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Bankruptcy Tweed Coast

Liquidators Tweed Coast

Company debt can occur very easily. A few slow months and all of a sudden the financial debt is a very long way beyond the grasp of the company owner. If you have company debts which are out of control then call us. At Liquidators Tweed Coast our company are company debt experts. For a completely free consultation call Liquidators Tweed Coast on 1300 818 575.

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Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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

Usually when a business owner finds himself or herself in an unworkable financial position they are advised by their bookkeeper, their solicitor or even their friends to contact a Liquidator and place the company into liquidation. Be very careful about this. We have learned, here at Liquidators Adelaide, that many people believe that because you are paying the liquidator they will look after your best interests and help you to get back on your feet. BUT THIS IS CERTAINLY NOT THE CASE!

Liquidators Tweed Coast are on your side

Although administrators and receivers are typically nice people, their responsibility, once they are appointed, is to your creditors (people you owe money to) and even to the courts. These guys are to get as much money as possible from the liquidated business to repay these creditors. That’s all. If, for one second, you feel they will look after your best interests, you are unfortunately mistaken.

Once you have signed those papers to assign 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 certainly just shelled out for the death of your own company.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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One Business Owner’s Story

I knew 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 way too much. I called my financial advisor and my bookkeeper, and they both encouraged me to go and see Liquidators Tweed Coast which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I realized I had significant debt, but it just appeared like I had no choice. 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 protected. WRONG!

I found some Liquidators, they appeared professional and capable and these people explained they would help me as much as they could to overcome my money problems. I had no idea what was going to happen. They seemed to grasp my circumstance; I had some cash coming in and a sale of some equipment going through.

The second I signed the paperwork the liquidators requested 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 every single thing; it was simply all gone. The next day my savings account was frozen and what I felt was reallying going to be a beneficial situation became my worst nightmare. I lost everything!

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Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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

There is a trick to managing this situation: PREPARATION. There is quite a lot you can do to ready yourself; before you surrender the control of your company call Liquidators Tweed Coast and we will help you walk through the minefield that it can be. In fact, most of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds simple but, as a matter of fact, there is an substantial amount of law and many rules in place covering this process so getting the right advice from Liquidators Tweed Coast is always a reliable option. If you are undecided what you need to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Tweed Coast are experts in pre-liquidation strategies.

Suppose another someone else is winding up my business?

If somebody is winding up your company, like the ATO or a creditor, they will certainly have a liquidator appointed by the courts. You do have some choices right here and there is a lot you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Tweed Coast. The secret here is to get some guidance and involve us as quickly as you can in this particular process. It is that simple. Normally you will get a notice in the mail or a court order, and if you have one of these call us simply because the longer you ignore this the fewer choices you have. Call us at 1300 818 575.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Can I keep running 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 one of the most common questions we are asked. Undoubtedly, there are policies that have to be complied with, and you should ensure you structure things in properly moving forward. Liquidation does not should be the end of your business life, as so 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 have no idea exactly what they are. At Liquidators Tweed Coast, we can explain your options and help you achieve your goals.

What do I need must do?

Be prepared. Liquidators don’t work for you, no matter how much money 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 usually have no idea to what they are recommending to you. They’ve most likely 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 work for you. Understand – THIS IS NOT THE CASE! WE WORK FOR YOU– no one else does. You are our client and we are only thinking about getting the result you want. For a free consultation call Liquidators Tweed Coast 1300 818 575.

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Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

What do we do?

At Liquidators Tweed Coast we help you learn about your choices. 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 connect the right way with your creditors and fix the situation. Call us now at Liquidators Tweed Coast on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, don’t ever overlook 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 involved, at times winding up the company is the answer and sometimes negotiation is called for. 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 Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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

If you have already received one of these notifications YOU MUST NOT IGNORE THEM. Contact us as soon as you get them and we will be able to help you work through the steps readily available to get the best and most beneficial outcome for you. As soon as we have done an assessment of your business and the circumstances we recommend an action plan. Then it is your choice whether you go on from there. Call Liquidators Tweed Coast today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that every business owner knows these changes and the dangerous nature of them and how they will 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 Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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

The purpose of a Director Penalty Notice is to make directors accountable for their company’s unpaid tax debt. As a director, you will no longer have the ability to prevent 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 revealed to the ATO within 3 months of the due date.
  2. As a director, you might likewise be responsible for your company’s unpaid superannuation liability once you have a penalty.
  3. Directors, and associates of directors, may now also be accountable for a new personal income tax liability. This will make directors and their associates actually 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 critical that you request expert advice, as we have numerous options you may need to think about. Simply call liquidators Tweed Coast on 1300 818 575.

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Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

What if I ignore the notice?

There may be substantial consequences 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 business’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 requires 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 disputed, or if there are exceptions in the document, the company should immediately get independent 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 in fact contested. This application MUST be made within 21 days.

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Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act states that a business is solvent if it can 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 failed to abide by a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will provide ‘proof’, which is actually sufficient for a creditor to appeal to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just show 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 commonly 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 duty it is to change the assets into cash and disburse the cash in the order laid out in the Corporations Act. Simply put, this notice is basically a letter informing you that on a certain date a liquidator will be appointed by the courts to take control of your company if you won’t pay the debt.

Who can send me a Wind-Up Notice?

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

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Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Will I be actually bound for my businesses debt?

No. The liquidation of a company does not immediately imply the director will be simply made bankrupt; however, the process of winding up a business is similar to 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 ideal to take action quickly. For a cost-free consultation contact Liquidators Tweed Coast on 1300 818 575.

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

A liquidator will be appointed and you will definitely not be the director of your company. The judge will select a liquidator who then assumes 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’s 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 taken over by the liquidators ( these guys will even change the locks) and your services are no longer needed. Every aspect of your business will now be under the administration of the liquidator.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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

Yes. Our company offers a free initial consultation to guide you work through this problem. Our team of professionals can save you from incredible distress. You have to act quickly! Calling us the day before the liquidators appear is fruitless. Contact Liquidators Tweed Coast today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is not in your control.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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