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Liquidators Mount Isa

Business debt can come about very easily. A few slow months and all of a sudden the debt is a long way beyond the reach of the company owner. If you have company debts that are out of control then give us a call. At Liquidators Mount Isa  we are business debt specialists. For a completely free consultation call Liquidators Adelaide on 1300 818 575.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

If my company 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 and even their friends to get in touch with a Liquidator and place the business into liquidation. Be very careful about this. We have gotten to know, here at Liquidators Mount Isa, that many individuals believe that due to the fact that 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 Mount Isa are on your side

Although administrators and receivers are generally nice people, their responsibility, once they are actually appointed, is actually to your creditors (people you owe money to) and to the courts. They are to collect as much money as they can from the liquidated business to pay off these creditors. That’s all. If, for one moment, you feel they will protect your best interests, you are regrettably mistaken.

Once you have actually signed those papers to select liquidators to your business; 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, often you have actually just paid for the death of your own business.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

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One Business Owner’s Story

I saw I was in strife when the bank refused to 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 way too much. I called my financial advisor and my accountant, and they both urged me to go and see Liquidators Mount Isa which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I understood I had significant debt, but it just looked like I had no option. My accountant said that since I am shelling out for the liquidator and that it was going to be a voluntary liquidation that I would most likely be protected. WRONG!

I found some Liquidators, they seemed to be professional and qualified and they 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 understand my circumstance; I had some money 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 totally taken over, 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 believed was reallying going to be a beneficial situation turned out to be my worst nightmare. I lost everything!

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

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

There is a method to managing this scenario: PREPARING. There is quite a lot you can do to ready yourself; before you relinquish the control of your company call Liquidators Mount Isa and we will really help you walk through the minefield that it can be. In 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 simple but, actually, there is an significant amount of regulation and many rules in place covering this process so getting the correct advice from Liquidators Mount Isa is always a safe option. If you are uncertain what you have to do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Mount Isa specialises in pre-liquidation strategies.

Suppose another person is winding up my company?

If someone else is winding up your company, like the ATO or a creditor, they will have a liquidator appointed from the courts. You do have some options right here and there is a lot you must know and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Mount Isa. The key here is to get some guidance and involve us as quickly as you can in this process. It is that easy. Normally you will get 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 ignore this the fewer alternatives you have. Call us at 1300 818 575.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

Can I keep running a business if I have been the director of a company that has been liquidated?

Yes, you can continue to run a company. No, you can not continue to be the director of the company that has been liquidated. This is one of the most common questions we are asked. Naturally, there are regulations that will need to be complied with, and you need to ensure you structure things in the proper way moving forward. Liquidation does not need to be the end of your business life, as many people think it does. We can really help you to do this and restore a new life after liquidation. There are choices, but a lot of time people just don’t know what they are. At Liquidators Mount Isa, we can discuss your options and help you achieve your goals.

What do I must do?

Be prepared. Liquidators don’t work for you, regardless of how much money 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 suggesting to you. They’ve probably heard that if you want to begin again you should 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– nobody else does. You are our client and we are only thinking about getting the result you want. For a free consultation call Liquidators Mount Isa 1300 818 575.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

What do we do?

At Liquidators Mount Isa we help you learn about your choices. We than help you take the suitable step. Then we work toward getting the best possible end result for you and protecting whatever we can. We communicate properly with your creditors and fix the situation. Call us now at Liquidators Mount Isa on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, don’t ever disregard your mail! The ATO will often provide 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 called for, at times winding up the company is the answer and sometimes negotiation is needed. No matter what is called for, we are going to help you work through a plan and we will support you the whole way.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

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

If you have gotten one of these warnings YOU MUST NOT FORGET ABOUT THEM. Contact us as soon as you get them and we can help you work through the steps readily available to secure the best and most favourable outcome for you. As soon as we have done an assessment of the business and the circumstances we recommend an response plan. Then it is your choice whether you go on from there. Call Liquidators Mount Isa today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that every single business owner understands these changes and the significant 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 generally issued with a Director Penalty Notice by the ATO.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

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

The purpose of a Director Penalty Notice is to make directors liable for their company’s unpaid tax debt. As a director, you will not 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 crucial that you ask for expert advice, as we have numerous options you may must think about. Simply call liquidators Mount Isa on 1300 818 575.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

What if I dismiss the notice?

There may be substantial repercussions for not complying with the ATO’s notice; this can include 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 generated under 459E of the Corporations Act. This legal 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 period 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 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 Mountisa,Bankrupt Mountisa,Insolvency Mountisa

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act stipulates that a company is solvent if it manages to pay its debts as and also when they are due. Accordingly, the test as to whether a business 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 abide by a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will provide ‘proof’, which is actually sufficient for a creditor to appeal to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just turn up in the post?

Yes, it might be supplied face-to-face or simply show up 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 generally follows a Statutory Demand. If a company is unable to pay its debts then the Court has the ability to wind it up and appoint a liquidator whose responsibility it is to change the assets into cash and disburse the cash in the order laid out in the Corporations Act. Simply put, this notice is generally a letter notifying you that on a certain date a liquidator will be appointed by the courts to take over your company if you do not pay the debt.

Who can send out a Wind-Up Notice?

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

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

Will I be actually obligated for my businesses debt?

No. The liquidation of a company does not immediately imply the director will be simply made bankrupt; however, the method 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 certainly best to take action quickly. For a no charge consultation get in touch with Liquidators Mount Isa 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 definitely not be the director of your company. The judge will assign a liquidator who then assumes 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 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 actually no longer required. Every facet of your business will now be under the management of the liquidator.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

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

Yes. We offer a free initial consultation to help you work through this problem. Our team of experts can spare you incredible distress. You should act rapidly! Calling us the day before the liquidators show up is fruitless. Contact Liquidators Mount Isa today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The business is not in your control.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
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