Business debt can come about very easily. A few slow months and all of a sudden the debt is a long way beyond the reach of the company owner. If you have company debts that are out of control then give us a call. At Liquidators Bundaberg we are business debt specialists. For a completely free consultation call Liquidators Bundaberg on 1300 818 575.
Usually when a company owner finds himself or herself in an impracticable financial position they are advised by their bookkeeper, their solicitor or even their friends to contact a Liquidator and place the company into liquidation. Be rather careful about this. We have learned, here at Liquidators Bundaberg, that most people believe that due to the fact that you are paying the liquidator they will look after your best interests and serve to help you to get you back on your feet. HOWEVER THIS IS ABSOLUTELY NOT THE CASE!
Although administrators and receivers are normally nice individuals, their duty, once they are appointed, is simply to your creditors (people you owe money to) as well as to the courts. These guys are to amass as much money as they can from the liquidated business to repay these creditors. That is simply all. If, for one second, you feel they will protect your best interests, you are sadly mistaken.
Once you have signed those documents to appoint liquidators to your business; that is it! You no longer have any say over your company. The liquidator will do whatever they feel is in the best interests of the creditors and, guess what, often you have just paid for the death of your own business.
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I figured out I was in trouble when the bank refused to lend me any more against the farm. This home has been in the family for years and the thought of having to give it up was too much. I called my financial advisor and my accountant, and they both urged me to go and see Liquidators Bundaberg which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I realized I had significant debt, but it just appeared like I had no alternative. My accountant said that because I am paying for the liquidator and that it was going to be a voluntary liquidation that I would certainly be taken care of. WRONG!
I found some Liquidators, they appeared professional and qualified and these guys claimed they would help me as much as they could to overcome my money problems. I had no idea what was going to happen. They appeared to understand my situation; I had some money coming in and a sale of some equipment going through.
The moment I signed the paperwork the liquidators requested the keys and that was it. Everything was taken out of my hands, the sale of the equipment was completely taken control of, the money I had coming in was gone, they took control of each and every single thing; it was simply all gone. The next day my savings account was frozen and what I thought was going to be a beneficial situation became my worst nightmare. I lost everything!
There is a technique to handling this scenario: PREPARING. There is quite a lot you can do to ready yourself; before you surrender the control of your business call Liquidators Bundaberg and we will help you walk through the minefield which it can be. In fact, most of the stress and anxiety can be dealt with in a manner that will work for you, not against you. This sounds simple but, in reality, there is an huge amount of regulation and many rules in place surrounding this process so getting the right advice from Liquidators Bundaberg is always a dependable option. If you are undecided what you should do and just need some guidance, simply call us on 1300 818 575. Liquidators Bundaberg specialises in pre-liquidation strategies.
If someone is winding up your company, like the ATO or a creditor, they are going to have a liquidator appointed from the courts. You do have some choices here and there is lots you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Bundaberg. The secret here is to get some guidance and include us as soon as you can in this particular process. It is that basic. Normally you will get a notice in the mail or a court order, and if you have one of these call us simply because the longer you neglect this the less alternatives you have. Call us at 1300 818 575.
Yes, you can still run a business. No, you can not still be the director of the company that has been liquidated. This is one of the most frequent questions we are asked. Undoubtedly, there are policies that need to be followed, and you have to ensure you structure things in properly moving forward. Liquidation does not will need to be the end of your business life, as a lot of people think it does. We can help you to do this and reconstruct a new life after liquidation. There are options, but in most cases people simply don’t know just what they are. At Liquidators Bundaberg, we can discuss your options and help you accomplish your goals.
Be prepared. Liquidators don’t work for you, regardless of how much money you pay them. Your creditors don’t work for you, no matter how much of their bill you pay them. Your friends love you, but normally have no thought to what they are often recommending to you. They’ve most likely heard that if you wish to begin again you will need to get rid of the company through a liquidator and it is an simple assumption to make that if you pay a liquidator they will help you. Understand – THIS IS NOT THE CASE! WE WORK FOR YOU– nobody else does. You are our client and we are only concerned with getting the result you want. For a free consultation call Liquidators Bundaberg 1300 818 575.
At Liquidators Bundaberg we help you work through your choices. We than help you take the ideal step. Then we work toward getting the best possible end result for you and protecting whatever we can. We communicate the right way with your creditors and fix the situation. Call us now at Liquidators Bundaberg on 1300 818 575.
If you have an ATO debt, don’t neglect your mail! The ATO will often issue companies Wind-Up Notices or Statutory Demands, or perhaps even a Director’s Penalty Notice on you or your company. If this has happened, you must act fast! Sometimes communication is all that’s needed, sometimes winding up the company is the answer and sometimes negotiation is required. Whatever is needed, we will definitely help you work through a plan and we will support you the whole way.
If you have already received one of these notices YOU MUST NOT FORGET ABOUT THEM. Contact us as early as you get them and we will be able to help you work through the steps readily available to secure the best and most favourable outcome for you. As soon as we have done an assessment of your business and the circumstances we recommend an response plan. Then it is your choice whether you go ahead from there. Call Liquidators Bundaberg today for a free consultation on 1300 818 575.
What is critically important is that every business owner knows these changes and the serious nature of all of them and how they will certainly impact you and your business. If you have a tax debt then you may be likely issued with a Director Penalty Notice by the ATO.
The purpose of a Director Penalty Notice is to make directors liable for their business’s unpaid tax debt. As a director, you will no longer manage to avoid personal liability for a PAYG ATO debt, which has a Director Penalty Notice, if the following applies:
Yes. If your company has an ATO debt or you have received a Director’s Penalty Notice, it is crucial that you get expert advice, as we have numerous options you may should think about. Simply call liquidators Bundaberg on 1300 818 575.
There may be significant consequences for not adhering to the ATO’s notice; this can include losing personal assets like vehicles, property or shares, and personal bankruptcy for the business’s debts.
A Statutory Demand is a demand made under 459E of the Corporations Act. This file is not issued by the Court. A Statutory Demand needs that the Debtor Company pay out a specified sum of money within 21 days from the date of the delivery of the demand on the Debtor Company.
If the debt is contested, or if there are exceptions in the document, the company should immediately get independent legal advice and apply to the Court to set the demand aside on the premise that the financial debt, then the subject of the Statutory Demand is in fact contested. This application MUST be made within 21 days.
Section 95( A) of the Corporations Act stipulates that a company is solvent if it can pay its debts as and also when they fall due. Accordingly, the test as to whether or not a company is insolvent is that it is unable to pay its debts as and when they are generally due.
Under Section 459C of the Act, the company is presumed to be insolvent if a company has failed to adhere to a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will supply ‘proof’, which is actually sufficient for a creditor to inquire to the Court for the appointment of a liquidator to the company.
Yes, it might be provided face-to-face or simply show up in the mail as registered mail.
A wind-up notice commonly follows a Statutory Demand. If a business is not able to pay the debts then the Court has the power to wind it up and appoint a liquidator whose duty it is to turn the assets into cash and disburse the cash in the order set out in the Corporations Act. Simply put, this notice is basically a letter notifying you that on a certain date a liquidator will be appointed by the courts to take control of your company if you don’t pay the debt.
The creditor who gets the appointment of the liquidator and the liquidator take priority in relation to their costs, as do certain employee entitlements. The rest is distributed equally between unsecured creditors..
No. The liquidation of a company does not instantly imply the director will be actually made bankrupt; however, the method of winding up a business resembles the process of having a person declared bankrupt. Having said that, the ATO can provide a Director’s Penalty Notice at any time, so it is really ideal to act quickly. For a cost-free consultation call Liquidators Bundaberg on 1300 818 575.
A liquidator will be actually appointed and you will not be the director of your company. The judge will choose a liquidator who then takes over full control of your company. All of the clients, cheque accounts, assets, cash, money that’s owed to the company and your buildings are no longer yours. Put simply, it’s over. The company you have built is no longer yours. All the assets will be sold, your office, shop or factory will be taken control of by the liquidators (they will even change the locks) and your services are actually no longer called for. Every element of your business will now be under the administration of the liquidator.
Yes. Our company offers a free initial consultation to help you work through this problem. Our team of specialists can save you from tremendous distress. You must act quickly! Calling us the day before the liquidators show up is pointless. Contact Liquidators Bundaberg today on 1300 818 575.
No. The company is not in your control.
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