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Liquidators Newcastle

Business debt can happen remarkably easily. 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 business debts that are undoubtedly out of control then give us a call. At Liquidators Newcastle  we are business debt specialists. For a completely free consultation call Liquidators Adelaide on 1300 818 575.

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

If my company is really in trouble should I contact 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 perhaps their friends to talk to a Liquidator and place the business into liquidation. Be very careful about this. We have learned, here at Liquidators Newcastle, that lots of people believe that because you are paying the liquidator they will look after your best interests and serve to help you to get you back on your feet. BUT THIS IS ABSOLUTELY NOT THE CASE!

Liquidators Adelaide are on your side

Although administrators and receivers are generally nice people, their responsibility, once they are actually appointed, is simply to your creditors (people you owe money to) and to the courts. They are to round up as much money as possible from the liquidated business to repay these creditors. That’s it. If, for one instant, you feel they will take care of your best interests, you are sadly mistaken

Once you have signed those papers to assign liquidators to your company; 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 actually just bought the death of your company.

Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle
Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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One Business Owner’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 idea of losing it was too much. I called my financial advisor and my accountant, and they both urged me to go and see Liquidators Newcastle which I didn’t do, of course. I found this other liquidation organization and they said that’s the only way out. I realized I had significant debt, but it just seemed like I had no option. My accountant said that because I am paying for the liquidator and that it was going to be a voluntary liquidation that I would most likely be looked after. WRONG!.

I found some Liquidators, they seemed to be professional and capable and these people explained 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 seemed to grasp my predicament; I had some cash coming in and a sale of some machinery going through.

The moment 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 equipment was completely taken control of, 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 thought was reallying going to be a beneficial situation ended up my worst nightmare. I lost everything!

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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

There is a method to managing this scenario: PREPARATION. There is quite a lot you can do to ready yourself; before you surrender the control of your business call Liquidators Newcastle and we will help you guide through the minefield which it can be. Actually, a lot 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 enormous amount of regulation and many rules in place covering this process so getting the best advice from Liquidators Newcastle is always a reliable option. If you are not sure what you should do and just need some guidance, simply contact us on 1300 818 575. Liquidators Newcastle specialises in pre-liquidation strategies.

Suppose someone else is winding up my company?

If somebody is winding up your company, like the ATO or a creditor, they will have a liquidator appointed from the courts. You do have some choices right here and there is lots you must know and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Newcastle. The secret here is to get some advice and involve us as soon as you can in this particular 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 ignore this the fewer choices you have. Call us at 1300 818 575.

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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

Yes, you can still run a business. 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. Needless to say, there are policies that must be adhered to, and you need to ensure you structure things in the right way moving forward. Liquidation does not must be the end of your business life, as many people think it does. We can really help you to do this and construct a new life after liquidation. There are options, but in most cases people simply don’t know what they are. At Liquidators Newcastle, we can explain your options and help you achieve your goals.

What do I need to do?

Be prepared. Liquidators don’t serve you, no matter how much money 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 commonly have no thought to what they are recommending to you. They’ve more than likely heard that if you want to begin again you will need to throw away 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– nobody else does. You are our client and we are only thinking about getting the result you want. For a free consult call Liquidators Newcastle 1300 818 575.

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

What do we do?

At Liquidators Newcastle we help you learn about your options. We than help you take the appropriate step. 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 fix the situation. Call us now at Liquidators Newcastle on 1300 818 575.

Suppose I have an ATO Debt?

If you have an ATO debt, really don’t disregard 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 is the case, you must act fast! Sometimes communication is all that’s involved, in some cases winding up the company is the answer and sometimes negotiation is needed. No matter what is called for, we will certainly help you work through a plan and we will support you the whole way.

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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

If you have gotten one of these warnings YOU MUST NOT FORGET ABOUT THEM. Contact us as soon as you get them and we will be able to help you work through the procedures readily available to get the best and most favourable outcome for you. Once we have done an assessment of your business and the circumstances we recommend an response plan. Then it is your choice whether you proceed from there. Call Liquidators Newcastle 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 all of them and how they may 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 Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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

The purpose of a Director Penalty Notice is to get directors responsible for their company’s unpaid tax debt. As a director, you will no longer 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.

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

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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 losing personal assets like vehicles, property or shares, and personal bankruptcy for the business’s debts.

STATUTORY DEMANDS

Just what 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 needs that the Debtor Company pay out a defined sum of money within 21 days from the day 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 separate legal advice and apply to the Court to set the demand aside on the basis that the financial debt, then the matter of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act provides that a company is solvent if it is able to pay its debts as and when they are due. Accordingly, the test as to whether or not a company is insolvent is that it is unable 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 abide by a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will provide ‘proof’, which is actually 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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What exactly is a Wind-Up Notice?

A wind-up notice typically follows a Statutory Demand. If a business is unable to pay its own debts then the Court has the ability to wind it up and appoint a liquidator whose function it is to transform 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 designated 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 gets the appointment of the liquidator and the liquidator take priority in regard to their costs, as do certain employee entitlements. The rest is distributed equally amongst unsecured creditors.

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

Will I be personally bound for my businesses debt?

No. The liquidation of a company does not automatically imply the director will be made bankrupt; however, the process of winding up a company resembles the process of having a person declared bankrupt. Having said that, the ATO can provide a Director’s Penalty Notice any time, so it is definitely ideal to take action quickly. For a free consultation contact Liquidators Newcastle on 1300 818 575.

What occurs in the event that 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 judge will choose 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 business and your buildings are no longer yours. In other words, it is actually over. The company you have built is no longer yours. All the resources will be sold, your office, shop or factory will be taken over by the liquidators ( these guys will even change the locks) and your services are actually no longer called for. Every facet of your business will now be under the management of the liquidator.

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Bankruptcy Newcastle,Bankruptcy Notice Newcastle,Bankruptcy Help Newcastle

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

Yes. Our company offers a free initial consultation to guide you work through this problem. Our team of experts can spare you tremendous distress. You have to act quickly! Calling us the day before the liquidators arrive is fruitless. Contact Liquidators Newcastle 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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