Company debt can happen remarkably easily. A few sluggish months and all of a sudden the financial debt is a very long way beyond the reach of the company owner. If you have business debts which are actually out of control then give us a call. At Liquidators Fremantle our company are company debt specialists. For a completely free consultation call Liquidators Fremantle on 1300 818 575.
Generally when a business 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 rather careful about this. We have gotten to know, here at Liquidators Fremantle, that lots of people believe that simply because you are paying the liquidator they will take care of your best interests and really help you to get you back on your feet. BUT THIS IS REALLY NOT THE CASE!
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. They are to amass as much money as they can from the liquidated business to pay off these creditors. That’s it. If, for one second, you feel they will look after your best interests, you are regrettably mistaken.
Once you have actually signed those documents to select liquidators to your business; that is it! You no longer have any say over your business. 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 actually just bought the death of your own company.
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I saw I was in trouble when the bank would not 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 accountant, and they both urged me to go and see Liquidators Fremantle which I didn’t do, of course. I found this other liquidation organization and they said that’s the only escape. I understood I had significant debt, but it just appeared like I had no option. My accountant said that since I am paying for the liquidator and that it was likely going to be a voluntary liquidation that I would most likely be protected. WRONG!
I found some Liquidators, they seemed professional and qualified and these people said they would help me as much as they could to work through my money issues. I had no idea what was going to happen. They appeared to understand my circumstance; I had some money coming in and a sale of some machinery going through.
The minute I signed the documents 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 each and every single thing; it was all gone. The next day my savings account was frozen and what I believed was going to be a beneficial situation became my worst nightmare. I lost everything!
There is a technique to dealing with this situation: PREPARING. There is quite a lot you can do to ready yourself; before you give up the control of your business call Liquidators Fremantle 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 way that will work for you, not against you. This sounds easy but, as a matter of fact, there is an considerable amount of law and many rules in place covering this process so getting the best advice from Liquidators Fremantle is always a safe option. If you are undecided what you have to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Fremantle specialises in pre-liquidation strategies.
If someone else is winding up your company, like the ATO or a creditor, they are going to have a liquidator appointed by the courts. You do have some choices here and certainly there is a lot you must understand and do to protect yourself – feel free to call us for a free consultation here at Liquidators Fremantle. The key here is to get some guidance and involve us as quickly as you can in this process. It is that basic. Normally you will get a notice in the mail or a court order, and if you have one of these contact us because the longer you neglect this the fewer options you have. Call us at 1300 818 575.
Yes, you can still 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. Naturally, there are regulations that must be stuck to, and you will 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 so many people think it does. We can help you to do this and construct a new life after liquidation. There are choices, but in many cases people just have no idea exactly what they are. At Liquidators Fremantle, we can explain your options and help you achieve your goals.
Be prepared. Liquidators don’t work for you, no matter how much money you pay them. Your creditors don’t help you, no matter how much of their bill you pay them. Your friends love you, but often have no thought to what they are often recommending to you. They’ve probably heard that if you want to begin again you need to throw away 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– no one else does. You are our client and we are only dedicated to getting the result you want. For a free consultation call Liquidators Fremantle 1300 818 575.
At Liquidators Fremantle we help you learn about your options. We than help you take the suitable action. 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 Fremantle on 1300 818 575.
If you have an ATO debt, don’t snub 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 is the case, 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 required. Whatever is called for, we are going to help you work through a plan and we will support you the whole way.
If you have actually gotten one of these warnings 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 secure the best and most beneficial outcome for you. Once we have done an assessment of the business and the circumstances we recommend an response plan. Then it is your choice whether you go ahead from there. Call Liquidators Fremantle today for a free consultation on 1300 818 575.
What is critically important is that each and every business owner knows these changes and the considerable nature of all 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.
The purpose of a Director Penalty Notice is to get directors liable for their business’s unpaid tax debt. As a director, you will not manage to prevent personal liability for a PAYG ATO debt, which has a Director Penalty Notice, if the following applies:
Yes. If your company has an ATO debt or you have received a Director’s Penalty Notice, it is important that you request expert advice, as we have numerous options you may should think about. Simply call liquidators Fremantle on 1300 818 575.
There may be considerable consequences for not adhering to the ATO’s notice; this can involve losing personal assets like vehicles, property or shares, and personal bankruptcy for the business’s debts.
A Statutory Demand is a demand generated under 459E of the Corporations Act. This file 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 period 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 right away get independent legal advice and apply to the Court to set the demand aside on the premise that the financial debt, then the matter of the Statutory Demand is in fact contested. This application MUST be made within 21 days.
Section 95( A) of the Corporations Act stipulates 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 comply with a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will supply ‘proof’, which is sufficient for a creditor to appeal to the Court for the appointment of a liquidator to the business.
Yes, it might be delivered face-to-face or simply appear in the mail as registered mail.
A wind-up notice normally follows a Statutory Demand. If a company is unable to pay its own debts then the Court has the power to wind it up and appoint a liquidator whose duty it is to convert the assets into cash and disburse the cash in the order set out in the Corporations Act. In short, 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 do not pay the debt.
The creditor who acquires the appointment of the liquidator and the liquidator take priority in regard to their expenses, as do particular employee entitlements. The leftovers is distributed evenly amongst unsecured creditors.
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 is similar to the process of having a person declared bankrupt. Having said that, the ATO can provide a Director’s Penalty Notice whenever, so it is definitely best to take action quickly. For a free consultation call Liquidators Fremantle on 1300 818 575.
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 business. All of the clients, cheque accounts, assets, cash, money that’s owed to the company and your buildings are no longer yours. Simply put, it’s over. The company you have built is no longer yours. All the assets 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 needed. Every aspect of your business will now be under the administration of the liquidator.
Yes. We offer a free initial consultation to help you work through this problem. Our team of experts can save you from remarkable distress. You have to act rapidly! Calling us the day before the liquidators arrive is useless. Contact Liquidators Fremantle today on 1300 818 575.
No. The company is not in your control.
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