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Liquidators Perth

Business debt can come about incredibly easily. A few sluggish months and all of a sudden the debt is a very long way beyond the grasp of the company owner. If you have company debts that are actually out of control then contact us. At Liquidators Perth  we are company debt professionals. For a completely free of charge consultation call Liquidators Perth on 1300 818 575.

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Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

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

Frequently when a company owner finds himself or herself in an impracticable financial position they are encouraged by their bookkeeper, their solicitor and even their friends to consult with a Liquidator and place the company into liquidation. Be really careful about this. We have learned, here at Liquidators Perth, that lots of people believe that due to the fact that you are paying the liquidator they will take care of your best interests and really help you to get you back on your feet. HOWEVER, THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Perth are on your side

Although administrators and receivers are normally nice people, their obligation, once they are appointed, is to your creditors (people you owe money to) and also to the courts. These guys are to amass as much money as practical from the liquidated business to pay these creditors. That’s it. If, for one moment, you feel they will look after your best interests, you are sadly mistaken

Once you have actually signed those papers to assign liquidators to your business; 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, in a lot of cases you have just bought the death of your business.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

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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 prospect of having to give it up was too much. I called my financial advisor and my bookkeeper, and they both advised me to go and see Liquidators Perth 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 felt like I had no alternative. 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 most likely be looked after. 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 understand my predicament; I had some cash coming in and a sale of some equipment 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 machinery was totally 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 felt was going to be a beneficial situation turned out to be my worst nightmare. I lost everything!

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

What is the leading strategy

There is a secret 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 Perth and we will really help you walk through the minefield which it can be. As a matter of fact, 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, actually, there is an significant amount of regulation and many rules in place surrounding this process so getting the correct advice from Liquidators Perth is always a dependable option. If you are not sure what you have to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Perth are experts in pre-liquidation strategies.

What happens if another person is winding up my company?

If somebody 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 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 Perth. The trick here is to get some advice and involve us as quickly as you can in this particular process. It is that simple. Normally you will receive a notice in the mail or a court order, and if you have one of these give us a call simply because the longer you neglect this the fewer alternatives you have. Call us at 1300 818 575.

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Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

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 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. Naturally, there are regulations that should be stuck to, and you need to ensure you structure things in the right way moving forward. Liquidation does not have to be the end of your business life, as many people think it does. We can help you to do this and restore a new life after liquidation. There are choices, but a lot of time people simply have no idea what they are. At Liquidators Perth, we can discuss your options and help you achieve your goals.

What do I need to do?

Be prepared. Liquidators don’t work for you, regardless of what 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 generally have no idea to what they are recommending to you. They’ve more than likely heard that if you want to begin again you need to throw away the company through a liquidator and it is an convenient 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 assessment call Liquidators Perth 1300 818 575.

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Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

What do we do?

At Liquidators Perth we help you learn about your options. We than help you take the appropriate step. Then we work toward getting the best possible end result for you and protecting whatever we can. We communicate the right way with your creditors and deal with the situation. Call us now at Liquidators Perth on 1300 818 575.

Suppose I have an ATO Debt?

If you have an ATO debt, don’t ever neglect your mail! The ATO will often issue 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, at times winding up the company is the answer and sometimes negotiation is needed. No matter what is called for, we are going to help you work through a plan and we will support you the whole way.

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Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

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

If you have actually received one of these notices YOU MUST NOT IGNORE THEM. Contact us as early as you get them and we will be able to help you work through the procedures readily available to secure the best and most beneficial outcome for you. Once we have done an assessment of your business and the circumstances we recommend an action plan. Then it is your choice whether you proceed from there. Call Liquidators Perth 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 is aware of these changes and the significant nature of all of them and how they may 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 Perth,Bankrupt Perth,Insolvency Perth

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

The aim of a Director Penalty Notice is to get directors responsible for their company’s unpaid tax debt. As a director, you will not have the ability 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 three months and or your debt was not reported to the ATO within 3 months of the due date.
  2. As a director, you may also be liable for your companys unpaid superannuation liability when you get a penalty.
  3. Directors, and associates of directors, may now also be liable for a new personal income tax liability. This will make directors and their associates possibly liable for a companys 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 will need to think about. Simply call liquidators Perth on 1300 818 575.

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Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

What if I dismiss the notice?

There may be considerable repercussions for not adhering to the ATO’s notice; this can involve losing personal assets like vehicles, property or shares, and personal bankruptcy for the company’s debts.

STATUTORY DEMANDS

What exactly 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 needs that the Debtor Company pay out a defined sum of money within 21 days from the period 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 right away get independent 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 Perth,Bankrupt Perth,Insolvency Perth

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act stipulates that a company is solvent if it has the ability to pay its debts as and when they are due. Accordingly, the test as to whether or not a business is insolvent is that it is not able to pay its debts as and when they are due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has failed to adhere to a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will supply ‘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 turn 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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Precisely what is a Wind-Up Notice?

A wind-up notice typically follows a Statutory Demand. If a business is not able to pay the debts then the Court has the capacity to wind it up and appoint a liquidator whose function it is to transform the assets into cash and disburse the cash in the order laid out in the Corporations Act. In other words, 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 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 costs, as do certain employee entitlements. The remainder is distributed evenly amongst unsecured creditors.

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Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

Will I be personally obliged for my businesses debt?

No. The liquidation of a company does not immediately imply the director will be generally made bankrupt; however, the process 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 any time, so it is definitely best to take action quickly. For a cost-free consultation contact Liquidators Perth on 1300 818 575.

What occurs in the event that 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 over full control of your business. 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 ( these guys will even change the locks) and your services are actually no longer required. Every element of your business will now be under the administration of the liquidator.

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Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

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 spare you tremendous distress. You must act quickly! Calling us the day before the liquidators turn up is fruitless. Contact Liquidators Perth today on 1300 818 575.

Do I have any choices once the Liquidators have arrived?

No. The company is no longer in your control.

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