Crouch Amirbeaggi are the established leaders in promoting the use of pre-packs in Australia. Pre-packs are the most cost effective way for a small business to legally restructure and avoid a terminal insolvency. In colloquial terms they are the cheapest way to legally "phoenix" an insolvent company.
To make it abundantly clear, we don't promote illegal phoenix behaviour.
We have argued strongly for corporate reform to make this common practice more difficult. We recognise that it is impossible to stop illegal phoenix behaviour. We also recognise that since the development of a corporate entity in the 18th century to facilitate trade, the process of phoenixing a business out of insolvency has also co-existed. The Voluntary Administration ("VA") Framework is the latest version used in this country that facilities a restructure of an insolvent company.
Crouch Amirbeaggi was the only insolvency firm in Australia that was invited to attend Canberra to provide assistance to the Federal Government's Review of Insolvency in Australia and Senate Estimates Enquiry into Insolvency.
Statistics that Crouch Amirbeaggi obtained for the senate enquiry into insolvency showed VAs are used by just 5% of all corporate insolvency appointments to successfully restructure.
It is an appalling rate of success.
ASIC Statistics also show just 10% of all business failures have more than $100,000 in assets.
For almost 20 years, the partners of Crouch Amirbeaggi have witnessed firsthand that VAs are too expensive to successfully implement for the other 90% of businesses that don't have over $100,000 in assets.
Our appreciation of these statistics led us to develop a hybrid of the UK's pre-pack. We believe this is the best method for an Australian SME to re-establish.
Pre-packs are just one of the unique, superior and professional services we offer to companies and individuals who are in financial distress.
The Crouch Amirbeaggi advisory services team comprises Official Liquidators, Bankruptcy Trustees, in house lawyers and accountants. The services we offer include:
- Informal standstill arrangements;
- Debtor-led restructuring and workouts;
- Joint venture arrangements;
- Debt for equity swaps;
- Traditional management accounting solutions;
- Asset Disposal and sale of business advice;
- Dispute Resolution;
- Voluntary administration; and
- Liquidation & bankruptcy services.
We invite you to meet with us to discuss your needs and utilise our technical expertise and strong commercial acumen for the benefit of directors, shareholders and other stakeholders. Contact us here.