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Liquidators Port Stephens

Business debt can arise very quickly. A few slow months and all of a sudden the financial debt is a long way beyond the grasp of the company owner. If you have company debts that are undoubtedly out of control then give us a call. At Liquidators Port Stephens  we are business debt experts. For a completely free consultation call Liquidators Port Stephens on 1300 818 575.

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Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

If my business is in trouble should I call a liquidator?

Often 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 talk to a Liquidator and place the company into liquidation. Be really careful about this. We have gotten to know, here at Liquidators Port Stephens, that most people believe that just because you are paying the liquidator they will protect your best interests and serve to help you to get you back on your feet. BUT THIS IS REALLY NOT THE CASE!

Liquidators Port Stephens are on your side

Although administrators and receivers are usually nice individuals, their duty, once they are appointed, is actually to your creditors (people you owe money to) and to the courts. They are to get as much money as possible from the liquidated business to settle these creditors. That is simply all. If, for one moment, you feel they will watch out for your best interests, you are unfortunately mistaken.

Once you have signed those documents to select 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 certainly just paid for the death of your company.

Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens
Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

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One Business Owner’s Story

I figured out 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 losing it was way too much. I called my financial advisor and my accountant, and they both advised me to go and see Liquidators Port Stephens which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I understood I had significant debt, but it just felt like I had no alternative. My accountant said that since I am shelling out for the liquidator and that it was going to be a voluntary liquidation that I would certainly be looked after. WRONG!.

I found some Liquidators, they seemed to be professional and qualified and these people explained they would help me as much as they could to overcome my money problems. I had no idea what was about to happen. They seemed to comprehend my predicament; I had some cash coming in and a sale of some equipment going through.

The minute I signed the paperwork the liquidators requested the keys and that was it. Everything was taken out of my hands, the sale of the equipment was totally taken over, the money I had coming in was gone, they took over every single thing; it was all gone. The next day my savings account was frozen and what I assumed was reallying going to be a beneficial situation became my worst nightmare. I lost everything!

Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens
Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

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

There is a trick to managing this scenario: PREPARATION. There is quite a lot you can do to ready yourself; before you relinquish the control of your business call Liquidators Port Stephens and we will really help you walk through the minefield that it can be. In fact, much of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds simple but, as a matter of fact, there is an substantial amount of law and many rules in place covering this process so getting the right advice from Liquidators Port Stephens is always a safe option. If you are hesitant what you should do and just need some guidance, simply call us on 1300 818 575. Liquidators Port Stephens specialises in pre-liquidation strategies.

What if someone else is winding up my business?

If somebody else is winding up your company, like the ATO or a creditor, they will have a liquidator appointed by the courts. You do have some choices here and there is lots you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Port Stephens. The key here is to get some guidance and include us as soon as you can in this process. It is that basic. Normally you will receive 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 less choices you have. Call us at 1300 818 575.

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Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

Can I continue to run 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 still be the director of the company that has been liquidated. This is among the most common questions we are asked. Naturally, there are regulations that have to be complied with, and you should ensure you structure things in properly moving forward. Liquidation does not have to be the end of your business life, as a lot of people think it does. We can help you to do this and rebuild a new life after liquidation. There are options, but in most cases people just have no idea just what they are. At Liquidators Port Stephens, we can explain your options and help you achieve your goals.

What do I should do?

Be prepared. Liquidators don’t work with you, no matter how much money you pay them. Your creditors don’t work for you, no matter just how much of their bill you pay them. Your friends love you, but typically have no thought to what they are suggesting to you. They’ve more than 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 work for you. Understand – THIS IS NOT THE CASE! WE WORK FOR YOU– nobody else does. You are our client and we are only dedicated to getting the result you want. For a free consultation call Liquidators Port Stephens 1300 818 575.

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Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

What do we do?

At Liquidators Port Stephens we help you work through your options. We than help you take the appropriate step. Then we work toward getting the best possible end result for you and protecting whatever we can. We communicate the proper way with your creditors and fix the situation. Call us now at Liquidators Port Stephens on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, do not ignore your mail! The ATO will often deliver 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 needed, sometimes winding up the company is the answer and sometimes negotiation is involved. Despite what is called for, we will help you work through a plan and we will support you the whole way.

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Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

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

If you have already gotten one of these notices YOU MUST NOT LET THEM LAPSE. Contact us as soon as you get them and we will be able to 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 your business and the circumstances we recommend an action plan. Then it is your choice whether you proceed from there. Call Liquidators Port Stephens 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 serious nature 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 Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

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

The aim of a Director Penalty Notice is to get directors liable for their company’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 critical that you request expert advice, as we have numerous options you may should think about. Simply call liquidators Port Stephens on 1300 818 575.

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Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

What if I disregard the notice?

There may be significant consequences for not abiding by the ATO’s notice; this can involve losing personal assets like cars, 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 file 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 period of the delivery of the demand on the Debtor Company.

If the debt is disputed, 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 basis that the debt, then the subject of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act states 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 actually 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 offer ‘proof’, which is actually sufficient for a creditor to register 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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What is a Wind-Up Notice?

A wind-up notice normally follows a Statutory Demand. If a business is not able to pay its own debts then the Court has the capacity 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 started in the Corporations Act. Simply put, 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 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 expenses, as do specific employee entitlements. The rest is distributed evenly amongst unsecured creditors.

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Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

Will I be personally obligated for my businesses debt?

No. The liquidation of a company does not immediately imply the director will be actually 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’s ideal to act quickly. For a cost-free consultation call Liquidators Port Stephens 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 definitely no longer be the director of your company. The judge will select 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. 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 (they will even change the locks) and your services are generally no longer required. Every aspect of your business will now be under the administration of the liquidator.

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Bankruptcy Port Stephens,Bankruptcy Help Port Stephens,Personal Insolvency Port Stephens

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

Yes. We provide a free initial consultation to help you work through this problem. Our team of specialists can spare you incredible distress. You must act rapidly! Calling us the day before the liquidators show up is useless. Contact Liquidators Port Stephens 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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