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Liquidators Wyong

Company debt can arise remarkably quickly. A few sluggish months and all of a sudden the financial debt is a long way beyond the grasp of the company owner. If you have business debts which are really out of control then give us a call. At Liquidators Wyong our company are business debt specialists. For a completely free consultation call Liquidators Wyong on 1300 818 575.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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

Often 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 talk to a Liquidator and place the business into liquidation. Be extremely careful about this. We have learned, here at Liquidators Wyong, that many individuals believe that just because you are paying the liquidator they will look after your best interests and help you to get you back on your feet. HOWEVER THIS IS REALLY NOT THE CASE!

Liquidators Wyong are on your side

Although administrators and receivers are usually nice people, their obligation, once they are appointed, is to your creditors (people you owe money to) and to the courts. They are to round up as much money as possible from the liquidated business to pay these creditors. That is simply it. If, for one second, you feel they will protect your best interests, you are regrettably mistaken.

Once you have actually signed those papers to assign liquidators to your company; that is it! You no longer have 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 certainly just bought the death of your business.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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One Business Owner’s Story

I figured out I was in trouble when the bank would not lend me any more against the farm. This home has been in the family for years and the idea of having to give it up was too much. I called my financial advisor and my bookkeeper, and they both encouraged me to go and see Liquidators Wyong 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 alternative. 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 taken care of. WRONG!

I found some Liquidators, they seemed professional and capable and these guys claimed they would help me as much as they could to overcome my money issues. I had no idea what was about to happen. They appeared to grasp my predicament; I had some money coming in and a sale of some equipment going through.

The moment I signed the documents the liquidators asked for 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 over every single thing; it was simply all gone. The next day my savings account was frozen and what I thought was going to be a beneficial situation became my worst nightmare. I lost everything!

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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

There is a method to dealing with this situation: PREPARING. There is quite a lot you can do to ready yourself; before you relinquish the control of your company call Liquidators Wyong and we will help you guide through the minefield which it can be. Actually, much 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 enormous amount of law and many rules in place surrounding this process so getting the best advice from Liquidators Wyong is always a reliable option. If you are not sure what you need to do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Wyong are experts in pre-liquidation strategies.

What if someone else is winding up my business?

If somebody else is winding up your company, like the ATO or a creditor, they will have a liquidator appointed by the courts. You do have some choices right here and certainly there is lots you must know and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Wyong. The trick here is to get some guidance and include us as quickly 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 give us a call because the longer you neglect this the less alternatives you have. Call us at 1300 818 575.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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 among the most common questions we are asked. Naturally, there are regulations that need to be complied with, 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 construct a new life after liquidation. There are options, but in most cases people just don’t know just what they are. At Liquidators Wyong, we can explain your options and help you accomplish your goals.

What do I have to do?

Be prepared. Liquidators don’t serve you, no matter what 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 normally 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 convenient 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 dedicated to getting the result you want. For a free consult call Liquidators Wyong 1300 818 575.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

What do we do?

At Liquidators Wyong 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 communicate properly with your creditors and resolve the situation. Call us now at Liquidators Wyong on 1300 818 575.

What happens if I have an ATO Debt?

If you have an ATO debt, don’t snub your mail! The ATO will often issue 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 required, in some cases winding up the company is the answer and sometimes negotiation is involved. Whatever is required, we will certainly help you work through a plan and we will support you the whole way.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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

What if I have received a notice from the Tax Office?
If you have already gotten one of these warnings 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 steps readily available to get the best and most favourable outcome for you. As soon as we have done an assessment of the business and the circumstances we recommend an response plan. Then it is your choice whether you go ahead from there. Call Liquidators Wyong 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 understands these changes and the serious nature of all of them and how they will certainly impact you and your business. If you have a tax debt then you may be likely issued with a Director Penalty Notice by the ATO.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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

The aim of a Director Penalty Notice is to make directors accountable for their business’s unpaid tax debt. As a director, you will no longer have the ability 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 reported to the ATO inside 3 months of the due date.
  2. As a director, you may also be liable for your company’s unpaid superannuation liability once you have a penalty.
  3. Directors, and associates of directors, can now also be liable for a new personal income tax liability. This is going to make directors and their associates actually 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 important that you seek expert advice, as we have numerous options you may need to think about. Simply call liquidators Wyong on 1300 818 575.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

What if I ignore the notice?

There may be considerable repercussions 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

Just what is a Statutory Demand?

A Statutory Demand is a demand generated under 459E of the Corporations Act. This document is not issued by the Court. A Statutory Demand requires that the Debtor Company pay out a specified sum of money within 21 days from the period of the delivery of the demand on the Debtor Company.

A Statutory Demand is a demand generated under 459E of the Corporations Act. This document is not issued by the Court. A Statutory Demand requires that the Debtor Company pay out a specified sum of money within 21 days from the period of the delivery of the demand on the Debtor Company.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

What happens if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act states that a company is solvent if it is able to pay its debts as and when they fall due. Accordingly, the test as to whether or not a company is insolvent is that it is unable 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 supply ‘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 turn 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 often follows a Statutory Demand. If a business is unable to pay the debts then the Court has the ability to wind it up and appoint a liquidator whose function it is to turn 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 do not pay the debt.

Who can send me a Wind-Up Notice?

The creditor who secures the appointment of the liquidator and the liquidator take priority in regard to their expenses, as do specific employee entitlements. The leftovers is distributed evenly among unsecured creditors.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Will I be individually obligated for my businesses debt?

No. The liquidation of a company does not instantly imply the director will be 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 issue a Director’s Penalty Notice at any time, so it is certainly best to act quickly. For a no cost consultation call Liquidators Wyong 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 assign 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 over by the liquidators (they will even change the locks) and your services are simply no longer called for. Every element of your business will now be under the management of the liquidator.

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Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Do I have any choices before the liquidators Liquidators seizing king my business?

Yes. Our company offers a free initial consultation to help you work through this problem. Our team of professionals can spare you incredible distress. You must act quickly! Calling us the day before the liquidators arrive is pointless. Contact Liquidators Wyong today on 1300 818 575.

Do I have any opportunities once the Liquidators have arrived?

No. The business is not in your control..

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