Definition of Insolvency Jobs:
Insolvency occurs when a business or a person cannot pay its debts. Once a person or trading entity is declared insolvent, then Insolvency Accountants are called in to represent those to whom money is owed.
In Australia Insolvency Accountants generally perform one of four key specialisations; Corporate Insolvency, Bankruptcy, Corporate Restructure/Turnaround or Forensic Accounting. There is strict Governance and requirements pertaining to how an Insolvency Accountant can manage a company that has become insolvent.
Most of the Accounting Firms that provide Insolvency Services are either Specialist Insolvency Firms or run as a separate business unit within a larger Accounting Firm.
Did you know, all the Specialist Accounting Firms in Melbourne are ICCA Corporate Members?
Did you know that if you collect payments from a business that is insolvent you may be required to reimburse the payment made to other creditors?