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.
- 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
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:
Assessing the business problem and, where appropriate, guiding management along a course of business recovery.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Downey
Dimovski
The firm’s principal, Jim, first cut his teeth on insolvency problems in 1979. Jim has worked in small, medium-sized and large firms with some of the best-known names on the Melbourne insolvency scene. As a partner of Ferrier Hodgson in the early 1990’s, he worked on everything from the A$2 billion Pyramid Building Society collapse to small “Mum and Dad” businesses in the suburbs. Jim is a senior member of the profession and is widely known in the Melbourne insolvency scene in places where it matters. He has a broad network of contacts throughout the banking, business, legal, government and accounting spheres. He is well known and respected for his integrity and ethical standards, having served for many years as a committee member of the professional body, ARITA (Australian Restructuring, Insolvency & Turnaround Association) – both at State and National levels.
Qualifications:
- Bachelor of Business (Accountancy)
- Fellow of Chartered Accountants (Australia and New Zealand)
- Fellow of Australian Restructuring Insolvency and Turnaround Association
- Registered Trustee in Bankruptcy
- Registered Liquidator
- Liquidator (Supreme and Federal Courts)
Violeta has worked in the insolvency profession since 1987. Violeta’s significant knowledge of the industry and office management skills ensures that the back-office function is handled efficiently and thoroughly. She competently manages the firm’s financial records with complete confidentiality and integrity. Her professionalism and exceptional communication skills ensures all her interactions with key staff at financial institutions and regulatory authorities provide the lubricant to the well-oiled machine (the firm’s admin department).
Downey
Dimovski
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: