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Liquidators Melbourne

Business debt can arise incredibly easily. A few slow months and all of a sudden the debt is a long way beyond the reach of the company owner. If you have business debts that are actually out of control then contact us. At Liquidators Melbourne  our company are company debt experts. For a completely free of charge consultation call Liquidators Melbourne on 1300 818 575.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

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

Commonly when a company owner finds himself or herself in an impracticable financial position they are advised by their bookkeeper, their solicitor and even their friends to call a Liquidator and place the company into liquidation. Be very careful about this. We have gotten to know, here at Liquidators Melbourne, that lots of people believe that 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 CERTAINLY NOT THE CASE!

Liquidators Melbourne is on your side

Although administrators and receivers are typically nice individuals, their responsibility, once they are appointed, is actually to your creditors (people you owe money to) and to the courts. These guys are to round up as much money as they can from the liquidated business to repay these creditors. That’s it. If, for one minute, you feel they will protect your best interests, you are regrettably 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 business. The liquidator will do whatever they feel is in the best interests of the creditors and, guess what, in many cases you have just paid for the death of your business.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

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One Business Owner’s Story

I knew I was in strife when the bank refused to lend me any more against the farm. This home has been in the family for years and the prospect of losing it was too much. I called my financial advisor and my bookkeeper, and they both instructed me to go and see Liquidators Melbourne 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 because I am paying for the liquidator and that it was likely going to be a voluntary liquidation that I would be taken care of. WRONG!

I found some Liquidators, they appeared professional and capable and these guys said they would help me as much as they could to overcome my money problems. I had no idea what was going to happen. They appeared to grasp my predicament; I had some money coming in and a sale of some equipment going through.
The minute I signed the documents the liquidators asked for the keys and that was it. Everything was taken out of my hands, the sale of the equipment was completely taken control of, the money I had coming in was gone, they took control of each and every single thing; it was simply all gone. The next day my savings account was frozen and what I assumed was reallying going to be a beneficial situation ended up being my worst nightmare. I lost everything!

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

What is the most reliable strategy if my business is in difficulty?

There is a trick to managing this situation: PREPARING. There is quite a lot you can do to ready yourself; before you give up the control of your company call Liquidators Melbourne and we will really help you walk through the minefield that it can be. In fact, 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, in reality, there is an huge amount of law and many rules in place covering this process so getting the correct advice from Liquidators Melbourne is always a dependable option. If you are not sure what you need to do and just need some guidance, simply call us on 1300 818 575. Liquidators Melbourne specialises in pre-liquidation strategies.

Suppose someone else is winding up my company?

If somebody else is winding up your company, like the ATO or a creditor, they will certainly have a liquidator appointed from the courts. You do have some choices 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 Melbourne. The secret here is to get some advice and include us as quickly as you can in this 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 because the longer you ignore this the less alternatives you have. Call us at 1300 818 575.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

Can I continue to run 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 still be the director of the company that has been liquidated. This is one of the most common questions we are asked. Obviously, there are regulations that need to be followed, and you need to ensure you structure things in properly moving forward. Liquidation does not need to be the end of your business life, as many people think it does. We can help you to do this and reconstruct a new life after liquidation. There are choices, but in most cases people simply don’t know just what they are. At Liquidators Melbourne, we can explain your options and help you accomplish your goals.

What do I need to do?

Be prepared. Liquidators don’t work with you, no matter 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 thought to what they are recommending to you. They’ve more than likely heard that if you wish 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 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 Melbourne 1300 818 575.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

What do we do?

At Liquidators Melbourne we help you figure out your choices. 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 communicate the proper way with your creditors and resolve the situation. Call us now at Liquidators Melbourne on 1300 818 575.

What happens if I have an ATO Debt?

If you have an ATO debt, don’t ever snub 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 called for, in some cases winding up the company is the answer and sometimes negotiation is called for. Whatever is called for, we will help you work through a plan and we will support you the whole way.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

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

If you have already gotten one of these warnings YOU MUST NOT FORGET ABOUT THEM. Contact us as early 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. Once we have done an assessment of the business and the circumstances we recommend an action plan. Then it is your choice whether you go on from there. Call Liquidators Melbourne today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that each and every business owner is aware of these changes and the harmful nature of all of them and how they are going to 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 Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

What does it really 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 not manage 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 important that you get expert advice, as we have numerous options you may must think about. Simply call liquidators Melbourne on 1300 818 575.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

What if I pay no attention to the notice?

There may be considerable consequences for not complying with the ATOs notice; this can include losing personal assets like cars, property or shares, and personal bankruptcy for the companys debts.

STATUTORY DEMANDS

What exactly is a Statutory Demand?

A Statutory Demand is a demand produced under 459E of the Corporations Act. This legal document is not issued by the Court. A Statutory Demand calls for that the Debtor Company pay 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 contested, 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 premise that the debt, then the target of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a company is solvent if it has the capacity to pay its debts as and when they fall 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 actually 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 supply ‘proof’, which is actually sufficient for a creditor to apply 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 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 commonly follows a Statutory Demand. If a business is unable to pay its debts then the Court has the ability to wind it up and appoint a liquidator whose responsibility it is to convert the assets into cash and disburse the cash in the order laid out in the Corporations Act. Simply put, this notice is basically a letter notifying 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 gets the appointment of the liquidator and the liquidator take priority in regard to their costs, as do specific employee entitlements. The rest is distributed equally between unsecured creditors.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

Will I be actually obligated for my businesses debt?

No. The liquidation of a company does not instantly imply the director will be generally made bankrupt; however, the method of winding up a business 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 no cost consultation call Liquidators Melbourne on 1300 818 575.

What takes place 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 choose a liquidator who then acquires 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’s over. The company you have built over the years is no longer yours. All the assets 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 simply no longer called for. Every element of your business will now be under the management of the liquidator.

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Bankruptcy Melbourne,Bankruptcy Notice Melbourne,Bankruptcy Help Melbourne

Do I have any options prior 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 spare you tremendous distress. You should act quickly! Calling us the day before the liquidators arrive is pointless. Contact Liquidators Melbourne today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is no longer in your control.

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