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Liquidators Northern Rivers

Company debt can come about very easily. A few sluggish months and all of a sudden the debt is a long way beyond the grasp of the company owner. If you have company debts that are actually out of control then give us a call. At Liquidators Northern Rivers  we are company debt specialists. For a completely free consultation call Liquidators Northern Rivers on 1300 818 575.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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

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

Liquidators Northern Rivers are on your side

Although administrators and receivers are generally nice people, their responsibility, once they are appointed, is simply to your creditors (people you owe money to) and also to the courts. They are to collect as much money as they can from the liquidated business to settle these creditors. That’s it. If, for one moment, you feel they will look after your best interests, you are sadly mistaken.

Once you have actually signed those documents to establish 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 a lot of cases you have certainly just bought the death of your company.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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One Business Owner’s Story

I realized I was in trouble when the bank wouldn’t 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 way too much. I called my financial advisor and my bookkeeper, and they both instructed me to go and see Liquidators Northern Rivers which I didn’t do, of course. I found this other liquidation firm and they said that’s the only escape. I knew I had significant debt, but it just seemed like I had no alternative. My accountant said that because I am paying for the liquidator and that it was likely going to be a voluntary liquidation that I would be looked after. WRONG!

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

The second 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 completely 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 felt was going to be a beneficial situation ended up being my worst nightmare. I lost everything!

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers
Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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

There is a method to managing this scenario: PREPARATION. There is quite a lot you can do to ready yourself; before you relinquish the control of your business call Liquidators Northern Rivers and we will help you guide through the minefield that it can be. Actually, much of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds simple but, in reality, there is an enormous amount of regulation and many rules in place surrounding this process so getting the correct advice from Liquidators Northern Rivers is always a reliable option. If you are not sure what you should do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Northern Rivers are experts in pre-liquidation strategies.

What if somebody else is winding up my company?

If someone else is winding up your company, such as the ATO or a creditor, they will have a liquidator appointed by the courts. You do have some options right here and there is a lot you must understand and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Northern Rivers. The trick here is to get some advice and include us as soon as you can in this process. It is that basic. Normally you will get 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 less options you have. Call us at 1300 818 575.

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers
Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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

Yes, you can still run a business. No, you can not still be the director of the company that has been liquidated. This is one of the most frequent questions we are asked. Naturally, there are regulations that should be followed, and you should ensure you structure things in properly moving forward. Liquidation does not should be the end of your business life, as a lot of people think it does. We can really help you to do this and reconstruct a new life after liquidation. There are choices, but in many cases people simply have no idea exactly what they are. At Liquidators Northern Rivers, 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 commonly 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 very easy 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 dedicated to getting the result you want. For a free appointment call Liquidators Northern Rivers 1300 818 575.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

What do we do?

At Liquidators Northern Rivers we help you learn about your options. 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 resolve the situation. Call us now at Liquidators Northern Rivers on 1300 818 575.

What if I have an ATO Debt?

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

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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

If you have actually received 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 get the best and most favourable outcome for you. As soon as we have done an assessment of your business and the circumstances we recommend an action plan. Then it is your choice whether you go ahead from there. Call Liquidators Northern Rivers 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 is aware of these changes and the dangerous nature of all 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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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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

The aim of a Director Penalty Notice is to get directors accountable for their company’s 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 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 critical that you get expert advice, as we have numerous options you may will need to think about. Simply call liquidators Northern Rivers on 1300 818 575.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

What if I ignore the notice?

There may be substantial consequences for not adhering to the ATO’s notice; this can involve 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 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 specified sum of money within 21 days from the day of the delivery of the demand on the Debtor Company.

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

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a business is solvent if it has the ability 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 failed to adhere to a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will offer ‘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 turn up in the post?

Yes, it might be provided face-to-face or simply show up in the mail as registered mail.

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WINDING UP NOTICE

Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

What exactly is a Wind-Up Notice?

A wind-up notice generally follows a Statutory Demand. If a business is not able to pay its own debts then the Court has the power to wind it up and appoint a liquidator whose function it is to change 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 informing 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 regard to their expenses, as do certain employee entitlements. The rest is distributed equally between unsecured creditors.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

Will I be individually obligated 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 company is similar to the process of having a person declared bankrupt. Having said that, the ATO can release a Director’s Penalty Notice any time, so it is actually best to act quickly. For a no charge consultation get in touch with Liquidators Northern Rivers on 1300 818 575.

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

A liquidator will be appointed and you will not be the director of your company. The court will assign 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. Simply put, it is actually 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 seized by the liquidators ( these guys will even change the locks) and your services are simply no longer required. Every element of your business will now be under the management of the liquidator.

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Bankrupt Northern Rivers,Bankruptcy Northern Rivers,Insolvency Northern Rivers

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

Yes. Our company offers a free initial consultation to guide you work through this problem. Our team of professionals can spare you remarkable distress. You must act quickly! Calling us the day before the liquidators appear is pointless. Contact Liquidators Northern Rivers today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The business is no longer in your control.

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