Company debt can arise incredibly 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 business debts which are actually out of control then contact us. At Liquidators Joondalup our team are business debt professionals. For a completely free of charge consultation call Liquidators Joondalup on 1300 818 575.
Typically when a company owner finds himself or herself in an impracticable financial position they are encouraged by their bookkeeper, their solicitor and even their friends to call a Liquidator and place the business into liquidation. Be rather careful about this. We have gotten to know, here at Liquidators Joondalup, that many people believe that just because you are paying the liquidator they will take care of your best interests and help you to get you back on your feet. BUT THIS IS REALLY NOT THE CASE!
Although administrators and receivers are typically nice people, their obligation, once they are appointed, is simply to your creditors (people you owe money to) and also to the courts. They are to gather as much money as practical from the liquidated business to pay these creditors. That is simply it. If, for one minute, you feel they will look after your best interests, you are sadly mistaken.
Once you have actually signed those papers to establish liquidators to your company; 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, in a lot of cases you have certainly just shelled out for the death of your own business.
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I figured out I was in strife when the bank wouldn’t lend me any more against the farm. This home has been in the family for years and the prospect of having to give it up was way too much. I called my financial advisor and my bookkeeper, and they both encouraged me to go and see Liquidators Joondalup which I didn’t do, of course. I found this other liquidation firm and they said that’s the only escape. I understood I had significant debt, but it just felt like I had no choice. My accountant said that because 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 to be professional and capable and they said they would help me as much as they could to work through my money issues. I had no idea what was about to happen. They appeared to understand my circumstance; I had some money coming in and a sale of some equipment going through.
The second I signed the paperwork the liquidators asked for the keys and that was it. Everything was taken out of my hands, the sale of the machinery was totally taken over, the money I had coming in was gone, they took control of each and every single thing; it was all gone. The next day my savings account was frozen and what I felt was going to be a beneficial situation ended up my worst nightmare. I lost everything!
There is a trick to handling this scenario: PREPARATION. There is quite a lot you can do to ready yourself; before you surrender the control of your company call Liquidators Joondalup and we will help you walk through the minefield which it can be. As a matter of fact, the majority of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds easy but, in fact, there is an enormous amount of regulation and many rules in place covering this process so getting the best advice from Liquidators Joondalup is always a dependable option. If you are hesitant what you need to do and just need some guidance, simply call us on 1300 818 575. Liquidators Joondalup are experts in pre-liquidation strategies.
If someone is winding up your company, such as the ATO or a creditor, they will certainly have a liquidator appointed by the courts. You do have some choices right 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 Joondalup. The secret here is to get some guidance and involve us as soon as you can in this 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 simply because the longer you neglect this the less choices you have. Call us at 1300 818 575.
Yes, you can still run a company. 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. Obviously, there are policies that will need to be adhered to, and you have to ensure you structure things in the proper way moving forward. Liquidation does not will need to be the end of your business life, as many people think it does. We can really help you to do this and construct a new life after liquidation. There are options, but in many cases people simply don’t know what they are. At Liquidators Joondalup, we can discuss your options and help you accomplish your goals.
Be prepared. Liquidators don’t work for you, regardless of what you pay them. Your creditors don’t help you, no matter how much of their bill you pay them. Your friends love you, but typically have no idea to what they are suggesting to you. They’ve more than likely heard that if you want to begin again you must get rid of the company through a liquidator and it is an easy 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 interested in getting the result you want. For a free assessment call Liquidators Joondalup 1300 818 575.
At Liquidators Joondalup we help you learn about your options. We than help you take the suitable step. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect the proper way with your creditors and resolve the situation. Call us now at Liquidators Joondalup on 1300 818 575.
If you have an ATO debt, don’t disregard your mail! The ATO will often deliver 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 involved, sometimes winding up the company is the answer and sometimes negotiation is called for. Whatever is required, we will definitely help you work through a plan and we will support you the whole way.
If you have actually gotten one of these notifications YOU MUST NOT IGNORE THEM. Contact us as early as you get them and we will be able to help you work through the procedures readily available to secure the best and most beneficial outcome for you. Once 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 Joondalup today for a free consultation on 1300 818 575.
What is extremely important is that every single business owner is aware of these changes and the dangerous nature of all of them and how they may impact you and your business. If you have a tax debt then you may be issued with a Director Penalty Notice by the ATO.
The intention of a Director Penalty Notice is to get directors accountable for their business’s unpaid tax debt. As a director, you will no longer be able to avoid personal liability for a PAYG ATO debt, which comes with 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 ask for expert advice, as we have numerous options you may must think about. Simply call liquidators Joondalup on 1300 818 575.
There may be considerable repercussions for not adhering to the ATO’s notice; this can include things like losing personal assets like cars, 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 legal document is not issued by the Court. A Statutory Demand calls for that the Debtor Company pay 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 objected to, or if there are exceptions in the document, the company should promptly get independent legal advice and apply to the Court to set the demand aside on the premise that the financial debt, then the target 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 business is solvent if it is able to pay its debts as and when they fall 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 simply due.
Under Section 459C of the Act, the company is presumed to be insolvent if a company has actually failed to adhere to a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will provide ‘proof’, which is sufficient for a creditor to register to the Court for the appointment of a liquidator to the company.
Yes, it might be supplied face-to-face or simply appear in the mail as registered mail.
A wind-up notice usually follows a Statutory Demand. If a company is not able to pay the debts then the Court has the capacity to wind it up and appoint a liquidator whose obligation it is to turn the assets into cash and disburse the cash in the order shown in the Corporations Act. In short, this notice is generally a letter informing you that on a certain date a liquidator will be appointed by the courts to take over your company if you don’t pay the debt.
The creditor who secures the appointment of the liquidator and the liquidator take priority in relation to their expenses, as do certain employee entitlements. The remainder is distributed equally among 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 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 really ideal to act quickly. For a totally free consultation get in touch with Liquidators Joondalup on 1300 818 575.
A liquidator will be appointed and you will definitely no longer be the director of your company. The judge will select 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 business and your buildings are no longer yours. In other words, it is actually over. The company you have built over the years is no longer yours. All the resources will be sold, your office, shop or factory will be taken control of by the liquidators ( these guys will even change the locks) and your services are no longer required. Every feature of your business will now be under the management of the liquidator.
Yes. We provide a free initial consultation to guide you work through this problem. Our team of experts can spare you remarkable distress. You have to act quickly! Calling us the day before the liquidators show up is useless. Contact Liquidators Joondalup today on 1300 818 575.
No. The company is not in your control.
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