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Liquidators Whitsundays

Bankruptcy Whitsundays

Business debt can come about remarkably easily. A few slow months and all of a sudden the financial debt is a long way beyond the grasp of the company owner. If you have business debts which are without a doubt out of control then contact us. At Liquidators Adelaide  our company are business debt specialists. For a completely free consultation call Liquidators Whitsundays on 1300 818 575.

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

If my company is in trouble should I call a liquidator?

Often when a business owner finds himself or herself in an unworkable financial position they are encouraged by their bookkeeper, their solicitor or even their friends to get in touch with a Liquidator and place the company into liquidation. Be extremely careful about this. We have gotten to know, here at Liquidators Whitsundays, that many people believe that because you are paying the liquidator they will look after your best interests and help you to get you back on your feet. HOWEVER, THIS IS ABSOLUTELY NOT THE CASE!

Liquidators Whitsundays are on your side

Although administrators and receivers are typically nice people, their duty, once they are actually appointed, is to your creditors (people you owe money to) and also to the courts. These guys are to get hold of as much money as practical from the liquidated business to repay these creditors. That’s it. If, for one instant, you feel they will look after your best interests, you are unfortunately mistaken.

Although administrators and receivers are typically nice people, their duty, once they are actually appointed, is to your creditors (people you owe money to) and also to the courts. These guys are to get hold of as much money as practical from the liquidated business to repay these creditors. That’s it. If, for one instant, you feel they will look after your best interests, you are unfortunately mistaken.

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

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One Business Owner’s Story

I figured out 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 idea of having to give it up was too much. I called my financial advisor and my accountant, and they both instructed me to go and see Liquidators Whitsundays which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I understood I had significant debt, but it just felt like I had no option. My accountant said that because I am shelling out for the liquidator and that it was likely going to be a voluntary liquidation that I would certainly be taken care of. WRONG!

I found some Liquidators, they seemed professional and qualified and they explained they would help me as much as they could to overcome my money issues. I had no idea what was going to happen. They appeared to grasp my predicament; I had some cash coming in and a sale of some equipment 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 control of, 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 assumed was reallying going to be a beneficial situation became my worst nightmare. I lost everything!

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

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

There is a secret to dealing with this scenario: PREPARING. There is quite a lot you can do to ready yourself; before you yield the control of your company call Liquidators Whitsundays and we will really help you walk through the minefield that it can be. As a matter of fact, a lot 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 reality, there is an enormous amount of regulation and many rules in place surrounding this process so getting the best advice from Liquidators Whitsundays is always a safe option. If you are undecided what you must do and just need some guidance, simply call us on 1300 818 575. Liquidators Whitsundays specialises in pre-liquidation strategies.

Suppose someone else is winding up my company?

If somebody else is winding up your company, like the ATO or a creditor, they will have a liquidator appointed from the courts. You do have some choices right here and there is lots you must understand and do to protect yourself – feel free to call us for a free consultation here at Liquidators Whitsundays. The trick here is to get some guidance 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 call us because the longer you neglect this the less choices you have. Call us at 1300 818 575.

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

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

Yes, you can continue to run a company. 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. Needless to say, there are policies that have to be adhered to, and you must ensure you structure things in the right way moving forward. Liquidation does not must be the end of your business life, as a lot of people think it does. We can help you to do this and construct a new life after liquidation. There are choices, but a lot of time people just have no idea exactly what they are. At Liquidators Whitsundays, we can discuss your options and help you accomplish your goals.

What do I need to do?

Be prepared. Liquidators don’t work with you, no matter how much money you pay them. Your creditors don’t work for you, no matter 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 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 help 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 Whitsundays 1300 818 575.

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

What do we do?

At Liquidators Whitsundays we help you figure out your options. We than help you take the ideal step. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect the right way with your creditors and fix the situation. Call us now at Liquidators Whitsundays on 1300 818 575.

What if I have an ATO Debt?

At Liquidators Whitsundays we help you figure out your options. We than help you take the ideal step. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect the right way with your creditors and fix the situation. Call us now at Liquidators Whitsundays on 1300 818 575.

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

What If I have received a notice from the Tax Office?

If you have gotten one of these notifications YOU MUST NOT IGNORE THEM. Contact us as early 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 your business and the circumstances we recommend an response plan. Then it is your choice whether you go on from there. Call Liquidators Whitsundays 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 significant nature of all of them and how they are going to 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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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

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

The aim of a Director Penalty Notice is to get directors liable for their company’s unpaid tax debt. As a director, you will not have the ability to avoid personal liability for a PAYG ATO debt, which has a Director Penalty Notice, if the following applies:

  1. Your financial debt is older than 3 months and or your debt was not declared to the ATO within 3 months of the due date.
  2. As a director, you may also be liable for your company’s unpaid superannuation liability when you receive a penalty.
  3. Directors, and associates of directors, may now also be responsible for a new personal income tax liability. This is going to make directors and their associates quite possibly liable for a company’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 get expert advice, as we have numerous options you may need to think about. Simply call liquidators Whitsundays on 1300 818 575.

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

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 critical that you get expert advice, as we have numerous options you may need to think about. Simply call liquidators Whitsundays on 1300 818 575.

STATUTORY DEMANDS

What is a Statutory Demand?

A Statutory Demand is a demand made under 459E of the Corporations Act. This documentation 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 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 quickly get independent legal advice and apply to the Court to set the demand aside on the basis 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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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act stipulates 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 generally 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 appeal 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 supplied face-to-face or simply show up in the mail as registered mail.

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WINDING UP NOTICE

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Precisely what is a Wind-Up Notice?

A wind-up notice normally follows a Statutory Demand. If a business is not able to pay the debts then the Court has the ability to wind it up and appoint a liquidator whose duty it is to turn the assets into cash and disburse the cash in the order shown in the Corporations Act. In other words, this notice is essentially a letter informing 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?

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

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Will I be personally obligated for my businesses debt?

No. The liquidation of a company does not instantly imply the director will be 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 whenever, so it is really ideal to act quickly. For a totally free consultation contact Liquidators Whitsundays on 1300 818 575.

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

A liquidator will be actually appointed and you will definitely no longer be the director of your company. The judge 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 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 managed by the liquidators ( these guys will even change the locks) and your services are actually no longer needed. Every feature of your business will now be under the administration of the liquidator.

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Do I have any options prior to the Liquidators seizing my business?

Yes. We offer a free initial consultation to help you work through this problem. Our team of experts can save you from incredible distress. You have to act quickly! Calling us the day before the liquidators turn up is fruitless. Contact Liquidators Whitsundays today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is no longer in your control.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

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