formal alternative to bankruptcy under Part X of the Bankruptcy Act. It lets an eligible individual put a proposal to their creditors about how their debts will be dealt with, administered by a trustee. Creditors vote on whether to accept it, so a PIA is not guaranteed and is not suitable for everyone, but where it works it can offer a more flexible outcome than bankruptcy.

Creditors Voluntary Liquidation (CVL) is where the directors of an insolvent company decide to wind it up and appoint a liquidator, rather than waiting for a court to order it. The liquidator takes control, realises whatever assets are available, investigates the company's affairs and reports to creditors and ASIC. It is most often used where a company genuinely cannot continue and the directors want to deal with that properly.

A statutory trustee is an independent party appointed by a court to manage and sell jointly owned property where the co-owners cannot agree on selling or dealing with it. The trustee takes the matter out of the deadlock, runs the sale and distributes the proceeds in line with the court's orders. TTJ Advisory can act as that impartial trustee where appointed, dealing with all parties even-handedly.