Bent & Cougle Pty Ltd
Bent & Cougle Pty Ltd was established in 1963 and has always operated as a specialist insolvency practice.
Recognised as one of the most active insolvency specialists in Melbourne and throughout Victoria, Bent & Cougle specialises in servicing the needs of other professionals such as accountants, solicitors, consultants and financial institutions whose clients may be experiencing financial difficulties.
We do not conduct audits, provide tax advice or the other services that Chartered Accounting firms usually provide.
With two registered Trustees in Bankruptcy, Bent & Cougle is able to conduct the formal administrations provided for under the Bankruptcy Act, specifically, Arrangements under Part X of the Bankruptcy Act.
Part X Arrangements
Part X of the Bankruptcy Act allows a debtor to authorise a Registered Trustee to take control of the debtor’s affairs and to facilitate the negotiation of a settlement between a debtor and their creditors.
These arrangements are referred to as Personal Insolvency Agreements.
Bent & Cougle Pty Ltd can assist a debtor to formulate the most appropriate proposal to submit to creditors.
The process whereby a debtor seeks protection from their creditors. It can be initiated by the debtor themselves or by a creditor obtaining an order from the Federal Court that a debtor be declared bankrupt.
Bankruptcy is usually resorted to where one is unable to come to a settlement with their creditors.
Bent & Cougle Pty Ltd can:
• advise whether bankruptcy is the appropriate course to follow
• advise on the consequences of bankruptcy
• act as trustees of bankrupt estates.
In some instances it is not practical or economic to settle with one’s creditors via an arrangement under Part X.
In those circumstances, Bent & Cougle Pty Ltd are able to organise and implement informal arrangements for debtors seeking a settlement or compromise with their creditors.
With three Registered Liquidators, Bent & Cougle is able to act as:
• receivers and managers
Bent & Cougle Pty Ltd conduct both Voluntary (director initiated) and Official (generally creditor initiated) Liquidations.
For companies in financial difficulties or creditors seeking to wind up a company, we can advise on and assist in conducting Liquidations.
Bent & Cougle Pty Ltd can act as receivers for lenders so as to oversee the operations of a business and/or realisation of its assets to enable the lender to be repaid.
These provisions were introduced in 1993 with the objectives being to:
• maximise the chances of a company, or its business continuing in existence, or
• if that is not possible, results in a better return for the company’s creditors and members than would result from an immediate winding up of the company.
The process allows a company a moratorium period from essentially all its creditors whilst the administrator in conjunction with the directors and their advisors, investigates the formulation of a proposal for a Deed of Company Arrangement to maximise the return to creditors.
It provides for a settlement between a company and its creditors. A Deed of Company Arrangement may provide for a company to trade on after re-organisation or cease trading but avoid liquidation.
Bent & Cougle Pty Ltd can act for mortgagees who wish to take possession of specific assets over which they have a charge, with a view to being repaid moneys they have advanced.
With experience derived from administering all types of insolvency appointments we are able to:
- report on the assets and financial position of companies for directors, lenders, debtors and creditors
- provide solvency reports for directors, creditors and litigation purposes
• assist in monitoring a businesses performance and managing a turnaround, and
- assist company boards when there is disagreement about the management and future direction of a company.
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