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Liquidators Port Macquarie

BBusiness debt can occur remarkably quickly. A few sluggish months and all of a sudden the financial debt is a very long way beyond the reach of the company owner. If you have business debts that are really out of control then contact us. At Liquidators Port Macquarie  we are company debt specialists. For a completely free consultation call Liquidators Port Macquarie on 1300 818 575.

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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

Commonly when a company owner finds himself or herself in an impracticable financial position they are encouraged by their bookkeeper, their solicitor or even their friends to call a Liquidator and place the business into liquidation. Be very careful about this. We have gotten to know, here at Liquidators Port Macquarie, that many individuals believe that because you are paying the liquidator they will look after your best interests and really help you to get you back on your feet. BUT THIS IS ABSOLUTELY NOT THE CASE!

Liquidators Port Macquarie are on your side

Although administrators and receivers are typically nice individuals, their duty, once they are actually appointed, is simply to your creditors (people you owe money to) as well as to the courts. They are to get as much money as possible from the liquidated business to settle these creditors. That’s all. If, for one minute, you feel they will look after your best interests, you are regrettably 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 just bought the death of your own company.

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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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 thought of losing it was too much. I called my financial advisor and my bookkeeper, and they both urged me to go and see Liquidators Port Macquarie which I didn’t do, of course. I found this other liquidation company and they said that’s the only way out. I understood I had significant debt, but it just seemed like I had no option. My accountant said that because I am paying for the liquidator and that it was going to be a voluntary liquidation that I would be protected. WRONG!

I found some Liquidators, they seemed professional and capable and they 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 seemed to comprehend my circumstance; I had some cash coming in and a sale of some machinery going through.

The minute I signed the paperwork the liquidators requested the keys and that was it. Everything was taken out of my hands, the sale of the machinery was totally taken over, the money I had coming in was gone, they took control of each and every single thing; it was simply all gone. The next day my savings account was frozen and what I assumed was going to be a beneficial situation became my worst nightmare. I lost everything!

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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

There is a method to managing this scenario: PREPARING. There is quite a lot you can do to ready yourself; before you yield the control of your company call Liquidators Port Macquarie and we will really help you guide through the minefield which it can be. In 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 easy but, in reality, there is an enormous amount of regulation and many rules in place surrounding this process so getting the right advice from Liquidators Port Macquarie is always a safe option. If you are unclear what you ought to do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Port Macquarie specialises in pre-liquidation strategies.

Suppose another person is winding up my company?

If somebody else is winding up your company, like the ATO or a creditor, they are going to have a liquidator appointed from the courts. You do have some choices 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 Port Macquarie. The trick here is to get some advice and include us as quickly as you can in this process. It is that simple. Normally you will get a notice in the mail or a court order, and if you have one of these give us a call because the longer you ignore this the fewer options you have. Call us at 1300 818 575.

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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 continue to be the director of the company that has been liquidated. This is among the most frequent questions we are asked. Of course, there are regulations that will need to be followed, and you will 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 a lot of people think it does. We can help you to do this and restore a new life after liquidation. There are choices, but in many cases people just don’t know what they are. At Liquidators Port Macquarie, we can explain your options and help you accomplish your goals.

What do I need to do?

Be prepared. Liquidators don’t work with 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 typically have no idea to what they are recommending to you. They’ve more than likely heard that if you want to begin again you must 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 thinking about getting the result you want. For a free meeting call Liquidators Port Macquarie 1300 818 575.

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

What do we do?

At Liquidators Port Macquarie we help you work through your options. We than help you take the suitable action. Then we work toward getting the best possible end result for you and protecting whatever we can. We connect properly with your creditors and deal with the situation. Call us now at Liquidators Port Macquarie on 1300 818 575.

Suppose I have an ATO Debt?

If you have an ATO debt, do not 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, sometimes winding up the company is the answer and sometimes negotiation is called for. Whatever is called for, we will help you work through a plan and we will support you the whole way.

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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

If you have gotten one of these notifications YOU MUST NOT FORGET ABOUT THEM. Contact us as quickly 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. As soon as we have done an assessment of your business and the circumstances we recommend an action plan. Then it is your choice whether you go ahead from there. Call Liquidators Port Macquarie 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 understands these changes and the serious nature 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 Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

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 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 seek expert advice, as we have numerous options you may will need to think about. Simply call liquidators Port Macquarie on 1300 818 575.

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

What if I pay no attention tothe notice?

There may be substantial consequences for not complying with the ATO’s notice; this can include things like 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 document is not issued by the Court. A Statutory Demand calls for that the Debtor Company pay out 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 quickly 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 Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a company is solvent if it has the capacity to pay its debts as and when they fall 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 simply 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 supply ‘proof’, which is actually sufficient for a creditor to inquire 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 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 normally follows a Statutory Demand. If a business is unable to pay the debts then the Court has the power to wind it up and appoint a liquidator whose obligation it is to convert the assets into cash and disburse the cash in the order shown in the Corporations Act. In other words, this notice is basically a letter notifying you that on a certain date a liquidator will be appointed by the courts to take over your company if you don’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 costs, as do specific employee entitlements. The leftovers is distributed equally among unsecured creditors.

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Will I be personally obligated for my businesses debt?

No. The liquidation of a company does not immediately imply the director will be generally 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 any time, so it’s ideal to take action quickly. For a free consultation contact Liquidators Port Macquarie 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 court will appoint 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. Put simply, 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 taken control of by the liquidators (they will even change the locks) and your services are generally no longer required. Every facet of your business will now be under the administration of the liquidator.

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Bankruptcy Port Macquarie,Bankrupt Port Macquarie,Insolvency Port Macquarie

Do I I get any options prior to the Liquidators seizing my business?

Yes. We provide a free initial consultation to guide you work through this problem. Our team of professionals can spare you incredible distress. You should act rapidly! Calling us the day before the liquidators arrive is fruitless. Contact Liquidators Port Macquarie 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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