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Liquidators Sydney

Business debt can occur incredibly quickly. A few sluggish months and all of a sudden the financial debt is generally a very long way beyond the grasp of the company owner. If you have company debts that are undoubtedly out of control then call us. At Liquidators Sydney  we are company debt professionals. For a completely free of charge consultation call Liquidators Sydney on 1300 818 575.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

If my business is in trouble should I talk to a liquidator?

Usually when a company owner finds himself or herself in an impracticable financial position they are encouraged by their bookkeeper, their solicitor or perhaps their friends to talk to a Liquidator and place the business into liquidation. Be really careful about this. We have gotten to know, here at Liquidators Sydney, that many individuals believe that just because you are paying the liquidator they will protect your best interests and help you to get you back on your feet. HOWEVER THIS IS REALLY NOT THE CASE!

Liquidators Sydney is on your side

Although administrators and receivers are usually nice people, their obligation, once they are appointed, is simply to your creditors (people you owe money to) as well as to the courts. They are to round up as much money as they can from the liquidated business to repay these creditors. That’s it. If, for one minute, you feel they will take care of your best interests, you are regrettably mistaken.

Once you have signed those documents to select 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 just bought the death of your company.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

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One Business Owner’s Story

I realized 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 thought of having to give it up was way too much. I called my financial advisor and my bookkeeper, and they both encouraged me to go and see Liquidators Sydney which I didn’t do, of course. I found this other liquidation firm and they said that’s the only escape. I knew I had significant debt, but it just appeared like I had no alternative. My accountant said that because I am shelling out for the liquidator and that it was 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 they said they would help me as much as they could to work through my money problems. I had no idea what was about to happen. They appeared to comprehend my predicament; 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 over each and every single thing; it was all gone. The next day my savings account was frozen and what I presumed was reallying going to be a beneficial situation ended up being my worst nightmare. I lost everything!

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

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

There is a trick to dealing with this scenario: PREPARING. There is quite a lot you can do to ready yourself; before you surrender the control of your company call Liquidators Sydney and we will really help you walk through the minefield that it can be. Actually, the majority of the stress and anxiety can be dealt with in a manner that will work for you, not against you. This sounds simple but, actually, there is an huge amount of regulation and many rules in place surrounding this process so getting the best advice from Liquidators Sydney is always a reliable option. If you are undecided what you ought to do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Sydney are experts in pre-liquidation strategies.

Suppose somebody else is winding up my company?

If someone else is winding up your company, like the ATO or a creditor, they will have a liquidator appointed by the courts. You do have some choices here and there is lots you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Sydney. The secret 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 receive a notice in the mail or a court order, and if you have one of these call us simply because the longer you neglect this the less options you have. Call us at 1300 818 575.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

Can I keep running a business if I have been the director of a company 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 among the most typical questions we are asked. Of course, there are policies that have to be followed, and you have to ensure you structure things in properly 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 really help you to do this and reconstruct a new life after liquidation. There are options, but in most cases people just have no idea what they are. At Liquidators Sydney, we can discuss your options and help you achieve your goals.

What do I have to do to do?

Be prepared. Liquidators don’t serve 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 generally have no thought to what they are suggesting 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 simple 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 concerned with getting the result you want. For a free assessment call Liquidators Sydney 1300 818 575.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

What do we do?

At Liquidators Sydney we help you figure out 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 properly with your creditors and deal with the situation. Call us now at Liquidators Sydney on 1300 818 575.

What happens if I have an ATO Debt?

If you have an ATO debt, do not overlook 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 has happened, 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 required. Whatever is called for, we will definitely help you work through a plan and we will support you the whole way.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

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

If you have gotten one of these notices YOU MUST NOT LET THEM LAPSE. Contact us as soon as you get them and we can help you work through the procedures readily available to get the best and most favourable outcome for you. As soon as we have done an assessment of the business and the circumstances we recommend an response plan. Then it is your choice whether you proceed from there. Call Liquidators Sydney today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that each and every business owner knows these changes and the harmful nature of all 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.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

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 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:

  1. Your debt is older than 3 months and or your debt was not revealed to the ATO within 3 months of the due date.
  2. As a director, you may likewise be liable for your company’s unpaid superannuation liability when you receive a penalty.
  3. Directors, and associates of directors, can now also be responsible for a new personal income tax liability. This will make directors and their associates possibly liable for a company’s unpaid PAYG withholding liability.

So do 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 Sydney on 1300 818 575.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

What if I ignore the notice?

There may be considerable consequences for not complying with the ATO’s notice; this can include 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 generated under 459E of the Corporations Act. This legal document 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 day 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 grounds that the debt, then the matter of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

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 also when they are due. Accordingly, the test as to whether or not 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 failed to comply with a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will provide ‘proof’, which is 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 delivered face-to-face or simply appear in the mail as registered mail.

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WINDING UP NOTICE

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Just what is a Wind-Up Notice?

A wind-up notice typically follows a Statutory Demand. If a company is unable to pay its own debts then the Court has the ability to wind it up and appoint a liquidator whose responsibility it is to change the assets into cash and disburse the cash in the order set out in the Corporations Act. In short, this notice is generally a letter informing you that on a certain date a liquidator will be designated by the courts to take over your company if you do not 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 relation to their expenses, as do specific employee entitlements. The rest is distributed equally between unsecured creditors.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

Will I be individually bound for my businesses debt?

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

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

A liquidator will be actually appointed and you will not be the director of your company. The judge will assign a liquidator who then takes on full control of your business. 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 is no longer yours. All the assets will be sold, your office, shop or factory will be taken over by the liquidators (they will even change the locks) and your services are simply no longer required. Every feature of your business will now be under the administration of the liquidator.

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Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

Do I have any choices before the Liquidators taking my business?

Yes. Our company offers a free initial consultation to guide you work through this problem. Our team of specialists can spare you tremendous distress. You have to act quickly! Calling us the day before the liquidators arrive is fruitless. Contact Liquidators Sydney today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is not in your control.

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