J P Downey & Co is a small firm of chartered accountants specialising in insolvency and reconstruction services – “that is all we do, and we do it well.” To find out if we can help you, an initial consultation can be arranged on a confidential basis at no cost and with no commitment. Generally, an hour will be sufficient for us to make an assessment of your problem and deliver practical advice on how best to proceed.

We provide the following services:
  • Corporate Recovery and Turnaround Management
  • Corporate and Personal Insolvency
  • Litigation Support and Forensic Accounting
  • Informal Debt Mediation
  • Voluntary Adminstration
  • Court Liquidation
  • Creditors Voluntary Liquidation
  • Administration
  • Receivership
  • Provisional Liquidation
  • Bankruptcy and Personal Insolvency Agreements under Part X
Company Profile

J P Downey & Co first opened in 1994 as a boutique chartered accounting practice specialising in insolvency and reconstruction services. Its principal, Jim Downey, has worked exclusively in this field since 1979 alongside several doyens of the profession. The firm has gained a reputation for its honesty, integrity, and fairness. Although the firm often handles larger engagements, where the assets and turnover are measured in the millions of dollars, the mainstay of the business is the smaller ‘less-than-a-million’ problem. Having a relatively small number of highly experienced personnel, supported by the latest in technical resources, the firm is well placed to undertake even smaller engagements quickly and efficiently. See below for our full range of services or contact us today to find out how we can help you.


The firm provides the full range of insolvency services – both corporate and personal, including:


Recovery and Work-outs

Assessing the business problem and, where appropriate, guiding management along a course of business recovery.

Voluntary Administration

A process available to corporations whereby an external administrator is appointed to take control of the company and its affairs. Typically, the process is for a period of 28 days, after which the creditors decide as to the company’s future course.

Deed of Company Arrangement

A formal contract between the company and its creditors with a view to resolving the company’s financial difficulties. Generally, it would provide a moratorium (or breathing space) and a compromise arrangement to allow the company to deliver to creditors an outcome which is better than liquidation.

Creditors Voluntary Liquidation

The winding up of an insolvent company by a special resolution of the company’s shareholders. The Liquidator’s appointment is confirmed at a meeting of creditors.

Members Voluntary Liquidation

The winding up of a solvent company by its shareholders. This process is often undertaken when a company has outlived its usefulness and the members wish to divide the surplus assets between them.

Court Liquidation

A compulsory winding-up ordered by the Court – usually on the application of a creditor.  Sometimes, a provisional liquidator is appointed by the Court as an interim measure where the assets are in jeopardy.


A receiver and manager can be appointed either by a Court, or more usually, by the holder of a registered charge, such as a debenture.


Bankruptcy is the administration of the estate of an insolvent individual or partnership of natural persons. This may be initiated by a Court order upon the petition of a creditor, or by a voluntary petition by the insolvent person.

Personal Insolvency Agreements under Part X

In some cases, insolvent persons may make an offer to their creditors to
compromise their debts – usually for an amount more than would be available under bankruptcy. A controlling trustee is appointed to convene a meeting of creditors to consider the proposal.

Personal Receiverships

On rare occasions, a receiver may be appointed by the Court to take control of the affairs of an individual or partnership of natural persons.

General Insolvency Advice

A brief consultation can often deliver invaluable guidance to directors or individuals who have concerns as to their statutory responsibilities when insolvency looms. The earlier the advice is sought, the broader the options available.

Litigation Support

Parties involved in litigation will often engage professionals to assist in the preparation of evidence to support their case, or to conduct an investigation to trace suspect transactions and assess the strength of available evidence.  This is often referred to as forensic accounting. Insolvency practitioners are experienced litigators and can give unbiased practical advice to parties embarking on an expensive legal action. We are sometimes called upon to give testimony as expert witnesses.

Informal Mediation

On occasions, where the number of creditors is small, it can be appropriate to mediate a compromise of an informal nature. The experience of an insolvency practitioner can be of assistance in such circumstances.

Our People

Level 1, 90 William Street,
Melbourne Vic 3000, Australia

Telephone: +613 9642 2811
Fax: 03 9642 8277
Emergency: 0418 398 883
Email: email@jpdowney.com.au

Useful links:

Australian Securities & Investments Commission (ASIC)

Australian Financial Security Authority (AFSA)

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