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Liquidators Gosford

Company debt can happen very easily. A few sluggish months and all of a sudden the debt is a long way beyond the reach of the company owner. If you have company debts which are really out of control then give us a call. At Liquidators Gosford  our company are business debt professionals. For a completely free consultation call Liquidators Gosford on 1300 818 575.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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

Commonly 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 call a Liquidator and place the company into liquidation. Be rather careful about this. We have gotten to know, here at Liquidators Gosford, that most people believe that just 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 Gosford is on your side

Although administrators and receivers are often nice people, their duty, once they are appointed, is actually to your creditors (people you owe money to) and to the courts. These guys are to collect as much money as practical from the liquidated business to repay these creditors. That’s it. 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 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 many cases you have certainly just paid for the death of your company.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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One Small Business Owner’s Story

I figured out I was in strife when the bank would not lend me any more against the farm. This home has been in the family for years and the prospect of having to give it up was too much. I called my financial advisor and my bookkeeper, and they both instructed me to go and see Liquidators Gosford which I didn’t do, of course. I found this other liquidation firm and they said that’s the only way out. I understood I had significant debt, but it just appeared 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 taken care of. 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 situation; I had some cash coming in and a sale of some machinery 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 every single thing; it was simply all gone. The next day my savings account was frozen and what I presumed was going to be a beneficial situation turned out to be my worst nightmare. I lost everything!

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

What is the most reliable strategy if my company is in trouble?

There is a technique to managing this situation: PREPARING. There is quite a lot you can do to ready yourself; before you yield the control of your company call Liquidators Gosford and we will help you guide through the minefield that it can be. Actually, 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 reality, there is an huge amount of regulation and many rules in place covering this process so getting the best advice from Liquidators Gosford is always a safe option. If you are hesitant what you should do and just need some guidance, simply contact us on 1300 818 575. Liquidators Gosford are experts in pre-liquidation strategies.

What happens if another person is winding up my company?

If somebody else 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 lots you must understand and do to protect yourself – feel free to call us for a free consultation here at Liquidators Gosford. The trick here is to get some guidance and involve us as soon as you can in this particular 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 give us a call simply because the longer you neglect this the fewer choices you have. Call us at 1300 818 575.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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

Yes, you can continue to run a business. No, you can not still be the director of the company that has been liquidated. This is one of the most common questions we are asked. Undoubtedly, there are regulations that need to be stuck to, and you will need to ensure you structure things in properly moving forward. Liquidation does not must be the end of your business life, as many people think it does. We can help you to do this and reconstruct a new life after liquidation. There are options, but in many cases people just have no idea what they are. At Liquidators Gosford, we can explain your options and help you achieve your goals.

What do I need to 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 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 will 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– no one else does. You are our client and we are only dedicated to getting the result you want. For a free assessment call Liquidators Gosford 1300 818 575.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

What do we do?

At Liquidators Gosford we help you learn about your options. We than help you take the ideal 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 resolve the situation. Call us now at Liquidators Gosford 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 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 involved, in some cases winding up the company is the answer and sometimes negotiation is involved. Regardless of what is needed, we are going to help you work through a plan and we will support you the whole way.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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

If you have gotten one of these warnings YOU MUST NOT LET THEM LAPSE. Contact us as quickly 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 response plan. Then it is your choice whether you proceed from there. Call Liquidators Gosford 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 dangerous 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 issued with a Director Penalty Notice by the ATO.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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

The purpose of a Director Penalty Notice is to get directors liable for their business’s unpaid tax debt. As a director, you will no longer have the ability to avoid personal liability for a PAYGATO 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 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 important that you get expert advice, as we have numerous options you may have to think about. Simply call liquidators Gosford on 1300 818 575.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

What if I pay no attention to the notice?

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

STATUTORY DEMANDS

What exactly is a Statutory Demand?

A Statutory Demand is a demand made under 459E of the Corporations Act. This legal document is not issued by the Court. A Statutory Demand needs that the Debtor Company pay a specified sum of money within 21 days from the day of the delivery of the demand on the Debtor Company.

If the debt is objected to, or if there are exceptions in the document, the company should promptly get independent legal advice and apply to the Court to set the demand aside on the grounds that the debt, then the target of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a company is solvent if it can pay its debts as and when they fall 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 generally 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 register to the Court for the appointment of a liquidator to the company.

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 commonly 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 obligation it is to convert the assets into cash and disburse the cash in the order set out in the Corporations Act. In other words, 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 don’t pay the debt.

Who can send me out a Wind-Up Notice?

The creditor who acquires the appointment of the liquidator and the liquidator take priority in relation to their expenses, as do particular employee entitlements. The rest is distributed equally among unsecured creditors.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Will I be individually obligated for my businesses debt?

No. The liquidation of a company does not automatically imply the director will be generally made bankrupt; however, the process of winding up a business 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 is certainly ideal to act quickly. For a totally free consultation get in touch with Liquidators Gosford on 1300 818 575.

What takes place 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 business. All of the clients, cheque accounts, assets, cash, money that’s owed to the company and your buildings are no longer yours. In other words, it’s over. The company you have built is no longer yours. All the assets will be sold, your office, shop or factory will be taken control of by the liquidators ( these guys will even change the locks) and your services are simply no longer needed. Every feature of your business will now be under the administration of the liquidator.

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Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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

Yes. We provide a free initial consultation to guide you work through this problem. Our team of professionals can spare you remarkable distress. You should act quickly! Calling us the day before the liquidators appear is useless. Contact Liquidators Gosford today on 1300 818 575.

Do I have any choices once the Liquidators have arrived?

No. The business is not in your control.

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