Firm's Policies and values in respect to Liquidations and Bankruptcies
- In undertaking our work, we will maintain confidentiality and integrity and display professionalism at all times;
- Our aim in every administration is to maximise the return to creditors subject to fair and equitable practices;
- All known creditors of any administrations, relating to Liquidations and Bankruptcies, will receive written notification of appointments within 28 days of the appointment for Liquidations and within 28 days of the receipt of the Statement of Affairs (“SOA”) for Bankruptcies. This period may be extended to 60 days of the appointment in Bankruptcies if the SOA is not received from the Bankrupt within that timeframe;
- The petitioning creditor in any administration will receive a verbal report within two (2) business days of the appointment and further written reports as and when relevant;
- Where there are no funds in an administration, we will incur reasonable costs, in time and outlays, undertaking respective statutory requirements and investigating the affairs and conduct of the individual or company.
After the initial statutory requirements and investigations are completed, a written report will be forwarded to the petitioning creditor detailing the pertinent issues of the administration and, where applicable, a request for funding for the continued investigation of the individual or company or funding to hold a meeting of creditors to receive their views on the administration and/or a request for funding from other creditors.
Where no funding is forthcoming and no further benefit to creditors is anticipated, the Management of Jessup & Partners will hold a meeting to determine whether the administration should be finalised. Once this determination has been made, a written report will be forwarded to all creditors in an expeditious manner to allow creditors to write off their debts; - Where applicable, all telephone calls and email messages will be returned within one (1) business day of receipt of same;
- Where applicable, all correspondences will be replied to within a period of seven (7) days;
- We undertake to distribute all dividends within the shortest timeframe possible;
- We aim to provide optimal communication by way of presenting concise, objective reports on a timely basis; and
- In accordance with the Code of Professional Conduct published by the Insolvency Practitioners’ Association of Australia (“IPAA”), we ensure that the necessary resources (both time and expertise) are available to conduct all administrations effectively and efficiently.
