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Liquidators Tablelands

Company debt can occur very easily. A few slow 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 really out of control then call us. At Liquidators Tablelands  we are company debt experts. For a completely free of charge consultation call Liquidators Tablelands on 1300 818 575.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

If my business is actually in trouble should I call a liquidator?

Frequently when a business owner finds himself or herself in an impracticable financial position they are encouraged by their bookkeeper, their solicitor or even their friends to call a Liquidator and place the business into liquidation. Be extremely careful about this. We have learned, here at Liquidators Tablelands, that most people believe that due to the fact that 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 WITHOUT A DOUBT NOT THE CASE!

Liquidators Tablelands is on your side

Although administrators and receivers are normally nice individuals, their duty, once they are actually appointed, is simply to your creditors (people you owe money to) and also to the courts. These guys are to gather as much money as possible from the liquidated business to pay these creditors. That’s all. If, for one moment, you feel they will protect your best interests, you are sadly mistaken.

Once you have signed those documents to appoint liquidators to your business; 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 most cases you have just shelled out for the death of your business.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

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One Business Owner’s Story

I knew 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 idea of having to give it up was too much. I called my financial advisor and my accountant, and they both encouraged me to go and see Liquidators Tablelands which I didn’t do, of course. I found this other liquidation organization and they said that’s the only way out. I knew I had significant debt, but it just seemed like I had no option. 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 taken care of. WRONG!

I found some Liquidators, they seemed to be professional and capable and they explained 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 situation; I had some money coming in and a sale of some machinery 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 equipment was totally taken control of, the money I had coming in was gone, they took control of every single thing; it was 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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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

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

There is a method to dealing with this situation: PREPARATION. There is quite a lot you can do to ready yourself; before you yield the control of your business call Liquidators Tablelands and we will help you walk through the minefield which it can be. Actually, a lot of the stress and anxiety can be dealt with in a manner that will work for you, not against you. This sounds easy but, as a matter of fact, there is an enormous amount of regulation and many rules in place surrounding this process so getting the right advice from Liquidators Tablelands is always a reliable option. If you are hesitant what you should do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Tablelands are experts in pre-liquidation strategies.

What if another person is winding up my company?

If somebody is winding up your company, like the ATO or a creditor, they are going to have a liquidator appointed by the courts. You do have some choices here and certainly there is lots you must understand and do to protect yourself – feel free to call us for a free consultation here at Liquidators Tablelands. The secret here is to get some advice and involve 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 call us because the longer you neglect this the less alternatives you have. Call us at 1300 818 575.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

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 continue to be the director of the company that has been liquidated. This is among the most typical questions we are asked. Obviously, there are policies that need to be followed, and you will need to ensure you structure things in the right way 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 reconstruct a new life after liquidation. There are choices, but in most cases people just have no idea exactly what they are. At Liquidators Tablelands, we can discuss your options and help you accomplish your goals.

What do I haveto do?

Be prepared. Liquidators don’t serve 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 generally have no thought to what they are often recommending to you. They’ve probably heard that if you want to begin again you should 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– no one else does. You are our client and we are only interested in getting the result you want. For a free meeting call Liquidators Tablelands 1300 818 575.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

What do we do?

At Liquidators Tablelands we help you work through your choices. We than help you take the suitable action. Then we work toward getting the best possible outcome for you and protecting whatever we can. We communicate the proper way with your creditors and resolve the situation. Call us now at Liquidators Tablelands on 1300 818 575.

What happens if I have an ATO Debt?

If you have an ATO debt, don’t neglect your mail! The ATO will often provide companies Wind-Up Notices or Statutory Demands, or perhaps 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 involved. No matter what is needed, we will certainly help you work through a plan and we will support you the whole way.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

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

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is extremely important is that each and every business owner understands 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 likely issued with a Director Penalty Notice by the ATO.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

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

The aim of a Director Penalty Notice is to get directors accountable for their business’s unpaid tax debt. As a director, you will not manage to avoid personal liability for a PAYGATO debt, which has a Director Penalty Notice, if the following applies:

  1. Your debt is older than 3 months and or your debt was not revealed to the ATO inside 3 months of the due date.
  2. As a director, you could likewise be responsible for your company’s unpaid superannuation liability when you have a penalty.
  3. Directors, and associates of directors, may now also be accountable for a new personal income tax liability. This is going to make directors and their associates potentially 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 critical that you request expert advice, as we have numerous options you may must think about. Simply call liquidators Tablelands on 1300 818 575.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

What if I disregard the notice?

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

STATUTORY DEMANDS

What is a Statutory Demand?

A Statutory Demand is a demand produced under 459E of the Corporations Act. This file is not issued by the Court. A Statutory Demand calls for that the Debtor Company pay out 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 opposed, 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 financial debt, then the target of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a company is solvent if it manages to 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 simply 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 offer ‘proof’, which is sufficient for a creditor to inquire to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just come in the post?

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

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WINDING UP NOTICE

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Exactly what is a Wind-Up Notice?

A wind-up notice normally follows a Statutory Demand. If a company is not able to pay the debts then the Court has the ability to wind it up and appoint a liquidator whose function 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 designated by the courts to take over your company if you don’t pay the debt.

Who can send me a Wind-Up Notice?

The creditor who acquires the appointment of the liquidator and the liquidator take priority in relation to their expenses, as do certain employee entitlements. The rest is distributed equally amongst unsecured creditors.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

Will I be individually bound for my businesses’ debt?

No. The liquidation of a company does not instantly imply the director will be actually made bankrupt; however, the process of winding up a business resembles the process of having a person declared bankrupt. Having said that, the ATO can issue a Director’s Penalty Notice any time, so it is definitely best to take action quickly. For a totally free consultation get in touch with Liquidators Tablelands on 1300 818 575.

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

A liquidator will be actually appointed and you will no longer be the director of your company. The judge will appoint a liquidator who then acquires 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 is actually over. The company you have built is no longer yours. All the resources will be sold, your office, shop or factory will be taken control of by the liquidators ( theseguys will even change the locks) and your services are simply no longer needed. Every aspect of your business will now be under the administration of the liquidator.

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Bankruptcy Tablelands,Bankruptcy Notice Tablelands,Bankruptcy Help Tablelands

Do I have any options before the Liquidators seizing my business?

Yes. We provide a free initial consultation to guide you work through this problem. Our team of specialists can save you from incredible distress. You must act rapidly! Calling us the day before the liquidators turn up is fruitless. Contact Liquidators Tablelands today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is no longer in your control.

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