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Liquidators Lismore

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

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

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

Usually when a business owner finds himself or herself in an unworkable financial position they are advised by their bookkeeper, their solicitor or even their friends to contact a Liquidator and place the company into liquidation. Be very careful about this. We have learned, here at Liquidators Adelaide, that many people believe that because you are paying the liquidator they will look after your best interests and help you to get back on your feet. BUT THIS IS CERTAINLY NOT THE CASE!

Liquidators Adelaide are on your side

Although administrators and receivers are usually nice people, their obligation, once they are appointed, is to your creditors (people you owe money to) and to the courts. They are to collect as much money as possible from the liquidated business to pay off these creditors. Thats it. If, for one second, you feel they will look after your best interests, you are sadly mistaken./p>

Once you have signed those papers to appoint liquidators to your company; that is it! You no longer have any say over your company. 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 own business.

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

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One Business Owner’s Story

I realized I was in trouble 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 losing it was way too much. I called my financial advisor and my bookkeeper, and they both encouraged me to go and see Liquidators Lismore which I didn’t do, of course. I found this other liquidation firm and they said that’s the only way out. I realized I had significant debt, but it just felt 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 certainly be protected. WRONG!

I found some Liquidators, they seemed to be professional and qualified and these people 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 seemed to grasp my situation; I had some money coming in and a sale of some equipment going through.

The moment I signed the documents 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 control of every single thing; it was all gone. The next day my savings account was frozen and what I thought was going to be a beneficial situation turned out to be my worst nightmare. I lost everything!

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

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

There is a secret to managing this situation: PREPARING. There is quite a lot you can do to ready yourself; before you yield the control of your business call Liquidators Lismore and we will really help you walk through the minefield which it can be. Actually, 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, as a matter of fact, there is an significant amount of law and many rules in place surrounding this process so getting the right advice from Liquidators Lismore is always a dependable option. If you are not sure what you ought to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Lismore are experts in pre-liquidation strategies.

What happens if 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 by the courts. You do have some choices here and there is a lot you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Lismore. The key here is to get some guidance and include us as quickly 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 less options you have. Call us at 1300 818 575.

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

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

Yes, you can still run a company. No, you can not still be the director of the company that has been liquidated. This is one of the most typical questions we are asked. Undoubtedly, there are regulations that have to be adhered to, and you must ensure you structure things in properly moving forward. Liquidation does not must be the end of your business life, as so many people think it does. We can really help you to do this and restore a new life after liquidation. There are choices, but a lot of time people just have no idea exactly what they are. At Liquidators Lismore, we can discuss your options and help you achieve your goals.

What do I will need to do?

Be prepared. Liquidators don’t work for you, no matter what 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 usually have no idea to what they are recommending to you. They’ve more than likely heard that if you want to begin again you need to get rid of the company through a liquidator and it is an convenient 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 interested in getting the result you want. For a free consultation call Liquidators Lismore 1300 818 575.

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

What do we do?

At Liquidators Lismore we help you learn about your options. 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 the right way with your creditors and fix the situation. Call us now at Liquidators Lismore 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 provide 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 called for, at times winding up the company is the answer and sometimes negotiation is required. Despite 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 Lismore,Bankrupt Lismore,Insolvency Lismore

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

If you have gotten one of these notices YOU MUST NOT LET THEM LAPSE. Contact us as early as you get them and we can help you work through the procedures readily available to secure the best and most favourable 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 go on from there. Call Liquidators Lismore today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is extremely important is that every single business owner knows 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 Lismore,Bankrupt Lismore,Insolvency Lismore

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

The aim of a Director Penalty Notice is to make directors accountable 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 3 months and or your debt was not declared to the ATO within 3 months of the due date.
  2. As a director, you could also be accountable for your company’s unpaid superannuation liability once you receive a penalty.
  3. Directors, and associates of directors, can now also be liable for a new personal income tax liability. This will make directors and their associates actually liable for a company’s 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 get expert advice, as we have numerous options you may will need to think about. Simply call liquidators Lismore on 1300 818 575.

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

What if I disregard the notice?

There may be significant repercussions for not adhering to the ATO’s notice; this can involve losing personal assets like vehicles, property or shares, and personal bankruptcy for the business’s debts.

STATUTORY DEMANDS

Exactly what is a Statutory Demand?

A Statutory Demand is a demand generated under 459E of the Corporations Act. This legal document is not issued by the Court. A Statutory Demand requires that the Debtor Company pay 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 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 grounds that the financial debt, then the matter of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act stipulates that a business is solvent if it manages 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 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 sufficient for a creditor to inquire to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just come 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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Precisely what is a Wind-Up Notice?

A wind-up notice generally follows a Statutory Demand. If a business is unable to pay the debts then the Court has the power 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. In other words, this notice is essentially a letter informing you that on a certain date a liquidator will be appointed by the courts to take over your company if you won’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 rest is distributed equally between unsecured creditors.

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Will I be personally obligated for my business’ 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 company resembles the process of having a person declared bankrupt. Having said that, the ATO can release a Director’s Penalty Notice at any time, so it is certainly ideal to act quickly. For a no charge consultation contact Liquidators Lismore on 1300 818 575.

What happens 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 court will appoint 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. 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 over by the liquidators (they 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.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Do I get any choices before the Liquidators seizing my business?

Yes. We provide a free initial consultation to help you work through this problem. Our team of professionals can save you from tremendous distress. You must act quickly! Calling us the day before the liquidators appear is pointless. Contact Liquidators Lismore today on 1300 818 575.

Do I have any choices once the Liquidators have arrived?

No. The company is not in your control.

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
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