Established in 2009 under a former name but now known as IRT Advisory, we have been for many years a highly regarded insolvency, reconstruction and advisory practice, acting with integrity, respect and trust toward all stakeholders of the companies we administer. We have worked with numerous company owners and directors, their advisors and other stakeholders to identify and implement effective, economical solutions to promote business cash flow and resolve liquidity and solvency issues.
In recent years the regulatory environment has changed and new opportunities have opened up for the assignment of legal rights existing within insolvency administrations. We now work with trusted partners to maximise outcomes utilising these new rules.
In response to the accumulating economic damage on business from government-imposed trading restrictions and lockdowns needed to contain the COVID-19 crisis, on 24 September 2020 the Federal Treasurer announced the creation of a new form of insolvency administration, where the directors of a struggling small business remain in control while a Small Business Restructuring Practitioner develops a plan to assist the distressed entity trade out of difficulty. IRT Advisory is presently preparing to service this market, with an expected start date of 1 January 2021.
Our key objective with all administrations is to maximise returns to creditors and other stakeholders. We achieve this through a range of strategies, including the pursuit of causes of action available to liquidators under the Corporations Act 2001. Typically such claims arise where a party has acted in a manner designed to advantage themselves to the detriment of other stakeholders, prior to our involvement.
We are also available to assist other liquidators improve returns to the creditors of companies they administer, by working with our partners to take assignments of legal rights.
Through the use of innovative risk management and funding models, we and our independent partner organisations have obtained excellent results on many matters that may otherwise have returned no value to the winding up.
WHAT WE DO!
We accept both voluntary and creditor-initiated corporate appointments as administrator, deed administrator, liquidator or receiver – only to small business entities.
We are registered Small Business Restructuring Practitioners.
HOW WE ARE APPOINTED!
Voluntary appointments are initiated by the directors or shareholders of financially distressed companies.
Creditor-initiated matters commence by court order or via a secured creditor as Receiver/Manager or Administrator, appointed pursuant to a registered security interest.Learn More
We conduct ourselves with the highest standards of honesty and integrity. We will give you our honest opinion of your circumstances and the options available, without sugar coating.
We won’t mislead you by forecasting unrealistic outcomes from a proposed appointment or turnaround engagement.
Many of our competitors claim that they are ‘the experts’, they will ‘help you navigate through the insolvency process’ and assist you to ‘recover from a bad situation’.
It’s true that the appointment of an external administrator can take the immediate pressure off a distressed business owner. Many of the people we have worked with have found great relief in handing over the reins and allowing us to take control of a difficult situation.
Business owners should be cautious however, if the following critical fact is not mentioned in discussions before a proposed external administrator is appointed. The administrator’s duty is to the general body of unsecured creditors of the insolvent entity – not to the owners or directors of the distressed company. We are transparent about this fact. We do not conceal it before an appointment.
We’re open and honest about the types of advice we can provide and your possible exposure as the director of an insolvent company. We will let you know when we cannot provide advice on a particular issue, and the reasons why. If we believe you need advice that we cannot provide, we’ll recommend you obtain that advice elsewhere, from an independent professional (often that will be the person who referred you to us)
If after an appointment, it is discovered that there has been misconduct resulting in loss or damage to the company or its creditors, an external administrator may need to assert a claim against the party responsible, or the beneficiary of the misconduct. Every registered liquidator has this same duty. Be cautious if a proposed administrator or liquidator fails to mention this, or promises a particular outcome from the appointment. This is not possible until after the practitioner has been appointed and has had time to review the company’s affairs and the causes of its insolvency, and also to consider whether any misconduct has occurred.
For the small business operator facing hard times, we believe it is important to obtain information and advice that is correct, timely, transparent and honest – ‘warts and all’ – so you have the best possible idea of what to expect, with less chance of a nasty surprise later on. We give you that undertaking.
Call us today for a confidential discussion.Contact us
During the COVID-19 crisis, we are devoting additional resources to assisting small businesses that have been forced to close, or where reduced turnover has pushed the business toward insolvency.
Although IRT Advisory is a Melbourne based reconstruction and advisory practice, we have the flexibility to accept appointments anywhere in Australia. If an appointment is required in New Zealand, we work in association with our partners in Auckland, Wellington and Christchurch. We’re boutique and proud of it. We don’t pretend to be bigger than we really are by having virtual offices in every state capital. But we’re still able to provide the high levels of service and expertise that our clients, referrers and stakeholders expect from us, wherever needed. Being small gives us the flexibility to adapt to any situation in which we may be called upon to assist.
Meet Our Professional Team
We bring to each appointment and engagement a deep knowledge and expertise around the Australian insolvency law, maximising recoveries when a business has failed, and the key drivers of business success. Our expert team with a combined experience of more than 75 years has vast experience in dealing with small business financial distress. This enables us to formulate the most effective strategies in every case in which we are consulted.