Business debt can arise incredibly quickly. A few slow months and all of a sudden the financial debt is a very long way beyond the reach of the company owner. If you have business debts that are actually out of control then contact us. At Liquidators Brisbane our team are company debt specialists. For a completely free consultation call Liquidators Brisbane on 1300 818 575.
In most cases when a business owner finds himself or herself in an impracticable financial position they are advised by their bookkeeper, their solicitor or perhaps their friends to consult with a Liquidator and place the business into liquidation. Be very careful about this. We have gotten to know, here at Liquidators Brisbane, that many people believe that simply because you are paying the liquidator they will protect 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 normally nice individuals, their obligation, once they are appointed, is simply to your creditors (people you owe money to) and to the courts. They are to collect as much money as they can from the liquidated business to pay these creditors. That is simply it. If, for one instant, you feel they will watch out for your best interests, you are unfortunately mistaken.
Once you have signed those documents to appoint liquidators to your company; 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, often you have actually just bought the death of your company.
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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 prospect 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 Brisbane 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 looked like I had no option. My accountant said that because I am shelling out for the liquidator and that it was going to be a voluntary liquidation that I would be taken care of. WRONG!
I found some Liquidators, they appeared professional and qualified and these guys said they would help me as much as they could to work through my money issues. I had no idea what was going 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 documents the liquidators asked for 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 over every single thing; it was simply all gone. The next day my savings account was frozen and what I believed was going to be a beneficial situation ended up my worst nightmare. I lost everything!
There is a secret to dealing with this issue: PREPARATION. There is quite a lot you can do to ready yourself; before you give up the control of your business call Liquidators Brisbane and we will really help you walk through the minefield that it can be. In 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 substantial amount of law and many rules in place covering this process so getting the best advice from Liquidators Brisbane is always a safe option. If you are uncertain what you ought to do and just need some guidance, simply call us on 1300 818 575. Liquidators Brisbane are experts in pre-liquidation strategies.
If somebody else 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 here and certainly there is a lot you must understand and do to protect yourself – feel free to call us for a free consultation here at Liquidators Brisbane. The key here is to get some advice and include us as quickly as you can in this particular process. It is that easy. Normally you will get a notice in the mail or a court order, and if you have one of these contact us simply because the longer you ignore this the less options you have. Call us at 1300 818 575.
Yes, you can continue to run a business. No, you can not continue to be the director of the company that has been liquidated. This is one of the most frequent questions we are asked. Needless to say, there are regulations that must be adhered to, and you must ensure you structure things in properly moving forward. Liquidation does not need to be the end of your business life, as so many people think it does. We can really help you to do this and construct a new life after liquidation. There are choices, but a lot of time people simply don’t know just what they are. At Liquidators Brisbane, we can discuss your options and help you achieve your goals.
Be prepared. Liquidators don’t work with you, no matter what you pay them. Your creditors don’t help you, no matter just 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 probably heard that if you wish to begin again you have to throw away 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 interested in getting the result you want. For a free consultation call Liquidators Brisbane 1300 818 575
At Liquidators Brisbane we help you figure out 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 communicate properly with your creditors and resolve the situation. Call us now at Liquidators Brisbane on 1300 818 575.
If you have an ATO debt, don’t disregard your mail! The ATO will often issue companies Wind-Up Notices or Statutory Demands, and 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 called for, in some cases winding up the company is the answer and sometimes negotiation is required. Regardless of what is required, we will 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 LET THEM LAPSE. Contact us as soon as you get them and we can help you work through the procedures readily available to secure the best and most favourable outcome for you. As soon as we have done an assessment of the business and the circumstances we recommend an response plan. Then it is your choice whether you go ahead from there. Call Liquidators Brisbane today for a free consultation on 1300 818 575.
What is extremely important is that each and every business owner is aware of these changes and the serious nature of all of them and how they will 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 purpose of a Director Penalty Notice is to make directors responsible for their company’s unpaid tax debt. As a director, you will not be able 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 ask for expert advice, as we have numerous options you may should think about. Simply call liquidators Brisbane on 1300 818 575.
There may be considerable repercussions for not adhering to the ATO’s notice; this can include 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 file is not issued by the Court. A Statutory Demand needs that the Debtor Company pay a specified sum of money within 21 days from the period of the delivery of the demand on the Debtor Company.
If the debt is contended, or if there are exceptions in the document, the company should right away get separate legal advice and apply to the Court to set the demand aside on the premise that the debt, then the target of the Statutory Demand is actually contested. This application MUST be made within 21 days.
Section 95( A) of the Corporations Act requires that a business is solvent if it can pay its debts as and when they fall due. Accordingly, the test as to whether or not a business 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 provide ‘proof’, which is actually sufficient for a creditor to inquire to the Court for the appointment of a liquidator to the business.
Yes, it might be delivered face-to-face or simply show up in the mail as registered mail.
A wind-up notice often follows a Statutory Demand. If a business is unable to pay its own debts then the Court has the power 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 started in the Corporations Act. Simply put, this notice is essentially a letter notifying you that on a certain date a liquidator will be appointed by the courts to take over your company if you won’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 particular employee entitlements. The leftovers is distributed equally among unsecured creditors.
No. The liquidation of a company does not automatically imply the director will be made bankrupt; however, the process of winding up a business is similar to the process of having a person declared bankrupt. Having said that, the ATO can release a Director’s Penalty Notice whenever, so it is actually ideal to take action quickly. For a no charge consultation call Liquidators Brisbane on 1300 818 575..
A liquidator will be actually appointed and you will definitely not be the director of your company. The judge will assign 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. In other words, it’s over. The company you have built over the years is no longer yours. All the assets will be sold, your office, shop or factory will be seized by the liquidators (they will even change the locks) and your services are no longer required. Every facet of your business will now be under the administration of the liquidator.
Yes. Our company offers a free initial consultation to guide you work through this problem. Our team of professionals can save you from tremendous distress. You have to act quickly! Calling us the day before the liquidators show up is pointless. Contact Liquidators Brisbane today on 1300 818 575.
No. The business is not in your control..
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