Company debt can come about very quickly. A few sluggish months and all of a sudden the debt is a long way beyond the reach of the company owner. If you have business debts that are undoubtedly out of control then call us. At Liquidators Albury our team are company debt experts. For a completely free of charge consultation call Liquidators Albury on 1300 818 575.
Typically 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 speak to a Liquidator and place the company into liquidation. Be extremely careful about this. We have learned, here at Liquidators Albury, that many individuals believe that because you are paying the liquidator they will look after your best interests and serve to help you to get you back on your feet. HOWEVER THIS IS WITHOUT A DOUBT NOT THE CASE!
Although administrators and receivers are normally nice individuals, their duty, once they are actually appointed, is to your creditors (people you owe money to) and even to the courts. These guys are to collect as much money as practical from the liquidated business to settle these creditors. That is simply all. If, for one instant, you feel they will protect your best interests, you are sadly mistaken.
Once you have actually signed those forms to select liquidators to your company; that is it! You no longer get any say over your company. The liquidator will do whatever they feel is in the best interests of the creditors and, guess what, often you have just bought the death of your own company..
* We vow not to pester you with emails and phone calls when you sign up for our free e-book. In fact, we promise to only call you once to find out if we can help you further and that’s it.
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 thought of losing it was way too much. I called my financial advisor and my bookkeeper, and they both encouraged me to go and see Liquidators Albury which I didn’t do, of course. I found this other liquidation organization and they said that’s the only escape. I understood I had significant debt, but it just looked like I had no choice. My accountant said that since 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 people said they would help me as much as they could to overcome my money issues. I had no idea what was going to happen. They seemed to understand my circumstance; I had some cash coming in and a sale of some machinery going through.
The minute 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 machinery was completely taken control of, the money I had coming in was gone, they took control of 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!
There is a trick to handling this scenario: PREPARING. There is quite a lot you can do to ready yourself; before you surrender the control of your business call Liquidators Albury and we will help you walk through the minefield that it can be. Actually, most of the stress and anxiety can be dealt with in such a way that will work for you, not against you. This sounds simple but, actually, there is an huge amount of law and many rules in place surrounding this process so getting the correct advice from Liquidators Albury is always a reliable option. If you are unsure what you must do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Albury specialises in pre-liquidation strategies.
If someone else is winding up your company, like the ATO or a creditor, they are going to have a liquidator appointed from the courts. You do have some options 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 Albury. The key here is to get some guidance and include 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 call us because the longer you neglect this the fewer choices you have. Call us at 1300 818 575.
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. Needless to say, there are policies that need to be complied with, and you must ensure you structure things in properly moving forward. Liquidation does not need to be the end of your business life, as many people think it does. We can really help you to do this and reconstruct a new life after liquidation. There are options, but in many cases people simply have no idea what they are. At Liquidators Albury, we can discuss your options and help you achieve your goals.
Be prepared. Liquidators don’t work for 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 idea to what they are suggesting to you. They’ve most likely heard that if you wish to begin again you will need to throw away 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 Albury 1300 818 575
At Liquidators Albury we help you work through your options. We than help you take the appropriate step. 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 fix the situation. Call us now at Liquidators Albury on 1300 818 575..
If you have an ATO debt, don’t ever disregard your mail! The ATO will often provide 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 involved, in some cases winding up the company is the answer and sometimes negotiation is needed. Despite what is called for, we will help you work through a plan and we will support you the whole way.
If you have actually 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. As soon as 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 Albury today for a free consultation on 1300 818 575.
What is critically important is that every business owner understands these changes and the serious nature 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 purpose of a Director Penalty Notice is to make directors liable for their business’s unpaid tax debt. As a director, you will not be able to prevent 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 important that you request expert advice, as we have numerous options you may should think about. Simply call liquidators Albury on 1300 818 575.
There may be considerable repercussions for not complying with the ATO’s notice; this can include things like losing personal assets like vehicles, property or shares, and personal bankruptcy for the company’s debts.
A Statutory Demand is a demand generated under 459E of the Corporations Act. This legal document is not issued by the Court. A Statutory Demand requires that the Debtor Company pay out 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 contended, or if there are exceptions in the document, the company should quickly get independent 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 in fact contested. This application MUST be made within 21 days.
Section 95( A) of the Corporations Act requires that a business is solvent if it is able to pay its debts as and also 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 actually due.
Under Section 459C of the Act, the company is presumed to be insolvent if a company has 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 sufficient for a creditor to apply 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 normally 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 function it is to change the assets into cash and disburse the cash in the order started in the Corporations Act. In short, 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 do not pay the debt.
The creditor who gets the appointment of the liquidator and the liquidator take priority in relation to their expenses, as do specific employee entitlements. The rest is distributed equally among unsecured creditors.
No. The liquidation of a company does not automatically imply the director will be simply made bankrupt; however, the method of winding up a business resembles the process of having a person declared bankrupt. Having said that, the ATO can provide a Director’s Penalty Notice any time, so it is really ideal to act quickly. For a free consultation call Liquidators Albury on 1300 818 575.
A liquidator will be actually appointed and you will no longer be the director of your company. The court will assign a liquidator who then takes up 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. 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 seized by the liquidators (they will even change the locks) and your services are no longer required. Every element of your business will now be under the administration of the liquidator.
Yes. We offer a free initial consultation to guide you work through this problem. Our team of professionals can save you from remarkable distress. You should act quickly! Calling us the day before the liquidators arrive is fruitless. Contact Liquidators Albury today on 1300 818 575.
No. The company is no longer in your control.
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