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Liquidators Shepparton

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

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Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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

Typically when a business owner finds himself or herself in an impracticable financial position they are encouraged by their bookkeeper, their solicitor and even their friends to consult with a Liquidator and place the company into liquidation. Be extremely careful about this. We have learned, here at Liquidators Shepparton, that many individuals believe that due to the fact that you are paying the liquidator they will protect your best interests and really help you to get you back on your feet. HOWEVER, THIS IS ABSOLUTELY NOT THE CASE!

Liquidators Shepparton are on your side

Although administrators and receivers are normally nice individuals, their obligation, once they are appointed, is to your creditors (people you owe money to) and to the courts. These guys are to gather as much money as practical from the liquidated business to repay these creditors. That is simply all. If, for one minute, you feel they will protect your best interests, you are unfortunately mistaken.

Once you have signed those forms to establish liquidators to your business; 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 a lot of cases you have certainly just bought the death of your company.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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One Business Owner’s Story

I saw 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 too much. I called my financial advisor and my bookkeeper, and they both urged me to go and see Liquidators Shepparton which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I realized I had significant debt, but it just looked like I had no option. My accountant said that since I am paying for the liquidator and that it was likely going to be a voluntary liquidation that I would be protected. WRONG!

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

The moment 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 machinery was completely taken over, the money I had coming in was gone, they took over 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 became my worst nightmare. I lost everything!

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Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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

There is a secret to dealing with this issue: PREPARING. There is quite a lot you can do to ready yourself; before you surrender the control of your company call Liquidators Shepparton and we will help you walk through the minefield that it can be. As a matter of fact, much of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds easy but, actually, there is an significant amount of law and many rules in place surrounding this process so getting the correct advice from Liquidators Shepparton is always a reliable option. If you are unsure what you have to do and just need some guidance, simply call us on 1300 818 575. Liquidators Shepparton specialises in pre-liquidation strategies.

What happens if somebody else is winding up my business?

If somebody is winding up your company, such as the ATO or a creditor, they will certainly have a liquidator appointed from the courts. You do have some options right 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 Shepparton. The secret here is to get some advice and involve us as quickly as you can in this particular 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 simply because the longer you neglect this the less options you have. Call us at 1300 818 575.

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Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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

Yes, you can continue to run a business. No, you can not continue to be the director of the company that has been liquidated. This is one of the most common questions we are asked. Naturally, there are policies that should be stuck to, and you should ensure you structure things in the proper way moving forward. Liquidation does not should 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 in most cases people simply have no idea exactly what they are. At Liquidators Shepparton, we can discuss your options and help you accomplish your goals.

What do I need to do?

Be prepared. Liquidators don’t work for you, no matter what you pay them. Your creditors don’t help you, no matter how much of their bill you pay them. Your friends love you, but usually have no thought to what they are suggesting to you. They’ve probably heard that if you wish to begin again you need to throw away the company through a liquidator and it is an convenient 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 concerned with getting the result you want. For a free consultation call Liquidators Shepparton 1300 818 575.

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Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

What do we do?

At Liquidators Shepparton we help you figure out 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 right way with your creditors and fix the situation. Call us now at Liquidators Shepparton on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, don’t ignore your mail! The ATO will often issue companies Wind-Up Notices or Statutory Demands, or perhaps 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, at times winding up the company is the answer and sometimes negotiation is needed. No matter what is required, we will certainly help you work through a plan and we will support you the whole way.

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Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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

If you have already received one of these notifications YOU MUST NOT FORGET ABOUT THEM. Contact us as soon as you get them and we can help you work through the steps 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 Shepparton today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that every business owner understands these changes and the serious nature of them and how they will 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 Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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

The aim of a Director Penalty Notice is to make directors liable for their companys unpaid tax debt. As a director, you will no longer be able to avoid personal liability for a PAYG ATO debt, which comes with a Director Penalty Notice, if the following applies:

  1. Your debt is older than three months and or your debt was not revealed to the ATO inside 3 months of the due date.
  2. As a director, you can also be responsible for your company’s unpaid superannuation liability once 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 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 critical that you ask for expert advice, as we have numerous options you may should think about. Simply call liquidators Shepparton on 1300 818 575.

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Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

What if I disregard the notice?

There may be significant repercussions for not abiding by 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

What is a Statutory Demand?

A Statutory Demand is a demand produced under 459E of the Corporations Act. This 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 opposed, 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 grounds that the financial debt, then the target of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a business is solvent if it has the capacity to pay its debts as and also when they are due. Accordingly, the test as to whether or not a business 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 failed to adhere to 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 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 unable to pay its debts then the Court has the power to wind it up and appoint a liquidator whose duty it is to turn the assets into cash and disburse the cash in the order laid out in the Corporations Act. Simply put, this notice is essentially a letter notifying 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 obtains 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 Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Will I be personally 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 company is similar to the process of having a person declared bankrupt. Having said that, the ATO can issue a Director’s Penalty Notice whenever, so it’s ideal to take action quickly. For a free consultation call Liquidators Shepparton on 1300 818 575.

What occurs if I can not pay the debt within the 21 Days?

A liquidator will be appointed and you will definitely 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 company and your buildings are no longer yours. Simply put, 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 over by the liquidators ( these guys will even change the locks) and your services are no longer required. Every element of your business will now be under the management of the liquidator.

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Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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

Yes. We provide 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 turn up is pointless. Contact Liquidators Shepparton today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is no longer in your control.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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