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Liquidators Parramatta

Business debt can come about remarkably easily. A few sluggish months and all of a sudden the debt is generally a very long way beyond the grasp of the company owner. If you have business debts which are really out of control then contact us. At Liquidators Parramatta  we are business debt professionals. For a completely free consultation call Liquidators Parramatta on 1300 818 575.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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

Normally when a company owner finds himself or herself in an unworkable financial position they are encouraged by their bookkeeper, their solicitor or perhaps their friends to consult with a Liquidator and place the company into liquidation. Be really careful about this. We have gotten to know, here at Liquidators Parramatta, that most people believe that because you are paying the liquidator they will care for your best interests and help you to get you back on your feet. BUT THIS IS REALLY NOT THE CASE!

Liquidators Parramatta are on your side

Although administrators and receivers are normally nice people, their responsibility, once they are appointed, is to your creditors (people you owe money to) and to the courts. They are to amass as much money as possible from the liquidated business to repay 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 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, in many cases you have certainly just bought the death of your company.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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One Business Owner’s Story

I figured out I was in trouble when the bank refused to lend me any more against the farm. This home has been in the family for years and the thought of having to give it up was too much. I called my financial advisor and my bookkeeper, and they both suggested me to go and see Liquidators Parramatta which I didn’t do, of course. I found this other liquidation organization and they said that’s the only escape. I realized I had significant debt, but it just looked like I had no choice. My accountant said that because I am shelling out for the liquidator and that it was likely going to be a voluntary liquidation that I would certainly be protected. WRONG!

I found some Liquidators, they appeared professional and capable and these guys said they would help me as much as they could to work through my money problems. I had no idea what was going to happen. They seemed to grasp my circumstance; I had some money coming in and a sale of some equipment 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 control of each and every single thing; it was all gone. The next day my savings account was frozen and what I presumed was going to be a beneficial situation ended up being my worst nightmare. I lost everything!

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

What is the most reliable strategy if my business is in crisis?

There is a secret to handling this issue: PREPARATION. There is quite a lot you can do to ready yourself; before you relinquish the control of your business call Liquidators Parramatta and we will help you guide through the minefield that it can be. In fact, the majority of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds easy but, in fact, there is an significant amount of law and many rules in place covering this process so getting the correct advice from Liquidators Parramatta is always a dependable option. If you are unsure what you need to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Parramatta are experts in pre-liquidation strategies.

What if another person is winding up my company?

If somebody is winding up your company, such as the ATO or a creditor, they will certainly have a liquidator appointed by the courts. You do have some choices here and there is lots you must understand and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Parramatta. The trick here is to get some advice and involve 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 call us simply because the longer you neglect this the fewer options you have. Call us at 1300 818 575.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

Can I continue to run a business if I have been the 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 typical questions we are asked. Naturally, there are regulations that will need to be adhered to, and you must ensure you structure things in properly moving forward. Liquidation does not should be the end of your business life, as so many people think it does. We can help you to do this and construct a new life after liquidation. There are choices, but in most cases people just don’t know what they are. At Liquidators Parramatta, we can discuss your options and help you accomplish your goals.

What do I need to do?

Be prepared. Liquidators don’t serve you, regardless of how much money you pay them. Your creditors don’t help you, no matter just how much of their bill you pay them. Your friends love you, but generally have no thought to what they are often recommending to you. They’ve more than likely heard that if you wish to begin again you will need to throw away the company through a liquidator and it is an simple 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 assessment call Liquidators Parramatta 1300 818 575.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

What do we do?

At Liquidators Parramatta we help you learn about your choices. We than help you take the ideal step. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect the right way with your creditors and deal with the situation. Call us now at Liquidators Parramatta on 1300 818 575.

Suppose I have an ATO Debt?

If you have an ATO debt, do not neglect 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 has happened, you must act fast! Sometimes communication is all that’s involved, at times winding up the company is the answer and sometimes negotiation is involved. Whatever is needed, we will definitely help you work through a plan and we will support you the whole way.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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

If you have actually gotten one of these notifications YOU MUST NOT IGNORE THEM. Contact us as early as you get them and we will be able to help you work through the steps readily available to secure the best and most beneficial outcome for you. Once we have done an assessment of the business and the circumstances we recommend an response plan. Then it is your choice whether you go ahead from there. Call Liquidators Parramatta today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is extremely important is that each and every 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

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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

The aim of a Director Penalty Notice is to make directors liable 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 ask for expert advice, as we have numerous options you may have to think about. Simply call liquidators Parramatta on 1300 818 575.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

What if I ignore the notice?

There may be significant consequences for not abiding by the ATO’s notice; this can include things like losing personal assets like cars, property or shares, and personal bankruptcy for the company’s debts.

STATUTORY DEMANDS

What is a Statutory Demand?

A Statutory Demand is a demand produced under 459E of the Corporations Act. This documentation is not issued by the Court. A Statutory Demand calls for 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 quickly 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.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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 fall due. Accordingly, the test as to whether or not a business is insolvent is that it is not able 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 abide by a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will offer ‘proof’, which is sufficient for a creditor to register to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just show 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 is a Wind-Up Notice?

A wind-up notice usually follows a Statutory Demand. If a business is not able to pay the debts then the Court has the power to wind it up and appoint a liquidator whose duty it is to convert the assets into cash and disburse the cash in the order laid out in the Corporations Act. In short, this notice is basically a letter notifying you that on a certain date a liquidator will be appointed by the courts to take control of your company if you won’t pay the debt.

Who can send me a Wind-Up Notice?

The creditor who secures the appointment of the liquidator and the liquidator take priority in relation to their costs, as do particular employee entitlements. The remainder is distributed equally amongst unsecured creditors.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

Will I be personally obligated for my businesses debt?

No. The liquidation of a company does not automatically imply the director will be simply made bankrupt; however, the method of winding up a business is similar to 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 definitely best to take action quickly. For a cost-free consultation get in touch with Liquidators Parramatta 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 no longer be the director of your company. The judge will select 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. Put simply, it is actually over. The company you have built 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 no longer called for. Every facet of your business will now be under the administration of the liquidator.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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

Yes. Our company offers a free initial consultation to help you work through this problem. Our team of experts can spare you remarkable distress. You must act quickly! Calling us the day before the liquidators turn up is fruitless. Contact Liquidators Parramatta today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is not in your control.

Bankruptcy Parramatta,Insolvency Parramatta

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