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Liquidators Canberra

Company debt can come about very quickly. A few slow months and all of a sudden the financial debt is generally a very long way beyond the grasp of the company owner. If you have business debts which are actually out of control then give us a call. At Liquidators Canberra our team are business debt specialists. For a completely free of charge consultation call Liquidators Canberra on 1300 818 575.

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Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

If my company is in trouble should I call a liquidator?

Often when a company owner finds himself or herself in an unworkable financial position they are encouraged by their bookkeeper, their solicitor or perhaps their friends to talk to a Liquidator and place the business into liquidation. Be extremely careful about this. We have gotten to know, here at Liquidators Canberra, that lots of people believe that due to the fact that you are paying the liquidator they will take care of your best interests and help you to get you back on your feet. HOWEVER THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Canberra is on your side

Although administrators and receivers are generally nice individuals, their responsibility, once they are appointed, is to your creditors (people you owe money to) and to the courts. They are to get as much money as practical from the liquidated business to pay these creditors. That is simply all. If, for one instant, you feel they will protect your best interests, you are regrettably mistaken.

Once you have signed those papers to select liquidators to your business; that is it! You no longer get any say over your business. The liquidator will do whatever they feel is in the best interests of the creditors and, guess what, in a lot of cases you have actually just paid for the death of your own company.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

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One Small Business Owner’s Story

I saw I was in trouble when the bank would not lend me any more against the farm. This home has been in the family for years and the thought of losing it was way too much. I called my financial advisor and my accountant, and they both instructed me to go and see Liquidators Canberra which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I understood I had significant debt, but it just appeared like I had no choice. My accountant said that since I am paying for the liquidator and that it was likely going to be a voluntary liquidation that I would most likely be protected. WRONG!

I found some Liquidators, they seemed professional and capable and they said they would help me as much as they could to overcome my money problems. I had no idea what was about to happen. They appeared to grasp my predicament; I had some money coming in and a sale of some machinery 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 turned out to be my worst nightmare. I lost everything!

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Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

What is the ideal strategy if my business is in difficulty?

There is a secret to managing this situation: PREPARATION. There is quite a lot you can do to ready yourself; before you yield the control of your business call Liquidators Canberra and we will help you walk through the minefield which it can be. Actually, the majority of the stress and anxiety can be dealt with in such a way that will work for you, not against you. This sounds simple but, in fact, there is an significant amount of law and many rules in place covering this process so getting the right advice from Liquidators Canberra is always a dependable option. If you are uncertain what you should do and just need some guidance, simply call us on 1300 818 575. Liquidators Canberra specialises in pre-liquidation strategies.

What happens if another person is winding up my company?

If someone is winding up your company, like the ATO or a creditor, they will certainly have a liquidator appointed by the courts. You do have some choices here and certainly there is a lot you must understand and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Canberra. The key 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 receive a notice in the mail or a court order, and if you have one of these call us because the longer you neglect this the fewer alternatives you have. Call us at 1300 818 575.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Can I keep running a business if I have been a director of a business that has been liquidated?

Yes, you can continue to 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 regulations that will need to be followed, and you need to ensure you structure things in the right way 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 construct a new life after liquidation. There are choices, but a lot of time people just don’t know exactly what they are. At Liquidators Canberra, we can discuss your options and help you accomplish your goals.

What do I should do?

Be prepared. Liquidators don’t work for you, no matter how much money you pay them. Your creditors don’t help you, no matter how much of their bill you pay them. Your friends love you, but usually have no idea to what they are recommending to you. They’ve most likely heard that if you wish to begin again you should get rid of the company through a liquidator and it is an very easy assumption to make that if you pay a liquidator they will work for you. Understand – THIS IS NOT THE CASE! WE WORK FOR YOU– nobody else does. You are our client and we are only thinking about getting the result you want. For a free consult call Liquidators Canberra 1300 818 575.

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Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

What do we do?

At Liquidators Canberra we help you learn about your choices. We than help you take the ideal action. Then we work toward getting the best possible outcome for you and protecting whatever we can. We communicate the right way with your creditors and deal with the situation. Call us now at Liquidators Canberra on 1300 818 575.

Suppose I have an ATO Debt?

If you have an ATO debt, do not snub your mail! The ATO will often provide companies Wind-Up Notices or Statutory Demands, or even a Director’s Penalty Notice on you or your company. If this is the case, you must act fast! Sometimes communication is all that’s needed, in some cases winding up the company is the answer and sometimes negotiation is called for. No matter what is called for, we are going to help you work through a plan and we will support you the whole way.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

What happens if I have received a notice from the Tax Office?

If you have received one of these notifications YOU MUST NOT LET THEM LAPSE. 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 beneficial outcome for you. As soon as we have done an assessment of your business and the circumstances we recommend an action plan. Then it is your choice whether you proceed from there. Call Liquidators Canberra today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that each and every business owner understands these changes and the harmful nature of them and how they are going to impact you and your business. If you have a tax debt then you may be generally issued with a Director Penalty Notice by the ATO.

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Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

What does it really mean if I have a Director’s Penalty Notice?

The purpose of a Director Penalty Notice is to get directors liable for their business’s unpaid tax debt. As a director, you will no longer be able to prevent personal liability for a PAYG ATO debt, which comes with a Director Penalty Notice, if the following applies:

  1. Your financial debt is older than 3 months and or your debt was not reported to the ATO within 3 months of the due date.
  2. As a director, you might also be liable for your company’s unpaid superannuation liability when you receive a penalty.
  3. Directors, and associates of directors, may now also be accountable for a new personal income tax liability. This will make directors and their associates possibly liable for a company’s unpaid PAYG withholding liability.

So do I have any choices?

Yes. If your company has an ATO debt or you have received a Director’s Penalty Notice, it is crucial that you request expert advice, as we have numerous options you may need to think about. Simply call liquidators Canberra on 1300 818 575.

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Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

What if I ignore the notice?

There may be substantial repercussions for not adhering to the ATO’s notice; this can involve losing personal assets like cars, property or shares, and personal bankruptcy for the company’s debts.

STATUTORY DEMANDS

What exactly is a Statutory Demand?

A Statutory Demand is a demand made under 459E of the Corporations Act. This documentation is not issued by the Court. A Statutory Demand needs that the Debtor Company pay a defined sum of money within 21 days from the day of the delivery of the demand on the Debtor Company.

If the debt is disputed, or if there are exceptions in the document, the company should immediately get separate legal advice and apply to the Court to set the demand aside on the basis that the debt, then the target of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

What happens if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a company is solvent if it can pay its debts as and when they are due. Accordingly, the test as to whether a company is insolvent is that it is not able 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 abide by a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will offer ‘proof’, which is actually sufficient for a creditor to apply to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just turn up in the post?

Yes, it might be provided face-to-face or simply appear in the mail as registered mail.

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WINDING UP NOTICE

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Precisely what is a Wind-Up Notice?

A wind-up notice generally follows a Statutory Demand. If a business is unable to pay the debts then the Court has the capacity to wind it up and appoint a liquidator whose obligation it is to transform the assets into cash and disburse the cash in the order started in the Corporations Act. In other words, this notice is generally a letter informing you that on a certain date a liquidator will be designated by the courts to take control of your company if you do not pay the debt.

Who can send out a Wind-Up Notice?

The creditor who secures the appointment of the liquidator and the liquidator take priority in relation to their costs, as do particular employee entitlements. The remainder is distributed equally amongst unsecured creditors.

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Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Will I be personally obligated for my businesses debt?

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 is similar to the process of having a person declared bankrupt. Having said that, the ATO can issue a Director’s Penalty Notice whenever, so it is actually best to act quickly. For a no charge consultation contact Liquidators Canberra on 1300 818 575.

What occurs if I can not pay the debt within the 21 Days?

A liquidator will be appointed and you will no longer be the director of your company. The court will select a liquidator who then assumes full control of your company. All of the clients, cheque accounts, assets, cash, money that’s owed to the business and your buildings are no longer yours. Put simply, it’s over. The company you have built is no longer yours. All the resources will be sold, your office, shop or factory will be managed by the liquidators (they will even change the locks) and your services are actually no longer needed. Every facet of your business will now be under the administration of the liquidator.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Do I have any options prior to the Liquidators seizing my business?

Yes. We offer a free initial consultation to help you work through this problem. Our team of experts can spare you tremendous distress. You should act quickly! Calling us the day before the liquidators turn up is pointless. Contact Liquidators Canberra today on 1300 818 575.

Do I have any opportunities once the Liquidators have arrived?

No. The company is not in your control.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

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