(02) 9233 7777
·
admin@citilawyers.com.au
·
4/60 Park Street, Sydney NSW 2000, Australia
Contact Us
(02) 9233 7777
·
admin@citilawyers.com.au
·
4/60 Park Street, Sydney NSW 2000, Australia
Contact Us

Category

Insolvency

Insolvency and Bankruptcy

What happens when a lessee walks away from a lease? A lease terminates on abandonment by the lessee. However, a lessee cannot simply walk away from a contract without consequence. The lessor can apply to the Magistrates Court for an order to repossess the premises and for compensation for damages caused to the lessor as...
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DEFINITION Liquidation, or “winding up”, has to do with solvency and insolvency. A company is solvent if it can pay its debts, and insolvent if they cannot. When insolvent and unable to pay its obligation, a company’s assets are liquidated, meaning they are divided among shareholders and creditors. When this occurs, a liquidation officer is...
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Sometimes a company or a person might not be able to pay the outstanding debt. This article will describe what actions may be taken when a company or person enters into insolvency. A company is insolvent when it cannot pay its debts when they are due for payment. Voluntary administration, liquidation and receivership are the...
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