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Liquidators Wagga Wagga

Bankruptcy Wagga Wagga

Company debt can occur remarkably quickly. A few slow months and all of a sudden the financial debt is generally a long way beyond the reach of the company owner. If you have company debts that are out of control then give us a call. At Liquidators Wagga Wagga our company are company debt experts. For a completely free of charge consultation call Liquidators Wagga Wagga on 1300 818 575.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

If my company is really in trouble should I call a liquidator?

Typically when a business owner finds himself or herself in an unworkable financial position they are advised by their bookkeeper, their solicitor or perhaps their friends to talk to a Liquidator and place the company into liquidation. Be rather careful about this. We have learned, here at Liquidators Wagga Wagga, that many individuals believe that simply because you are paying the liquidator they will protect your best interests and help you to get you back on your feet. HOWEVER THIS IS ABSOLUTELY NOT THE CASE!

Liquidators Wagga Wagga are on your side

Although administrators and receivers are typically nice people, their responsibility, once they are actually appointed, is to your creditors (people you owe money to) and also to the courts. They are to gather as much money as practical from the liquidated business to pay these creditors. That is simply all. If, for one minute, you feel they will protect your best interests, you are regrettably mistaken.

Once you have signed those forms to establish liquidators to your company; 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 many cases you have actually just bought the death of your own business.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

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One Businessmen’s Story

I saw 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 thought of having to give it up was too much. I called my financial advisor and my bookkeeper, and they both instructed me to go and see Liquidators Wagga Wagga which I didn’t do, of course. I found this other liquidation organization 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 since I am shelling out for the liquidator and that it was likely going to be a voluntary liquidation that I would certainly be protected. WRONG!

I found some Liquidators, they seemed professional and capable and they 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 seemed to understand my predicament; I had some cash coming in and a sale of some equipment going through.

The moment 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 totally taken control of, 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 presumed was going to be a beneficial situation ended up being my worst nightmare. I lost everything!

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga
Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

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

There is a secret to dealing with this situation: PREPARING. There is quite a lot you can do to ready yourself; before you yield the control of your business call Liquidators Wagga Wagga and we will help you guide through the minefield that it can be. As a matter of fact, a lot of the stress and anxiety can be dealt with in such a way that will work for you, not against you. This sounds simple but, in reality, there is an huge amount of law and many rules in place covering this process so getting the right advice from Liquidators Wagga Wagga is always a dependable option. If you are unsure what you need to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Wagga Wagga are experts in pre-liquidation strategies./p>

Suppose another person is winding up my company?

If somebody 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 lots you must understand and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Wagga Wagga. The secret here is to get some guidance and include 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 ignore this the less options you have. Call us at 1300 818 575.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Can I continue to run a business if I have been a director of a business that has been liquidated?

Yes, you can continue to run a company. 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 regulations that need to be complied with, and you need to ensure you structure things in the right way moving forward. Liquidation does not will 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 just have no idea what they are. At Liquidators Wagga Wagga, we can discuss your options and help you accomplish your goals.

What do I need to do?

Be prepared. Liquidators don’t work with you, no matter how much 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 suggesting to you. They’ve most likely heard that if you want to begin again you will need to get rid of the company through a liquidator and it is an very 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 concerned with getting the result you want. For a free consult call Liquidators Wagga Wagga 1300 818 575.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

What do we do?

At Liquidators Wagga Wagga we help you work through your options. We than help you take the appropriate action. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect properly with your creditors and deal with the situation. Call us now at Liquidators Wagga Wagga on 1300 818 575.

Suppose I have an ATO Debt?

If you have an ATO debt, do not ignore 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 required, sometimes winding up the company is the answer and sometimes negotiation is called for. Whatever is required, we will certainly help you work through a plan and we will support you the whole way.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga
Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

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

If you have gotten one of these warnings YOU MUST NOT IGNORE THEM. Contact us as quickly as you get them and we will be able to 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 the business and the circumstances we recommend an response plan. Then it is your choice whether you proceed from there. Call Liquidators Wagga Wagga 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 dangerous 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 Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

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

The aim of a Director Penalty Notice is to get directors accountable for their business’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 inside 3 months of the due date.
  2. As a director, you may likewise be responsible for your company’s unpaid superannuation liability once you get a penalty.
  3. Directors, and associates of directors, can now also be liable for a new personal income tax liability. This is going to 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 seek expert advice, as we have numerous options you may have to think about. Simply call liquidators Wagga Wagga on 1300 818 575.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

What if I ignore the notice?

There may be substantial 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 company’s debts.

STATUTORY DEMANDS

Just 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 requires 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 quickly 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 actually contested. This application MUST be made within 21 days.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga
Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act stipulates that a company is solvent if it is able to pay its debts as and also when they are due. Accordingly, the test as to whether 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 actually failed to comply with 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 provided 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 normally follows a Statutory Demand. If a company is unable to pay the debts then the Court has the power to wind it up and appoint a liquidator whose function it is to change the assets into cash and disburse the cash in the order started in the Corporations Act. In short, this notice is essentially a letter informing you that on a certain date a liquidator will be designated by the courts to take over 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 relation to their costs, as do particular employee entitlements. The remainder is distributed evenly among unsecured creditors.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Will I be individually obligated for my businesses debt?

No. The liquidation of a company does not instantly imply the director will be actually made bankrupt; however, the method of winding up a company resembles the process of having a person declared bankrupt. Having said that, the ATO can release a Director’s Penalty Notice any time, so it is really ideal to act quickly. For a totally free consultation contact Liquidators Wagga Wagga on 1300 818 575.

What happens if 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 court will choose 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 business and your buildings are no longer yours. In other words, it’s 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 (they will even change the locks) and your services are generally no longer needed. Every aspect of your business will now be under the management of the liquidator.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

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

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

Do I have any options once the Liquidators have arrived?

No. The business is no longer in your control.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

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