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Liquidators Penrith

Company debt can happen remarkably easily. A few slow months and all of a sudden the financial debt is generally a long way beyond the reach of the company owner. If you have business debts which are actually out of control then give us a call. At Liquidators Penrith  our company are company debt specialists. For a completely free of charge consultation call Liquidators Penrith on 1300 818 575.

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

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

In most cases when a company owner finds himself or herself in an impracticable financial position they are advised by their bookkeeper, their solicitor or perhaps their friends to call a Liquidator and place the business into liquidation. Be rather careful about this. We have gotten to know, here at Liquidators Penrith, that most people believe that simply because you are paying the liquidator they will protect your best interests and really help you to get you back on your feet. HOWEVER THIS IS CERTAINLY NOT THE CASE!

Liquidators Penrith are on your side

Although administrators and receivers are often nice people, their obligation, once they are appointed, is actually to your creditors (people you owe money to) and to the courts. These guys are to round up as much money as practical from the liquidated business to settle these creditors. That’s it. If, for one second, you feel they will look after your best interests, you are unfortunately mistaken

Once you have actually signed those forms to appoint liquidators to your business; that is it! You no longer have 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 just bought the death of your company.

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

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One Business Owner’s Story

I knew 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 way too much. I called my financial advisor and my bookkeeper, and they both instructed me to go and see Liquidators Penrith 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 appeared like I had no option. 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 they claimed 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 appeared to understand my situation; I had some money coming in and a sale of some machinery going through.

The second I signed the paperwork 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 over every single thing; it was all gone. The next day my savings account was frozen and what I believed was reallying going to be a beneficial situation ended up being my worst nightmare. I lost everything!

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

What is the best strategy if my company is in difficulty?

There is a secret to managing this scenario: PREPARATION. There is quite a lot you can do to ready yourself; before you relinquish the control of your company call Liquidators Penrith and we will really help you walk 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 easy but, in reality, there is an significant amount of regulation and many rules in place covering this process so getting the best advice from Liquidators Penrith is always a reliable option. If you are hesitant what you have to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Penrith specialises in pre-liquidation strategies.

What happens if someone else is winding up my company?

If somebody is winding up your company, like the ATO or a creditor, they will certainly have a liquidator appointed by the courts. You do have some options here and certainly there is a lot you must understand and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Penrith. The secret here is to get some guidance and include 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 call us because the longer you neglect this the less options you have. Call us at 1300 818 575.

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

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 company. No, you can not continue to be the director of the company that has been liquidated. This is one of the most frequent questions we are asked. Of course, there are regulations that have to be adhered to, and you will need to ensure you structure things in the right way moving forward. Liquidation does not have to be the end of your business life, as so many people think it does. We can help you to do this and reconstruct a new life after liquidation. There are options, but a lot of time people just don’t know exactly what they are. At Liquidators Penrith, we can explain your options and help you accomplish your goals.

What do I need to do?

Be prepared. Liquidators don’t work for you, no matter how much 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 normally have no idea to what they are often recommending 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 simple 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 concerned with getting the result you want. For a free meeting call Liquidators Penrith 1300 818 575.

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

What do we do?

At Liquidators Penrith we help you learn about your choices. We than help you take the appropriate action. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect properly with your creditors and resolve the situation. Call us now at Liquidators Penrith 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 provide 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, at times winding up the company is the answer and sometimes negotiation is needed. Whatever 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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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

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

If you have received one of these notifications YOU MUST NOT LET THEM LAPSE. Contact us as early 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 the business and the circumstances we recommend an response plan. Then it is your choice whether you go ahead from there. Call Liquidators Penrith 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 harmful nature of all of them and how they will 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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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

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

The intention of a Director Penalty Notice is to make directors accountable for their business’s unpaid tax debt. As a director, you will not manage to avoid 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 Penrith on 1300 818 575.

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

What if I dismiss the notice?

There may be significant consequences for not abiding by 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 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 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 right away get independent legal advice and apply to the Court to set the demand aside on the basis that the debt, then the target of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

What happens if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act provides that a company is solvent if it can pay its debts as and 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 actually failed to comply with a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will supply ‘proof’, which is 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 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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Exactly what is a Wind-Up Notice?

A wind-up notice often follows a Statutory Demand. If a business is not able to pay its own debts then the Court has the ability to wind it up and appoint a liquidator whose responsibility it is to convert 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 control of your company if you won’t pay the debt.

Who can send me a Wind-Up Notice?

The creditor who obtains 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 between unsecured creditors.

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

Will I be personally obligated for my businesses debt?

No. The liquidation of a company does not instantly imply the director will be actually made bankrupt; however, the process of winding up a company resembles the process of having a person declared bankrupt. Having said that, the ATO can release a Director’s Penalty Notice whenever, so it is certainly ideal to act quickly. For a totally free consultation contact Liquidators Penrith 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 definitely not be the director of your company. The judge will choose a liquidator who then takes over 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. In other words, 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 simply no longer required. Every element of your business will now be under the administration of the liquidator.

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Insolvency Penrith,Bankrupt Penrith,Bankruptcy Penrith

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

Yes. We provide a free initial consultation to help you work through this problem. Our team of specialists can save you from tremendous distress. You must act quickly! Calling us the day before the liquidators appear is pointless. Contact Liquidators Penrith today on 1300 818 575.

Do I have any options once the Liquidators have arrived?

No. The company is no longer in your control.

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