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Liquidators Geraldton

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

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

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

Frequently when a company owner finds himself or herself in an unworkable financial position they are encouraged by their bookkeeper, their solicitor and even their friends to get in touch with a Liquidator and place the company into liquidation. Be very careful about this. We have gotten to know, here at Liquidators Geraldton, that lots of people believe that because 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 REALLY NOT THE CASE!

Liquidators Geraldton is on your side

Although administrators and receivers are often nice people, their duty, once they are actually appointed, is simply to your creditors (people you owe money to) and even to the courts. They are to get as much money as they can from the liquidated business to repay these creditors. That’s all. If, for one minute, you feel they will take care of your best interests, you are regrettably mistaken.

Once you have signed those papers to select 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 just paid for the death of your business.

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

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One Businessmen’s Story

I knew 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 idea of having to give it up was too much. I called my financial advisor and my accountant, and they both urged me to go and see Liquidators Geraldton which I didn’t do, of course. I found this other liquidation company and they said that’s the only way out. I understood 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 be looked after.

WRONG! I found some Liquidators, they seemed professional and capable and these people claimed they would help me as much as they could to overcome my money issues. I had no idea what was going to happen. They appeared to understand my predicament; I had some cash coming in and a sale of some equipment going through.

The second 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 over, 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 became my worst nightmare. I lost everything!

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

What is the best strategy if my company is in trouble?

There is a trick 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 Geraldton and we will help you walk through the minefield that it can be. As a matter of fact, a lot of the stress and anxiety can be dealt with in such a way that will work for you, not against you. This sounds simple but, actually, there is an enormous amount of law and many rules in place covering this process so getting the best advice from Liquidators Geraldton is always a safe option. If you are not sure what you need to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Geraldton are experts in pre-liquidation strategies.

Suppose another person is winding up my business?

If someone is winding up your company, such as the ATO or a creditor, they are going to have a liquidator appointed from the courts. You do have some options right here and certainly there is lots you must know and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Geraldton. 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 get a notice in the mail or a court order, and if you have one of these contact us simply because the longer you neglect this the less choices you have. Call us at 1300 818 575.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

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

Yes, you can still run a company. 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. Of course, there are policies that must be stuck to, and you have to ensure you structure things in the proper way moving forward. Liquidation does not must be the end of your business life, as so many people think it does. We can help you to do this and reconstruct a new life after liquidation. There are options, but in most cases people just have no idea just what they are. At Liquidators Geraldton, 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 work for you, no matter just how much of their bill you pay them. Your friends love you, but normally have no thought to what they are recommending to you. They’ve probably heard that if you want to begin again you will 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 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 appointment call Liquidators Geraldton 1300 818 575.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

What do we do?

At Liquidators Geraldton we help you work through your choices. We than help you take the suitable action. Then we work toward getting the best possible outcome for you and protecting whatever we can. We communicate properly with your creditors and deal with the situation. Call us now at Liquidators Geraldton on 1300 818 575.

What happens if I have an ATO Debt?

If you have an ATO debt, don’t ever overlook your mail! The ATO will often provide 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 involved, in some cases winding up the company is the answer and sometimes negotiation is needed. No matter what is required, we will definitely help you work through a plan and we will support you the whole way.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

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

If you have gotten one of these notices YOU MUST NOT IGNORE THEM. 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 beneficial 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 go on from there. Call Liquidators Geraldton 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 knows these changes and the considerable nature of all of them and how they will certainly 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 Geraldton,Bankrupt Geraldton,Insolvency Geraldton

What does it actually 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 no longer have the ability to prevent 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 reported to the ATO inside 3 months of the due date.
  2. As a director, you might likewise be responsible for your company’s unpaid superannuation liability if you have 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 quite possibly liable for a business’s 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 crucial that you get expert advice, as we have numerous options you may have to think about. Simply call liquidators Geraldton on 1300 818 575.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

What if I ignore the notice?

There may be substantial repercussions for not complying with the ATO’s notice; this can involve losing personal assets like vehicles, property or shares, and personal bankruptcy for the company’s debts.

STATUTORY DEMANDS

What is a Statutory Demand?

A Statutory Demand is a demand made under 459E of the Corporations Act. This documentation is not issued by the Court. A Statutory Demand calls for 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 contended, or if there are exceptions in the document, the company should immediately get separate legal advice and apply to the Court to set the demand aside on the basis that the financial debt, then the subject of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act provides 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 or not a company is insolvent is that it is unable 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 adhere to 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 appeal to the Court for the appointment of a liquidator to the company.

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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Just what is a Wind-Up Notice?

A wind-up notice commonly 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 obligation it is to change the assets into cash and disburse the cash in the order shown in the Corporations Act. In short, this notice is basically a letter informing you that on a certain date a liquidator will be appointed by the courts to take over your company if you don’t pay the debt.

Who can send out 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 among unsecured creditors.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

Will I be actually bound for my businesses debt?

No. The liquidation of a company does not automatically imply the director will be simply 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 provide a Director’s Penalty Notice whenever, so it is really best to take action quickly. For a no charge consultation get in touch with Liquidators Geraldton on 1300 818 575.

What happens in the event that I can not pay the debt within the 21 Days?

A liquidator will be appointed and you will no longer be the director of your company. The court will choose a liquidator who then assumes 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 (they will even change the locks) and your services are actually no longer needed. Every feature of your business will now be under the management of the liquidator.

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

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

Yes. Our company offers a free initial consultation to help you work through this problem. Our team of specialists can save you from incredible distress. You have to act rapidly! Calling us the day before the liquidators show up is pointless. Contact Liquidators Geraldton today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is not in your control.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
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