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Liquidators Maitland

Company debt can come about incredibly 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 company debts that are undoubtedly out of control then give us a call. At Liquidators Maitland  our team are company debt experts. For a completely free consultation call Liquidators Maitland on 1300 818 575.

Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland
Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

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 impracticable financial position they are encouraged by their bookkeeper, their solicitor or even their friends to speak to a Liquidator and place the business into liquidation. Be rather careful about this. We have gotten to know, here at Liquidators Maitland, that lots of people believe that because you are paying the liquidator they will take care of your best interests and really help you to get you back on your feet. HOWEVER THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Maitland are on your side

Although administrators and receivers are generally nice individuals, their responsibility, once they are appointed, is simply to your creditors (people you owe money to) and also to the courts. They are to amass as much money as they can from the liquidated business to repay these creditors. That’s it. If, for one moment, you feel they will take care of your best interests, you are sadly mistaken.

Once you have actually signed those forms to assign 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, in many cases you have actually just shelled out for the death of your company.

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

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One Business Owner’s Story

I figured out I was in strife when the bank wouldn’t 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 bookkeeper, and they both instructed me to go and see Liquidators Maitland which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I knew I had significant debt, but it just seemed like I had no choice. My accountant said that since I am shelling out for the liquidator and that it was going to be a voluntary liquidation that I would certainly be protected. WRONG!

I found some Liquidators, they seemed to be professional and qualified and these people claimed they would help me as much as they could to overcome my money issues. I had no idea what was going to happen. They appeared to comprehend my predicament; I had some money 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 equipment was totally taken control of, 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 believed was going to be a beneficial situation ended up my worst nightmare. I lost everything!

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

What is the best strategy if my business is in difficulty?

There is a technique to managing this situation: PREPARING. There is quite a lot you can do to ready yourself; before you relinquish the control of your company call Liquidators Maitland and we will really help you guide through the minefield which it can be. As a matter of fact, 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, actually, there is an considerable amount of law and many rules in place covering this process so getting the correct advice from Liquidators Maitland is always a dependable option. If you are undecided what you need to do and just need some guidance, simply contact us on 1300 818 575. Liquidators Maitland specialises in pre-liquidation strategies.

Suppose someone else is winding up my business?

If someone 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 options right here and there is lots you must understand and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Maitland. 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 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.

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

Can I continue to run a business if I have been the 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 among the most common questions we are asked. Needless to say, there are regulations that should be adhered to, and you need to 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 help you to do this and reconstruct a new life after liquidation. There are choices, but in most cases people simply have no idea exactly what they are. At Liquidators Maitland, we can discuss your options and help you accomplish your goals.

What do I need to do?

Be prepared. Liquidators don’t work for 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 typically have no idea to what they are recommending to you. They’ve probably heard that if you wish to begin again you should 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– nobody else does. You are our client and we are only thinking about getting the result you want. For a free consultation call Liquidators Maitland 1300 818 575.

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

What do we do?

At Liquidators Maitland we help you work through your choices. We than help you take the ideal action. Then we work toward getting the best possible end result for you and protecting whatever we can. We connect the proper way with your creditors and fix the situation. Call us now at Liquidators Maitland on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, don’t overlook 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 is the case, you must act fast! Sometimes communication is all that’s required, at times winding up the company is the answer and sometimes negotiation is involved. Whatever is needed, we will certainly help you work through a plan and we will support you the whole way.

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

If you have already received one of these warnings YOU MUST NOT IGNORE 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 Maitland 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 is aware of these changes and the dangerous nature of all of them and how they will 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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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

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

The aim of a Director Penalty Notice is to get directors accountable for their company’s unpaid tax debt. As a director, you will no longer have the ability 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 3 months and or your debt was not revealed to the ATO within 3 months of the due date.
  2. As a director, you could also be accountable 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 is going to make directors and their associates possibly liable for a business’s unpaid PAYG withholding liability.

Do I have any choices?

Directors, and associates of directors, can now also be accountable for a new personal income tax liability. This is going to make directors and their associates possibly liable for a business’s unpaid PAYG withholding liability.

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

What if I ignore the notice?

There may be significant consequences for not adhering to the ATO’s notice; this can include losing personal assets like cars, property or shares, and personal bankruptcy for the business’s debts.

STATUTORY DEMANDS

What exactly is a Statutory Demand?

A Statutory Demand is a demand produced under 459E of the Corporations Act. This file is not issued by the Court. A Statutory Demand needs 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 disputed, 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 debt, then the matter of the Statutory Demand is actually contested. This application MUST be made within 21 days.

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act requires that a company is solvent if it is able to pay its debts as and when they are due. Accordingly, the test as to whether or not a company is insolvent is that it is not able 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 supply ‘proof’, which is actually sufficient for a creditor to inquire to the Court for the appointment of a liquidator to the company.

Can the Statutory Demand just turn up in the post?

Yes, it might be supplied face-to-face or simply show up 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 generally 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 change the assets into cash and disburse the cash in the order set out in the Corporations Act. In other words, 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 don’t pay the debt

Who can send me a Wind-Up Notice?

The creditor who gets the appointment of the liquidator and the liquidator take priority in regard to their costs, as do certain employee entitlements. The rest is distributed equally among unsecured creditors.

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

Will I be personally obligated for my businesses debt?

No. The liquidation of a company does not immediately 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 issue a Director’s Penalty Notice at any time, so it is really best to act quickly. For a totally free consultation get in touch with Liquidators Maitland 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 no longer be the director of your company. The judge will appoint a liquidator who then takes over 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. Simply put, 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 control of by the liquidators (they will even change the locks) and your services are generally no longer called for. Every aspect of your business will now be under the administration of the liquidator.

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Insolvency Maitland,Bankrupt Maitland,Bankruptcy Maitland

Do I have any choices prior to the Liquidators seizing my business?

Yes. We offer a free initial consultation to guide you work through this problem. Our team of experts can spare you incredible distress. You should act quickly! Calling us the day before the liquidators arrive is pointless. Contact Liquidators Maitland 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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