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Liquidators Gold Coast

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

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

If my company is in trouble should I talk to a liquidator?

More often than not when a business owner finds himself or herself in an impracticable financial position they are advised 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 gotten to know, here at Liquidators Gold Coast, that many people believe that due to the fact that you are paying the liquidator they will protect your best interests and really help you to get you back on your feet. BUT THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Gold Coast is on your side

Although administrators and receivers are generally nice people, their duty, once they are actually appointed, is simply to your creditors (people you owe money to) as well as to the courts. These guys are to get hold of as much money as they can from the liquidated business to repay these creditors. That is simply it. If, for one moment, you feel they will watch out for your best interests, you are sadly mistaken.

Once you have actually signed those forms to assign 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 a lot of cases you have actually just paid for the death of your company.

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

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One small Business Owner’s Story

I knew I was in trouble 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 losing it was too much. I called my financial advisor and my accountant, and they both urged me to go and see Liquidators Gold Coast which I didn’t do, of course. I found this other liquidation firm and they said that’s the only escape. I realized I had significant debt, but it just felt 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 protected. WRONG!

I found some Liquidators, they seemed professional and capable and these guys explained they would help me as much as they could to work through my money problems. I had no idea what was about to happen. They appeared to understand my situation; I had some cash 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 control of, 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 presumed was reallying going to be a beneficial situation ended up being my worst nightmare. I lost everything!

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

What is the most reliable strategy if my company is in crisis?

There is a secret to managing 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 Gold Coast and we will really help you guide through the minefield that it can be. In fact, the majority 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, in reality, there is an huge amount of regulation and many rules in place surrounding this process so getting the best advice from Liquidators Gold Coast is always a reliable option. If you are not sure what you ought to do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Gold Coast specialises in pre-liquidation strategies.

What happens if somebody else is winding up my company?

If someone is winding up your company, such as the ATO or a creditor, they are going to have a liquidator appointed from the courts. You do have some options right here and certainly there is lots you must understand and do to protect yourself – feel free to call us for a free consultation here at Liquidators Gold Coast. The trick here is to get some guidance and include us as quickly as you can in this particular 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 ignore this the fewer alternatives you have. Call us at 1300 818 575.

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

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

Yes, you can continue to run a business. No, you can not continue to be the director of the company that has been liquidated. This is among the most frequent questions we are asked. Needless to say, there are policies that will need to be followed, and you should ensure you structure things in the proper way moving forward. Liquidation does not must 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 in many cases people just have no idea what they are. At Liquidators Gold Coast, we can discuss your options and help you accomplish your goals.

What do I will need to do?

Be prepared. Liquidators don’t work with 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 generally have no thought to what they are often recommending to you. They’ve more than likely heard that if you want to begin again you must get rid of the company through a liquidator and it is an 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 interested in getting the result you want. For a free consult call Liquidators Gold Coast 1300 818 575.

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

What do we do?

At Liquidators Gold Coast we help you learn about your options. 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 communicate the right way with your creditors and deal with the situation. Call us now at Liquidators Gold Coast on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, really don’t ignore your mail! The ATO will often deliver 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 required, in some cases winding up the company is the answer and sometimes negotiation is required. 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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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

What happens if I have gotten a notice from the Tax Office?

If you have actually received one of these notices YOU MUST NOT FORGET ABOUT THEM. Contact us as quickly as you get them and we will be able to help you work through the procedures readily available to get the best and most favourable 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 on from there. Call Liquidators Gold Coast today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that each and every business owner knows these changes and the dangerous nature 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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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

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

The aim of a Director Penalty Notice is to get directors liable for their business’s unpaid tax debt. As a director, you will no longer manage to avoid personal liability for a PAYG ATO debt, which comes with a Director Penalty Notice, if the following applies:

  1. Your financial debt is older than three months and or your debt was not revealed to the ATO within 3 months of the due date.
  2. As a director, you might likewise be responsible for your company’s unpaid superannuation liability once you have 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 potentially 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 important that you seek expert advice, as we have numerous options you may must think about. Simply call liquidators Gold Coast on 1300 818 575.

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

What if I dismiss the notice?

There may be substantial repercussions for not complying with 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 generated under 459E of the Corporations Act. This file is not issued by the Court. A Statutory Demand needs 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 quickly get independent legal advice and apply to the Court to set the demand aside on the grounds that the financial debt, then the matter of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act provides that a company is solvent if it manages to pay its debts as and also when they fall due. Accordingly, the test as to whether 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 offer ‘proof’, which is sufficient for a creditor to apply to the Court for the appointment of a liquidator to the company.

Can the Statutory Demand just show up in the post?

Yes, it might be supplied face-to-face or simply appear in the mail as registered mail.

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WINDING UP NOTICE

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Precisely 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 responsibility it is to convert the assets into cash and disburse the cash in the order started in the Corporations Act. Simply put, this notice is essentially 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 obtains the appointment of the liquidator and the liquidator take priority in regard to their expenses, as do particular employee entitlements. The leftovers is distributed evenly among unsecured creditors.

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

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 method 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’s ideal to act quickly. For a totally free consultation get in touch with Liquidators Gold Coast on 1300 818 575.

What happens in the event that I cannot 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 company and your buildings are no longer yours. In other words, it’s over. The company you have built is no longer yours. All the assets will be sold, your office, shop or factory will be seized by the liquidators (they will even change the locks) and your services are no longer called for. Every aspect of your business will now be under the management of the liquidator.

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

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

Yes. Our company offers a free initial consultation to guide 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 turn up is pointless. Contact Liquidators Gold Coast 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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