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Liquidators Rockhampton

Company debt can occur very easily. A few slow months and all of a sudden the debt is generally a very long way beyond the grasp of the company owner. If you have business debts which are without a doubt out of control then call us. At Liquidators Rockhampton  we are company debt experts. For a completely free of charge consultation call Liquidators Rockhampton on 1300 818 575.

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Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

If my company is in trouble should I contact a liquidator?

Often 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 speak to a Liquidator and place the company into liquidation. Be extremely careful about this. We have learned, here at Liquidators Rockhampton, that many individuals believe that just because you are paying the liquidator they will protect your best interests and help you to get you back on your feet. BUT THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Rockhampton are on your side

Although administrators and receivers are normally nice individuals, their responsibility, once they are appointed, is to your creditors (people you owe money to) as well as to the courts. They are to get hold of as much money as possible from the liquidated business to settle these creditors. That is simply all. If, for one second, you feel they will watch out for your best interests, you are regrettably mistaken.

Once you have signed those documents to select liquidators to your company; that is it! You no longer get 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 just bought the death of your company.

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Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

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One Business Owner’s Story

I saw I was in trouble 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 accountant, and they both encouraged me to go and see Liquidators Rockhampton 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 alternative. My accountant said that since I am shelling out for the liquidator and that it was likely going to be a voluntary liquidation that I would most likely be looked after. WRONG!

I found some Liquidators, they seemed to be professional and qualified and they claimed they would help me as much as they could to work through my money issues. I had no idea what was about to happen. They seemed to grasp my situation; I had some money coming in and a sale of some equipment 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 totally taken control of, 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 turned out to be my worst nightmare. I lost everything!

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Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

What is the leadingstrategy if my business is in trouble?

There is a method to dealing with this issue: PREPARATION. There is quite a lot you can do to ready yourself; before you give up the control of your business call Liquidators Rockhampton and we will really help you walk through the minefield that it can be. In fact, most 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 reality, there is an considerable amount of regulation and many rules in place surrounding this process so getting the correct advice from Liquidators Rockhampton is always a reliable option. If you are undecided what you must do and just need some guidance, simply contact us on 1300 818 575. Liquidators Rockhampton are experts in pre-liquidation strategies.

Suppose someone else 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 by the courts. You do have some choices right here and certainly there is lots you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Rockhampton. The secret here is to get some advice and include us as quickly as you can in this 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 call us simply because the longer you ignore this the less options you have. Call us at 1300 818 575.

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Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

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 company. No, you can not still be the director of the company that has been liquidated. This is among the most common questions we are asked. Needless to say, there are regulations that must be complied with, and you should ensure you structure things in properly moving forward. Liquidation does not should be the end of your business life, as so many people think it does. We can really help you to do this and construct a new life after liquidation. There are choices, but a lot of time people simply have no idea just what they are. At Liquidators Rockhampton, we can discuss your options and help you accomplish your goals.

What do I mustdo?

Be prepared. Liquidators don’t work with you, no matter how much money 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 often have no idea to what they are suggesting to you. They’ve probably heard that if you wish to begin again you must get rid of 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 thinking about getting the result you want. For a free consultation call Liquidators Rockhampton 1300 818 575

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Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

What do we do?

At Liquidators Rockhampton we help you learn about your choices. We than help you take the ideal action. 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 fix the situation. Call us now at Liquidators Rockhampton on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, don’t neglect your mail! The ATO will often deliver companies Wind-Up Notices or Statutory Demands, and 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 needed, at times winding up the company is the answer and sometimes negotiation is involved. No matter what is called for, we will definitely help you work through a plan and we will support you the whole way..

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Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

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

If you have gotten one of these warnings YOU MUST NOT IGNORE THEM. Contact us as soon as you get them and we can help you work through the steps readily available to get the best and most favourable outcome for you. Once we have done an assessment of your business and the circumstances we recommend an action plan. Then it is your choice whether you go on from there. Call Liquidators Rockhampton 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 is aware of these changes and the dangerous nature of all of them and how they may 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 Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

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

The purpose of a Director Penalty Notice is to get 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 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 accountable for your company’s unpaid superannuation liability when you have a penalty.
  3. Directors, and associates of directors, could now also be responsible for a new personal income tax liability. This will make directors and their associates possibly liable for a business’s 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 request expert advice, as we have numerous options you may must think about. Simply call liquidators Rockhampton on 1300 818 575.

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Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

What if I pay no attention to the notice?

There may be considerable repercussions for not adhering to the ATO’s notice; this can include things like 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 file is not issued by the Court. A Statutory Demand calls for that the Debtor Company pay a defined sum of money within 21 days from the date 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 separate legal advice and apply to the Court to set the demand aside on the grounds that the financial 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 Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act stipulates that a company is solvent if it can pay its debts as and also when they fall due. Accordingly, the test as to whether a company is insolvent is that it is not able 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 adhere to a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will provide ‘proof’, which is sufficient for a creditor to register 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 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 typically follows a Statutory Demand. If a business is unable to pay its debts then the Court has the ability to wind it up and appoint a liquidator whose duty it is to convert the assets into cash and disburse the cash in the order set out in the Corporations Act. Simply put, this notice is basically 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 don’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 certain employee entitlements. The remainder is distributed equally amongst unsecured creditors.

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Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Will I be personally obligated for my businesses debt?

No. The liquidation of a company does not automatically imply the director will be actually made bankrupt; however, the method 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 any time, so it is definitely best to act quickly. For a no cost consultation call Liquidators Rockhampton 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 no longer be the director of your company. The judge will select a liquidator who then takes on full control of your company. 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 over the years is no longer yours. All the resources will be sold, your office, shop or factory will be taken control of 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 Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Do I get any choices before 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 incredible distress. You have to act quickly! Calling us the day before the liquidators arrive is fruitless. Contact Liquidators Rockhampton today on 1300 818 575.

Do I have any opportunities once the Liquidators have arrived?

No. The company is not in your control.

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