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Liquidators Adelaide

Business debt can occur incredibly easily. A few sluggish months and all of a sudden the debt is generally a long way beyond the grasp of the company owner. If you have business debts that are out of control then call us. At Liquidators Wollongong  our company are business debt experts. For a completely free of charge consultation call Liquidators Wollongong on 1300 818 575.

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If my business is in trouble should I get in touch with a liquidator?

More often than not 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 talk to a Liquidator and place the company into liquidation. Be rather careful about this. We have gotten to know, here at Liquidators Wollongong, that most people believe that because you are paying the liquidator they will protect your best interests and really help you to get you back on your feet. HOWEVER THIS IS CERTAINLY NOT THE CASE!

Liquidators Adelaide are on your side

Although administrators and receivers are usually 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 round up as much money as they can from the liquidated business to repay these creditors. That’s it. If, for one second, you feel they will protect your best interests, you are regrettably mistaken.

Once you have signed those documents 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 many cases you have actually just paid for the death of your company.

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One Business Owner’s Story

I realized I was in strife 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 losing it was too much. I called my financial advisor and my bookkeeper, and they both suggested me to go and see Liquidators Wollongong which I didn’t do, of course. I found this other liquidation organization and they said that’s the only escape. I knew I had significant debt, but it just felt like I had no alternative. 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 be looked after. WRONG!

I found some Liquidators, they seemed professional and capable and they explained they would help me as much as they could to work through my money problems. I had no idea what was going to happen. They seemed to comprehend my situation; I had some money coming in and a sale of some machinery going through.

The minute 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 completely taken over, the money I had coming in was gone, they took over each and every single thing; it was simply all gone. The next day my savings account was frozen and what I thought was reallying going to be a beneficial situation ended up my worst nightmare. I lost everything!

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

There is a technique to handling this scenario: PREPARING. There is quite a lot you can do to ready yourself; before you give up the control of your business call Liquidators Wollongong and we will help you walk through the minefield that it can be. In fact, much 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 law and many rules in place surrounding this process so getting the best advice from Liquidators Wollongong is always a dependable option. If you are hesitant what you must do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Wollongong are experts in pre-liquidation strategies.

What if someone 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 options right 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 Wollongong. The secret here is to get some advice and include us as soon as you can in this 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 contact us simply because the longer you ignore this the fewer options you have. Call us at 1300 818 575.

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Can I continue to run a business if I have been the director of a company 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 among the most typical questions we are asked. Naturally, there are regulations that have to be stuck to, and you must ensure you structure things in the right way moving forward. Liquidation does not need to be the end of your business life, as many people think it does. We can help you to do this and reconstruct a new life after liquidation. There are choices, but in many cases people simply don’t know exactly what they are. At Liquidators Wollongong, we can discuss your options and help you achieve your goals.

What do I need to do?

Be prepared. Liquidators don’t serve you, no matter how much 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 normally have no idea to what they are often recommending to you. They’ve probably heard that if you wish to begin again you will need 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 thinking about getting the result you want. For a free consultation call Liquidators Wollongong 1300 818 575.

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What do we do?

At Liquidators Wollongong we help you work through your options. We than help you take the suitable 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 deal with the situation. Call us now at Liquidators Wollongong on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, really don’t 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 required, sometimes winding up the company is the answer and sometimes negotiation is needed. No matter what is called for, we will definitely help you work through a plan and we will support you the whole way.

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What 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 quickly as you get them and we will be able to help you work through the steps readily available to get 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 ahead from there. Call Liquidators Wollongong today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is extremely important is that every single business owner knows these changes and the serious nature of them and how they will 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.

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

What is extremely important is that every single business owner knows these changes and the serious nature of them and how they will 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.

  1. What is extremely important is that every single business owner knows these changes and the serious nature of them and how they will 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.
  2. As a director, you might also be responsible for your company’s unpaid superannuation liability if you get a penalty.
  3. Directors, and associates of directors, could now also be responsible for a new personal income tax liability. This will make directors and their associates possibly liable for a business’s unpaid PAYG withholding liability.

Do I have any choices?

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

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What if I ignore the notice?

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

STATUTORY DEMANDS

What is a Statutory Demand?

A Statutory Demand is a demand generated under 459E of the Corporations Act. This file is not issued by the Court. A Statutory Demand calls for that the Debtor Company pay a defined 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 promptly get independent legal advice and apply to the Court to set the demand aside on the grounds that the debt, then the target of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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What 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 also when they are 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 actually due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has actually 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 register to the Court for the appointment of a liquidator to the company.

Can the Statutory Demand just turn up in the post?

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

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WINDING UP NOTICE

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What is a Wind-Up Notice?

A wind-up notice generally follows a Statutory Demand. If a business is not able to pay its own debts then the Court has the power to wind it up and appoint a liquidator whose obligation it is to convert the assets into cash and disburse the cash in the order shown 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 over your company if you won’t pay the debt.

Who can send me a Wind-Up Notice?

The creditor who obtains the appointment of the liquidator and the liquidator take priority in regard to their expenses, as do certain employee entitlements. The leftovers is distributed evenly among unsecured creditors.

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Will I be personally obligated for my businesses debt?

The creditor who obtains the appointment of the liquidator and the liquidator take priority in regard to their expenses, as do certain employee entitlements. The leftovers is distributed evenly among unsecured creditors.

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

A liquidator will be appointed and you will definitely no longer 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. Put simply, it is actually 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 managed by the liquidators (they will even change the locks) and your services are simply no longer called for. Every facet of your business will now be under the management of the liquidator.

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Do I have any options 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 professionals can spare you remarkable distress. You should act rapidly! Calling us the day before the liquidators arrive is fruitless. Contact Liquidators Wollongong today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The business is no longer in your control.

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