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Liquidators Ipswich

Business debt can arise very quickly. A few slow months and all of a sudden the debt is generally a long way beyond the grasp of the company owner. If you have company debts which are out of control then call us. At Liquidators Ipswich  we are company debt specialists. For a completely free consultation call Liquidators Ipswich on 1300 818 575.

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Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

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

Normally 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 talk to a Liquidator and place the business into liquidation. Be really careful about this. We have gotten to know, here at Liquidators Ipswich, that most people 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. HOWEVER THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Ipswich are on your side

Although administrators and receivers are usually nice individuals, their responsibility, once they are appointed, is simply to your creditors (people you owe money to) and even to the courts. They are to get hold of as much money as possible from the liquidated business to pay off these creditors. That’s it. If, for one minute, you feel they will look after your best interests, you are sadly mistaken.

Once you have actually signed those papers to select liquidators to your business; 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, often you have just paid for the death of your own business.

Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich
Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

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One Business Owner’s Story

I knew I was in trouble when the bank wouldn’t 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 bookkeeper, and they both encouraged me to go and see Liquidators Ipswich 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 looked like I had no choice. My accountant said that since I am paying for the liquidator and that it was going to be a voluntary liquidation that I would be looked after. WRONG!

I found some Liquidators, they appeared professional and capable and these guys claimed 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 predicament; I had some cash coming in and a sale of some equipment going through.

The minute 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 over, the money I had coming in was gone, they took over every single thing; it was simply all gone. The next day my savings account was frozen and what I presumed was reallying going to be a beneficial situation turned out to be my worst nightmare. I lost everything!

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Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

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

There is a method to dealing with this scenario: PREPARATION. There is quite a lot you can do to ready yourself; before you relinquish the control of your company call Liquidators Ipswich and we will really help you guide through the minefield which it can be. Actually, most of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds simple but, as a matter of fact, there is an significant amount of law and many rules in place covering this process so getting the correct advice from Liquidators Ipswich is always a dependable 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 Ipswich 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 will have a liquidator appointed by the courts. You do have some options right here and certainly there is a lot you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Ipswich. The secret here is to get some guidance and involve us as soon 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 give us a call simply because the longer you ignore this the fewer choices you have. Call us at 1300 818 575.

Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich
Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

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 business. 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 should be complied with, and you have to ensure you structure things in properly moving forward. Liquidation does not need to be the end of your business life, as so many people think it does. We can help you to do this and construct a new life after liquidation. There are choices, but in many cases people simply have no idea just what they are. At Liquidators Ipswich, we can discuss your options and help you achieve your goals.

What do I should do?

Be prepared. Liquidators don’t serve you, regardless of how much money you pay them. Your creditors don’t work for you, no matter just how much of their bill you pay them. Your friends love you, but commonly have no thought to what they are suggesting to you. They’ve most likely heard that if you wish 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 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 appointment call Liquidators Ipswich 1300 818 575.

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Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

What do we do?

At Liquidators Ipswich we help you figure out your choices. We than help you take the ideal step. Then we work toward getting the best possible end result for you and protecting whatever we can. We connect properly with your creditors and fix the situation. Call us now at Liquidators Ipswich on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, really don’t snub your mail! The ATO will often deliver 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 called for, sometimes winding up the company is the answer and sometimes negotiation is involved. 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 Ipswich,Bankrupt Ipswich,Insolvency Ipswich

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

If you have already gotten one of these notices 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 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 response plan. Then it is your choice whether you go on from there. Call Liquidators Ipswich today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is critically important is that every single business owner understands these changes and the significant nature of them and how they are going to 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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Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

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

The purpose 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 3 months and or your debt was not declared to the ATO inside 3 months of the due date.
  2. As a director, you can also be responsible for your company’s unpaid superannuation liability once you receive a penalty.
  3. Directors, and associates of directors, can now also be accountable for a new personal income tax liability. This will make directors and their associates actually 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 should think about. Simply call liquidators Ipswich on 1300 818 575.

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Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

What if I disregard the notice?

There may be substantial 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

Exactly what is a Statutory Demand?

A Statutory Demand is a demand made under 459E of the Corporations Act. This documentation is not issued by the Court. A Statutory Demand requires that the Debtor Company pay out 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 opposed, 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 subject of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a company is solvent if it has the ability to pay its debts as and also when they fall due. Accordingly, the test as to whether a business is insolvent is that it is not able to pay its debts as and when they are due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has 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 register 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 supplied face-to-face or simply appear in the mail as registered mail.

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WINDING UP NOTICE

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What exactly is a Wind-Up Notice?

A wind-up notice typically follows a Statutory Demand. If a company is not able 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 essentially a letter informing you that on a certain date a liquidator will be designated 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 acquires the appointment of the liquidator and the liquidator take priority in regard to their costs, as do particular employee entitlements. The leftovers is distributed evenly amongst unsecured creditors.

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Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

Will I be personally obligated for my businesses debt?

No. The liquidation of a company does not instantly imply the director will be simply made bankrupt; however, the process of winding up a company is similar to 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 really best to act quickly. For a cost-free consultation call Liquidators Ipswich 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 not be the director of your company. The court will assign a liquidator who then takes up 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’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 over by the liquidators ( these guys will even change the locks) and your services are no longer called for. Every feature of your business will now be under the management of the liquidator.

Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich
Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

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

Yes. We provide a free initial consultation to help you work through this problem. Our team of experts can save you from remarkable distress. You must act quickly! Calling us the day before the liquidators show up is fruitless. Contact Liquidators Ipswich today on 1300 818 575.

Do I have any choices once the Liquidators have arrived?

No. The company is not in your control.

Bankruptcy Ipswich,Bankrupt Ipswich,Insolvency Ipswich

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