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Liquidators Bunbury

Business debt can happen remarkably easily. A few slow months and all of a sudden the financial debt is a long way beyond the reach of the company owner. If you have company debts which are actually out of control then contact us. At Liquidators Bunbury  our company are company debt specialists. For a completely free of charge consultation call Liquidators Bunbury on 1300 818 575.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

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

Frequently when a business owner finds himself or herself in an impracticable financial position they are encouraged by their bookkeeper, their solicitor or even their friends to speak to a Liquidator and place the business into liquidation. Be rather careful about this. We have learned, here at Liquidators Bunbury, that many individuals believe that simply 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 WITHOUT A DOUBT NOT THE CASE!

Liquidators Bunbury 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) and also to the courts. They are to collect as much money as practical from the liquidated business to settle these creditors. That is simply all. If, for one second, you feel they will look after your best interests, you are unfortunately mistaken.

Once you have signed those forms to assign liquidators to your business; that is it! You no longer get any say over your business. The liquidator will do whatever they feel is in the best interests of the creditors and, guess what, in most cases you have certainly just shelled out for the death of your business.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

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One Small Business Owner’s Story

I saw 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 thought of having to give it up was too much. I called my financial advisor and my accountant, and they both encouraged me to go and see Liquidators Bunbury 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 option. 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 seemed professional and qualified and these people claimed 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 circumstance; I had some money coming in and a sale of some equipment going through.

The second 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 simply all gone. The next day my savings account was frozen and what I presumed was going to be a beneficial situation ended up being my worst nightmare. I lost everything!

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

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

There is a technique to managing this issue: PREPARATION. There is quite a lot you can do to ready yourself; before you give up the control of your company call Liquidators Bunbury and we will really help you guide through the minefield which it can be. As a matter of fact, much 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 covering this process so getting the best advice from Liquidators Bunbury is always a dependable option. If you are unclear what you have to do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Bunbury specialises in pre-liquidation strategies.

Suppose somebody else is winding up my company?

If somebody else is winding up your company, like the ATO or a creditor, they will have a liquidator appointed from the courts. You do have some options right here and there is lots you must understand and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Bunbury. The trick here is to get some guidance and include us as quickly 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 call us because the longer you neglect this the less alternatives you have. Call us at 1300 818 575

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Can I continue to run a business if I have been the director of a business 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 policies that have to be complied with, and you have 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 options, but in most cases people simply don’t know what they are. At Liquidators Bunbury, we can discuss your options and help you accomplish your goals.

What do I must do?

Be prepared. Liquidators don’t serve you, no matter how much 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 usually have no idea to what they are often recommending to you. They’ve probably heard that if you wish 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 meeting call Liquidators Bunbury 1300 818 575.

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Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

What do we do?

At Liquidators Bunbury we help you figure out your choices. We than help you take the ideal action. Then we work toward getting the best possible end result for you and protecting whatever we can. We communicate properly with your creditors and resolve the situation. Call us now at Liquidators Bunbury on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, don’t overlook your mail! The ATO will often deliver companies Wind-Up Notices or Statutory Demands, or perhaps 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, sometimes winding up the company is the answer and sometimes negotiation is required. No matter what is required, we will certainly help you work through a plan and we will support you the whole way.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

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

If you have already received one of these notifications 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 action plan. Then it is your choice whether you proceed from there. Call Liquidators Bunbury today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that every single business owner knows 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 generally issued with a Director Penalty Notice by the ATO.

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Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

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

The intention of a Director Penalty Notice is to get directors liable for their business’s unpaid tax debt. As a director, you will not be able to prevent personal liability for a PAYGATO debt, which comes with 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.

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 seek expert advice, as we have numerous options you may will need to think about. Simply call liquidators Bunbury on 1300 818 575

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Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

What if I dismiss the notice?

There may be significant repercussions for not complying with the ATO’s notice; this can include losing personal assets like cars, 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 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 right away get separate legal advice and apply to the Court to set the demand aside on the grounds that the financial debt, then the target of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act stipulates that a business is solvent if it has the capacity to pay its debts as and also when they are due. Accordingly, the test as to whether a company is insolvent is that it is unable 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 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 delivered 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 exactly is a Wind-Up Notice?

A wind-up notice commonly 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 change the assets into cash and disburse the cash in the order shown 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 don’t pay the debt.

Who can send out a Wind-Up Notice?

The creditor who secures the appointment of the liquidator and the liquidator take priority in relation to their expenses, as do specific employee entitlements. The remainder is distributed equally between unsecured creditors.

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Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Will I be individually 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 resembles the process of having a person declared bankrupt. Having said that, the ATO can release a Director’s Penalty Notice whenever, so it is really best to act quickly. For a cost-free consultation get in touch with Liquidators Bunbury on 1300 818 575.

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

A liquidator will be appointed and you will not be the director of your company. The judge will appoint a liquidator who then acquires 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. Simply put, 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 taken control of by the liquidators (they will even change the locks) and your services are generally no longer needed. Every element of your business will now be under the administration of the liquidator.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

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

Yes. We provide a free initial consultation to guide you work through this problem. Our team of specialists can save you from remarkable distress. You must act rapidly! Calling us the day before the liquidators turn up is pointless. Contact Liquidators Bunbury today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The business is no longer in your control..

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

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