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Liquidators Geelong

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

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

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

Frequently when a business owner finds himself or herself in an impracticable financial position they are advised by their bookkeeper, their solicitor or perhaps their friends to get in touch with a Liquidator and place the company into liquidation. Be extremely careful about this. We have learned, here at Liquidators Geelong, that lots of people believe that just because you are paying the liquidator they will care for your best interests and serve to help you to get you back on your feet. HOWEVER, THIS IS CERTAINLY NOT THE CASE!

Liquidators Geelong is on your side

Although administrators and receivers are generally nice people, their responsibility, once they are appointed, is to your creditors (people you owe money to) and even to the courts. They are to collect as much money as they can from the liquidated business to repay these creditors. That’s all. If, for one minute, you feel they will protect your best interests, you are sadly mistaken.

Once you have actually signed those documents to appoint 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, often you have certainly just paid for the death of your own business.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

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One Small Business Owner’s Story

I realized I was in strife when the bank wouldn’t lend me any more against the farm. This home has been in the family for years and the idea of losing it was way too much. I called my financial advisor and my accountant, and they both urged me to go and see Liquidators Geelong which I didn’t do, of course. I found this other liquidation firm and they said that’s the only way out. I realized I had significant debt, but it just felt like I had no choice. My accountant said that since I am paying for the liquidator and that it was going to be a voluntary liquidation that I would be looked after. WRONG!

I found some Liquidators, they seemed to be professional and capable and these guys said they would help me as much as they could to overcome my money issues. I had no idea what was about to happen. They appeared to grasp my circumstance; I had some money 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 completely taken control of, the money I had coming in was gone, they took over every single thing; it was all gone. The next day my savings account was frozen and what I assumed was reallying going to be a beneficial situation ended up my worst nightmare. I lost everything!

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

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

There is a method to managing this issue: PREPARING. There is quite a lot you can do to ready yourself; before you give up the control of your business call Liquidators Geelong 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 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 correct advice from Liquidators Geelong is always a reliable option. If you are unsure what you must do and just need some guidance, simply contact us on 1300 818 575. Liquidators Geelong specialises in pre-liquidation strategies.

What happens if another person is winding up my company?

If someone else is winding up your company, such as the ATO or a creditor, they will have a liquidator appointed from the courts. You do have some options right here and certainly there is a lot you must know and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Geelong. The trick here is to get some advice and include us as soon as you can in this 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 contact us simply because the longer you neglect this the less options you have. Call us at 1300 818 575.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

Can I keep running a business if I have been a director of a business that has been liquidated?

Yes, you can continue to run a business. No, you can not continue to be the director of the company that has been liquidated. This is among the most frequent questions we are asked. Obviously, there are policies that must be complied with, and you need to ensure you structure things in the right way 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 choices, but a lot of time people just don’t know just what they are. At Liquidators Geelong, we can explain your options and help you achieve your goals.

What do I need to do?

Be prepared. Liquidators don’t work with you, regardless of what 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 usually have no thought to what they are often recommending to you. They’ve probably heard that if you want to begin again you must 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 dedicated to getting the result you want. For a free meeting call Liquidators Geelong 1300 818 575.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

What do we do?

At Liquidators Geelong we help you work through 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 the right way with your creditors and fix the situation. Call us now at Liquidators Geelong on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, really don’t neglect your mail! The ATO will often issue companies Wind-Up Notices or Statutory Demands, or 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 called for, in some cases winding up the company is the answer and sometimes negotiation is involved. No matter what is needed, we are going to help you work through a plan and we will support you the whole way.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

What if I have gotten a notice from the Tax Office?

If you have actually received one of these notices YOU MUST NOT FORGET ABOUT THEM. Contact us as quickly as you get them and we can help you work through the steps 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 action plan. Then it is your choice whether you go ahead from there. Call Liquidators Geelong today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is extremely important is that every business owner understands these changes and the harmful nature of them and how they may 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 Geelong,Bankrupt Geelong,Insolvency Geelong

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

The aim of a Director Penalty Notice is to make directors responsible for their business’s unpaid tax debt. As a director, you will no longer have the ability to avoid personal liability for a PAYGATO debt, which comes with 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 inside 3 months of the due date.
  2. As a director, you can also be responsible for your company’s unpaid superannuation liability when you get 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 potentially liable for a business’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 should think about. Simply call liquidators Geelong on 1300 818 575.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

What if I pay no attention to the notice?

There may be considerable consequences for not adhering to 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 made 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 date of the delivery of the demand on the Debtor Company.

If the debt is objected to, or if there are exceptions in the document, the company should promptly get separate legal advice and apply to the Court to set the demand aside on the basis that the financial debt, then the subject of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act provides that a business is solvent if it has the ability to pay its debts as and also when they fall 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 generally due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has actually failed to adhere to a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will offer ‘proof’, which is actually sufficient for a creditor to register to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just come in the post?

Yes, it might be supplied 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 generally follows a Statutory Demand. If a company is not able to pay its debts then the Court has the power to wind it up and appoint a liquidator whose responsibility it is to turn the assets into cash and disburse the cash in the order laid out in the Corporations Act. In other words, 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.

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 particular employee entitlements. The rest is distributed evenly between unsecured creditors.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

Will I be individually obligated for my business’ businesses debt?

No. The liquidation of a company does not automatically imply the director will be generally made bankrupt; however, the process 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 certainly best to act quickly. For a totally free consultation get in touch with Liquidators Geelong on 1300 818 575.

What happens if I cannot pay the debt within the 21 Days?

A liquidator will be actually appointed and you will not be the director of your company. The court 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. Put simply, it is actually over. The company you have built over the years 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 no longer called for. Every feature of your business will now be under the administration of the liquidator.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

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

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

Do I have any choices once the Liquidators have arrived?

No. The business is no longer in your control.

Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

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