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Liquidators Dandenong

Company debt can happen remarkably quickly. A few sluggish months and all of a sudden the financial debt is generally a very long way beyond the grasp of the company owner. If you have business debts that are really out of control then give us a call. At Liquidators Dandenong our team are business debt professionals. For a completely free of charge consultation call Liquidators Dandenong on 1300 818 575.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

If my company is actually in trouble should I get in touch with 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 consult with a Liquidator and place the company into liquidation. Be rather careful about this. We have gotten to know, here at Liquidators Dandenong, that most people believe that just because you are paying the liquidator they will take care of your best interests and help you to get you back on your feet. HOWEVER, THIS IS CERTAINLY NOT THE CASE!

Liquidators Dandenong is on your side

Although administrators and receivers are generally nice people, their responsibility, once they are actually appointed, is to your creditors (people you owe money to) as well as to the courts. They are to amass as much money as practical from the liquidated business to repay these creditors. That is simply all. If, for one moment, you feel they will take care of your best interests, you are sadly mistaken.

Once you have actually signed those forms to establish liquidators to your company; that is it! You no longer get any say over your business. 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 shelled out for the death of your company.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

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One Business Owner’s Story

I figured out I was in strife when the bank wouldn’t 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 way too much. I called my financial advisor and my bookkeeper, and they both encouraged me to go and see Liquidators Dandenong 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 seemed like I had no alternative. My accountant said that since I am paying for the liquidator and that it was going to be a voluntary liquidation that I would certainly be taken care of. WRONG!

I found some Liquidators, they seemed to be professional and capable and they claimed they would help me as much as they could to overcome my money issues. I had no idea what was about to happen. They appeared to understand my circumstance; 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 totally taken over, the money I had coming in was gone, they took over every single thing; it was simply all gone. The next day my savings account was frozen and what I presumed was reallying going to be a beneficial situation turned out to be my worst nightmare. I lost everything!

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

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

There is a trick to handling this issue: PREPARING. There is quite a lot you can do to ready yourself; before you surrender the control of your business call Liquidators Dandenong 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 such a way that will work for you, not against you. This sounds easy but, in fact, there is an considerable amount of regulation and many rules in place surrounding this process so getting the best advice from Liquidators Dandenong is always a reliable option. If you are unclear what you must do and just need some guidance, simply contact us on 1300 818 575. Liquidators Dandenong are experts in pre-liquidation strategies.

What if another person is winding up my business?

If someone is winding up your company, like the ATO or a creditor, they will certainly have a liquidator appointed from the courts. You do have some choices right here and certainly there is a lot you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Dandenong. The secret here is to get some guidance and involve us as quickly 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 contact us simply because the longer you neglect this the fewer options you have. Call us at 1300 818 575.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Can I keep running a business if I have been a director of a business 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 among the most typical questions we are asked. Undoubtedly, there are regulations that must be followed, and you must ensure you structure things in the proper way moving forward. Liquidation does not need to be the end of your business life, as a lot of people think it does. We can really help you to do this and restore a new life after liquidation. There are options, but a lot of time people simply have no idea just what they are. At Liquidators Dandenong, we can explain your options and help you achieve your goals.

What do I must do?

Be prepared. Liquidators don’t serve 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 often have no thought to what they are often recommending to you. They’ve probably heard that if you wish to begin again you have to get rid of 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 appointment call Liquidators Dandenong 1300 818 575.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

What do we do?

At Liquidators Dandenong we help you work through your options. We than help you take the appropriate step. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect the proper way with your creditors and resolve the situation. Call us now at Liquidators Dandenong on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, don’t disregard your mail! The ATO will often issue companies Wind-Up Notices or Statutory Demands, or 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, 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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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

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

If you have already received one of these notifications YOU MUST NOT FORGET ABOUT THEM. Contact us as quickly as you get them and we can help you work through the procedures readily available to get the best and most beneficial outcome for you. As soon as we have done an assessment of the business and the circumstances we recommend an action plan. Then it is your choice whether you go ahead from there. Call Liquidators Dandenong 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 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.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

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

The aim of a Director Penalty Notice is to get directors responsible for their company’s unpaid tax debt. As a director, you will not have the ability to prevent personal liability for a PAYG ATO debt, which has a Director Penalty Notice, if the following applies:

  1. Your financial debt is older than 3 months and or your debt was not revealed to the ATO within 3 months of the due date.
  2. As a director, you may likewise be responsible for your company’s unpaid superannuation liability if you have a penalty.
  3. Directors, and associates of directors, may now also be responsible for a new personal income tax liability. This will make directors and their associates actually 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 request expert advice, as we have numerous options you may have to think about. Simply call liquidators Dandenong on 1300 818 575.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

What if I dismiss 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

Just 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 specified sum of money within 21 days from the date of the delivery of the demand on the Debtor Company.

If the debt is contested, 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 basis that the debt, then the matter of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act provides that a company is solvent if it has the capacity to pay its debts as and also when they fall 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 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 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 provided 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 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 change the assets into cash and disburse the cash in the order shown in the Corporations Act. In other words, this notice is generally 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 out a Wind-Up Notice?

The creditor who gets the appointment of the liquidator and the liquidator take priority in relation to their costs, as do specific employee entitlements. The leftovers is distributed evenly between unsecured creditors.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Will I be individually bound for my businesses debt?

No. The liquidation of a company does not immediately imply the director will be actually 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 issue a Director’s Penalty Notice any time, so it is definitely best to act quickly. For a no cost consultation get in touch with Liquidators Dandenong on 1300 818 575.

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

A liquidator will be appointed and you will definitely no longer be the director of your company. The judge will choose a liquidator who then seizes 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.

Simply put, 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 managed by the liquidators (they will even change the locks) and your services are simply no longer called for. Every element of your business will now be under the administration of the liquidator.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

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

Yes. We provide a free initial consultation to help you work through this problem. Our team of experts can save you from tremendous distress. You have to act rapidly! Calling us the day before the liquidators arrive is useless. Contact Liquidators Dandenong 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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Our Clients

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
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