Our reputation & experience in various fields has inevitably led to specialisations.
Appointments in hotel and club administrations have developed a reputation for PA Lucas & Co as a specialty area of expertise.
Corporate insolvency in Australia is regulated by the Corporations Act 2001 (Cth). The different types of insolvency administrations available to corporate debtors under the Corporations Act are:
- Court Winding-up (or liquidation)
- Provisional Liquidation
- Voluntary Winding-up (or liquidation)
- Voluntary Administration
- Deed of Company Arrangement
Bankruptcy is a process whereby the financial affairs of a person who is insolvent are managed by a trustee in bankruptcy. The bankrupt is released from their liabilities and at the same time their property, if any, is handed over to the trustee who has responsibility to sell it and pay out the creditors.
A person is generally bankrupt for 3 years although the period may be extended if the bankrupt does not co-operate.
The Bankruptcy Act 1966 deals with all personal insolvency and only individuals can go bankrupt and not companies. The Bankruptcy Act provides for three main solutions to financial difficulties:
At PA Lucas & Co we have a saying -
"Do the right things and do things right".
The insolvency process is usually an extremely stressful time for our clients - for employees, business owners and their creditors. Our staff are always aware of the personal cost to companies and their staff and all affected contacts in an administration. Core Values
We strive to ensure that a result is achieved in the fastest possible time without compromising our duties of care and quality of work at any time.
Find out more about our culture by clicking the links below.
Peter Lucas founded the business after having developed extensive experience as a liquidator and turnaround manager at firms such as Deloitte Touche Tohmatsu and Ferrier Hodgson. Lucas and Co began trading in 1999.
By 2007, the business had expanded and changed its trading name to 'P.A. Lucas & Co'. During this time the business developed specialised expertise and a strong reputation in insolvency, reconstruction and the turnaround management of hotel and club operations, child care facilities, property construction and retail businesses.