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Liquidators Frankston

Company debt can occur incredibly easily. A few sluggish months and all of a sudden the debt is a very long way beyond the reach of the company owner. If you have company debts which are out of control then call us. At Liquidators Frankston  our team are business debt specialists. For a completely free of charge consultation call Liquidators Frankston on 1300 818 575.

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Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

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

Commonly when a business owner finds himself or herself in an unworkable financial position they are advised by their bookkeeper, their solicitor or even their friends to consult with a Liquidator and place the company into liquidation. Be really careful about this. We have gotten to know, here at Liquidators Frankston, that lots of people believe that just because you are paying the liquidator they will protect your best interests and serve to help you to get you back on your feet. HOWEVER THIS IS CERTAINLY NOT THE CASE!

Liquidators Frankston is on your side

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

Once you have actually signed those documents to select 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 certainly just paid for the death of your business.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

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One Businessmen’s Story

I knew 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 thought 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 Frankston which I didn’t do, of course. I found this other liquidation company and they said that’s the only way out. I realized I had significant debt, but it just looked like I had no option. My accountant said that because I am shelling out for the liquidator and that it was going to be a voluntary liquidation that I would most likely be looked after. WRONG!

I found some Liquidators, they seemed professional and capable and these people said 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 appeared to understand my predicament; I had some money coming in and a sale of some equipment going through.

The moment 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 completely taken over, 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 assumed was reallying going to be a beneficial situation ended up my worst nightmare. I lost everything!

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

What is the ideal strategy if my company is in trouble?

There is a method to managing this issue: PREPARING. There is quite a lot you can do to ready yourself; before you yield the control of your company call Liquidators Frankston and we will help you guide through the minefield which it can be. As a matter of fact, a lot of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds simple but, in fact, there is an significant amount of law and many rules in place covering this process so getting the right advice from Liquidators Frankston is always a safe option. If you are unclear what you must do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Frankston specialises in pre-liquidation strategies.

Suppose another person is winding up my business?

If somebody is winding up your company, such as the ATO or a creditor, they are going to have a liquidator appointed by the courts. You do have some choices right here and there is a lot you must understand and do to protect yourself – feel free to call us for a free consultation here at Liquidators Frankston. The key here is to get some guidance and involve us as soon as you can in this process. It is that easy. Normally you will receive 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 less choices you have. Call us at 1300 818 575.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

Can I continue to run a business if I have been a director of a company that has been liquidated?

Yes, you can continue to run a company. No, you can not still be the director of the company that has been liquidated. This is one of the most typical questions we are asked. Undoubtedly, there are policies that will need to be followed, and you must ensure you structure things in the right way moving forward. Liquidation does not have to be the end of your business life, as a lot of 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 simply have no idea just what they are. At Liquidators Frankston, we can explain your options and help you achieve your goals.

What do I have to do?

Be prepared. Liquidators don’t serve 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 generally have no idea to what they are often recommending to you. They’ve more than likely heard that if you wish to begin again you 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– nobody else does. You are our client and we are only interested in getting the result you want. For a free assessment call Liquidators Frankston 1300 818 575.

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Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

What do we do?

At Liquidators Frankston 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 deal with the situation. Call us now at Liquidators Frankston on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, do not overlook your mail! The ATO will often provide companies Wind-Up Notices or Statutory Demands, and 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, sometimes winding up the company is the answer and sometimes negotiation is called for. Despite what is required, we will certainly help you work through a plan and we will support you the whole way.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

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

If you have already gotten one of these notices YOU MUST NOT FORGET ABOUT THEM. 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 favourable outcome for you. As soon as we have done an assessment of your business and the circumstances we recommend an response plan. Then it is your choice whether you go ahead from there. Call Liquidators Frankston 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 significant 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 Frankston,Bankrupt Frankston,Insolvency Frankston

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

The purpose 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 prevent personal liability for a PAYGATO debt, which comes with a Director Penalty Notice, if the following applies:

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

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Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

What if I disregard the notice?

There may be considerable consequences for not abiding by 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 produced under 459E of the Corporations Act. This legal document is not issued by the Court. A Statutory Demand calls for 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 contested, or if there are exceptions in the document, the company should immediately get separate legal advice and apply to the Court to set the demand aside on the premise that the financial debt, then the subject of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

What happens if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a company is solvent if it manages to pay its debts as and when they are 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 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 offer ‘proof’, which is sufficient for a creditor to apply to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just show up 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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Just what is a Wind-Up Notice?

A wind-up notice typically follows a Statutory Demand. If a company is not able to pay the 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 laid out in the Corporations Act. Simply put, 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 do not pay the debt.

Who can send out a Wind-Up Notice?

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

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Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

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 process 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 any time, so it is certainly ideal to take action quickly. For a cost-free consultation get in touch with Liquidators Frankston on 1300 818 575.

What occurs 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 court will select a liquidator who then assumes full control of your company. All of the clients, cheque accounts, assets, cash, money that’s owed to the business and your buildings are no longer yours. Put simply, it’s over. The company you have built over the years is no longer yours. All the assets will be sold, your office, shop or factory will be taken over by the liquidators ( these guys will even change the locks) and your services are no longer required. Every facet of your business will now be under the administration of the liquidator.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston
Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

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

Yes. We provide a free initial consultation to guide you work through this problem. Our team of experts can spare you tremendous distress. You must act quickly! Calling us the day before the liquidators arrive is useless. Contact Liquidators Frankston today on 1300 818 575.

Do I have any opportunities once the Liquidators have arrived?

No. The business is not in your control.

Bankruptcy Frankston,Bankrupt Frankston,Insolvency Frankston

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