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Liquidators Cassowary Coast

Business debt can happen very quickly. A few slow months and all of a sudden the debt is a very long way beyond the grasp of the company owner. If you have business debts which are out of control then call us. At Liquidators Cassowary Coast our company are business debt experts. For a completely free consultation call Liquidators Cassowary Coast on 1300 818 575.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

If my company is really in trouble should I contact a liquidator?

Often when a business owner finds himself or herself in an impracticable financial position they are encouraged by their bookkeeper, their solicitor or perhaps their friends to get in touch with a Liquidator and place the company into liquidation. Be really careful about this. We have learned, here at Liquidators Cassowary Coast, that many people believe that simply because you are paying the liquidator they will look after your best interests and really help you to get you back on your feet. HOWEVER THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Cassowary Coast is on your side

Although administrators and receivers are generally nice individuals, their duty, once they are actually appointed, is to your creditors (people you owe money to) and also to the courts. They are to gather as much money as they can from the liquidated business to settle 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 forms to assign 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 actually just paid for the death of your company.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

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One Business Owner’s Story

I knew I was in strife when the bank would not lend me any more against the farm. This home has been in the family for years and the idea of losing it was way too much. I called my financial advisor and my accountant, and they both suggested me to go and see Liquidators Cassowary Coast which I didn’t do, of course. I found this other liquidation firm and they said that’s the only way out. 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 looked after. WRONG!

I found some Liquidators, they appeared professional and qualified and these people explained 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 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 totally taken over, 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 being my worst nightmare. I lost everything!

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

What is the leading strategy if my company is in crisis?

There is a secret to handling this issue: PREPARATION. There is quite a lot you can do to ready yourself; before you surrender the control of your company call Liquidators Cassowary Coast and we will help you walk through the minefield that 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 easy but, in fact, there is an significant amount of regulation and many rules in place covering this process so getting the correct advice from Liquidators Cassowary Coast is always a reliable option. If you are unsure what you should do and just need some guidance, simply call us on 1300 818 575. Liquidators Cassowary Coast specialises in pre-liquidation strategies.

What happens if somebody else 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 from the courts. You do have some choices here and certainly there is a lot you must know and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Cassowary Coast. The secret here is to get some guidance and involve us as quickly 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 give us a call simply because the longer you ignore this the fewer alternatives you have. Call us at 1300 818 575.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

Can I continue to run a business if I have been a director of a business that has been liquidated?

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 will need to be adhered to, and you need 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 a lot of people think it does. We can help you to do this and restore a new life after liquidation. There are options, but a lot of time people just don’t know exactly what they are. At Liquidators Cassowary Coast, we can discuss your options and help you achieve your goals.

What do I should do?

Be prepared. Liquidators don’t serve 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 often have no thought to what they are often recommending to you. They’ve probably heard that if you wish to begin again you need to 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 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 consult call Liquidators Cairns 1300 818 575.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

What do I need to do?

Be prepared. Liquidators don’t serve you, no matter how much you pay them. Your creditors don’t work for you, no matter just how much of their bill you pay them. Your friends love you, but often have no thought to what they are recommending to you. They’ve more than likely heard that if you want to begin again you have to get rid of the company through a liquidator and it is an 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 interested in getting the result you want. For a free assessment call Liquidators Cassowary Coast 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, do not 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 needed, at times winding up the company is the answer and sometimes negotiation is needed. Regardless of what is required, we will help you work through a plan and we will support you the whole way.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

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

If you have already gotten one of these warnings YOU MUST NOT FORGET ABOUT THEM. Contact us as soon 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. Once we have done an assessment of your business and the circumstances we recommend an action plan. Then it is your choice whether you go on from there. Call Liquidators Cassowary Coast today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is extremely important is that every business owner knows these changes and the significant nature of all of them and how they will 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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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

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

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

  1. Your debt is older than three months and or your debt was not reported to the ATO within 3 months of the due date.
  2. As a director, you can also be liable for your company’s unpaid superannuation liability if you have 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 actually liable for a company’s unpaid PAYG withholding liability.

So 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 ask for expert advice, as we have numerous options you may should think about. Simply call liquidators Cassowary Coast on 1300 818 575.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

What if I pay no attention to the notice?

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

STATUTORY DEMANDS

What is a Statutory Demand?

A Statutory Demand is a demand produced under 459E of the Corporations Act. This 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 basis that the financial debt, then the subject of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

What happens if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act states that a company is solvent if it can pay its debts as and when they fall due. Accordingly, the test as to whether a business is insolvent is that it is not able to pay its debts as and when they are due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has actually failed to comply with 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 apply to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just come up in the post?

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

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WINDING UP NOTICE

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What exactly is a Wind-Up Notice?

A wind-up notice often follows a Statutory Demand. If a company is unable to pay its debts then the Court has the capacity to wind it up and appoint a liquidator whose responsibility it is to turn the assets into cash and disburse the cash in the order started in the Corporations Act. In other words, this notice is basically a letter notifying 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.

Who can send me a Wind-Up Notice?

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

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

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 provide a Director’s Penalty Notice whenever, so it is really ideal to take action quickly. For a cost-free consultation call Liquidators Cassowary Coast on 1300 818 575.

What takes place in the event that I can not pay the debt within the 21 Days?

A liquidator will be actually appointed and you will definitely not be the director of your company. The court will appoint a liquidator who then takes on 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. 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 taken control of by the liquidators ( these guys will even change the locks) and your services are no longer required. Every element of your business will now be under the management of the liquidator.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

Do I get any choices prior to the Liquidators seizing my business?

Yes. Our company offers a free initial consultation to help you work through this problem. Our team of specialists can save you from incredible distress. You should act quickly! Calling us the day before the liquidators arrive is pointless. Contact Liquidators Cassowary Coast today on 1300 818 575.

Do I have any choices once the Liquidators have arrived?

No. The business is not in your control.

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