Personal Insolvency
Facing insolvency is never easy, but with Olvera First, you’re not alone. Our dedicated team provides personalised support to navigate your financial challenges and restore peace of mind.
How we help
Your partner in starting a new chapter
At Olvera First, we recognise that facing personal insolvency is more than a financial challenge; it’s a personal journey that requires both professional expertise and a compassionate approach. With over decades of experience in the field, our small business experts are dedicated to providing tailored solutions that respect your unique circumstances and needs.
Our Approach
Empathy Meets Expertise
Support at Every Step
We listen with empathy, ensuring that we fully grasp your situation before we navigate the complexities of insolvency together. Our small business experts will be there to assist you every step of the way through the insolvency process.
Navigating Complexity with Compassion
We bring our technical expertise to the table, coupled with a level of compassion and care that is unfortunately all too rare in this field. Our aim is to manage the process effectively, alleviating stress, and diffusing tensions wherever possible.
Tailored Solutions for Diverse Needs
Personal Insolvency isn’t always the best option. Our experts have experience in more than just personal insolvency. If there is a better option for you they will find it.
Get the Personal Insolvency Guide
Business can be tough – let’s make it simpler. Download our free personal insolvency guide crafted by our experts to understand bankruptcy laws an easy-to-understand guide.
What’s inside:
- When does bankruptcy end
- What bankruptcy means for super
- Bankruptcy and your assets
- Options for avoiding bankruptcy
- Bankruptcy myths
Get the Personal Insolvency Guide
Business can be tough – don’t make it harder. Understanding and navigating the labyrinth of bankruptcy laws is our forte. The personal insolvency guide has been crafted by our experts to distil this complexity into a easy to understand guide that breaks down your options.
What’s inside:
- When does bankruptcy end
- What bankruptcy means for super
- Bankruptcy and your assets
- Options for avoiding bankruptcy
- Bankruptcy myths
What we provide
Our Personal Insolvency Services Include:
Alternatives to bankcruptcy
An AusGov small business restructuring guide, what to expect on the SBR process…
Overview to bankcruptcy
An AusGov small business restructuring guide, what to expect on the SBR process…
Bankcruptcy services
An AusGov small business restructuring guide, what to expect on the SBR process…
Step by step guide
Bankruptcy and Personal Insolvency Services in Sydney, Melbourne, Brisbane, Gold Coast and Perth
As one of the leading Australian advisory firms for bankruptcy assistance, we provide both support during the legal process, but also education about the short and long-term implications on your financial future that may come with declaring bankruptcy and other insolvency actions. Our depth of knowledge is second to none, with a national team that boasts over 20 years of experience.
Our Process
Our Small Business Restructuring Process
Speak with our Small Business Specialist’s to learn about SBR and find out if you’re eligible for the program.
Once eligible. We will request a balance sheet, and match you with a Restructuring Practitioner.
Our SBR Practitioner works with you, accountant and business to build the right plan for you and your creditors.
Once agreed, the Practitioner submits your plan to creditors for approval.
The plan is to be carried out, debts paid and you continue to run your business.
Eligibility criteria
Is my Business Eligible?
To be eligible, your business must:
- Be a company (not a sole trader)
- Have less than $1m in debt
Need Help?
Frequently Asked Questions
The temporary restructuring relief extends, to 31 March 2021, certain measures implemented by the government to assist companies continue to operate during the COVID- 19 pandemic.
The measures that have been extended include, for companies eligible for temporary restructuring relief:
- increasing the amount that must be owed to a creditor from $2,000 to $20,000 before the creditor can issue a statutory demand for payment on the company;
- increasing the time a company has to respond to a statutory demand from 21 days to 6 months; and
- providing a director with a temporary safe harbour from personal liability for insolvent trading for debts incurred in the ordinary course of business before any appointment of an administrator or liquidator of the company during the period of safe harbour protection.
Directors must act before 31 March 2021 if they wish to access the temporary restructuring relief.
A company can access temporary restructuring relief if, during the period 1 January 2021 to 31 March 2021, the company directors:
- make the required declaration about the company’s eligibility for temporary restructuring relief; and
- publish notice of the making of the declaration on the Published Notices Website.
To ensure the temporary restructuring relief does not cease, directors must also give ASIC a copy of their declaration no later than 5 business days after it is made.
The period of relief only begins when the directors have made a declaration about the company’s eligibility for temporary restructuring relief and published notice of making the declaration on the Published Notices Website.
So, if the directors do not make the declaration and publish the notice until (say) 21 January 2021, the company is not be eligible for temporary restructuring relief for the period 1 January 2021 to 20 January 2021. This means the safe harbour from personal liability for directors incurring debts in the ordinary course of business is not available for the directors between 1 January 2021 and 20 January 2021, and the increased thresholds and time periods for statutory demands does not apply during that period.
To ensure the temporary restructuring relief does not cease, directors must also give ASIC a copy of their declaration no later than 5 business days after it is made.