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Liquidators Darwin

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

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

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

Typically when a business owner finds himself or herself in an impracticable financial position they are advised by their bookkeeper, their solicitor or even their friends to contact a Liquidator and place the company into liquidation. Be really careful about this. We have learned, here at Liquidators Darwin, that many people believe that due to the fact that you are paying the liquidator they will take care of your best interests and serve to help you to get you back on your feet. BUT THIS IS REALLY NOT THE CASE!

Liquidators Darwin is on your side

Although administrators and receivers are usually nice people, their responsibility, once they are actually appointed, is to your creditors (people you owe money to) and to the courts. These guys are to get as much money as they can from the liquidated business to repay these creditors. That’s it. If, for one minute, you feel they will take care of your best interests, you are sadly mistaken.

Once you have 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 many cases you have certainly just paid for the death of your own company.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

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One Businessmen’s Story

I saw I was in strife when the bank would not 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 Darwin which I didn’t do, of course. I found this other liquidation company and they said that’s the only escape. I realized I had significant debt, but it just appeared like I had no alternative. My accountant said that because I am shelling out for the liquidator and that it was likely going to be a voluntary liquidation that I would most likely be protected. WRONG!

I found some Liquidators, they seemed to be professional and qualified and they explained 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 understand my predicament; I had some money coming in and a sale of some machinery going through.

The second 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 control of, the money I had coming in was gone, they took over every single thing; it was all gone. The next day my savings account was frozen and what I felt was reallying going to be a beneficial situation ended up my worst nightmare. I lost everything!

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

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

There is a method to managing this issue: PREPARATION. There is quite a lot you can do to ready yourself; before you relinquish the control of your business call Liquidators Darwin and we will help you guide through the minefield that it can be. As a matter of fact, most 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 fact, there is an substantial amount of regulation and many rules in place covering this process so getting the correct advice from Liquidators Darwin 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 Darwin are experts in pre-liquidation strategies.

Suppose someone else is winding up my business?

If somebody is winding up your company, such as the ATO or a creditor, they will certainly have a liquidator appointed by the courts. You do have some choices here and there is a lot you must understand and do to protect yourself – feel free to contact us for a free consultation here at Liquidators Darwin. The secret here is to get some guidance and involve 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 ignore this the less options you have. Call us at 1300 818 575.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Can I keep running a business if I have been a director of a company that has been liquidated?

Yes, you can still run a business. No, you can not continue to be the director of the company that has been liquidated. This is among the most typical questions we are asked. Needless to say, there are regulations that must be followed, and you will need to ensure you structure things in the right way 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 restore a new life after liquidation. There are options, but in most cases people simply have no idea exactly what they are. At Liquidators Darwin, we can discuss your options and help you achieve your goals.

What do I will need to do?

Be prepared. Liquidators don’t work for you, no matter 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 generally have no thought to what they are recommending to you. They’ve probably heard that if you want to begin again you will need to get rid of the company through a liquidator and it is an very 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 thinking about getting the result you want. For a free consultation call Liquidators Darwin 1300 818 575.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

What do we do?

At Liquidators Darwin 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 the right way with your creditors and resolve the situation. Call us now at Liquidators Darwin on 1300 818 575.

What happens if I have an ATO Debt?

If you have an ATO debt, don’t neglect your mail! The ATO will often provide 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 involved, in some cases winding up the company is the answer and sometimes negotiation is involved. No matter what is needed, we will definitely help you work through a plan and we will support you the whole way.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

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

If you have already received one of these notifications YOU MUST NOT FORGET ABOUT THEM. Contact us as early as you get them and we can help you work through the procedures readily available to secure the best and most favourable outcome for you. Once we have done an assessment of your business and the circumstances we recommend an response plan. Then it is your choice whether you proceed from there. Call Liquidators Darwin today for a free consultation on 1300 818 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Be Warned

What is extremely important is that 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.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

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

The purpose of a Director Penalty Notice is to make directors liable 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 financial debt is older than three months and or your debt was not declared to the ATO inside 3 months of the due date.
  2. As a director, you could likewise be accountable for your company’s unpaid superannuation liability when you get a penalty.
  3. Directors, and associates of directors, may now also be responsible for a new personal income tax liability. This is going to make directors and their associates possibly liable for a company’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 important that you ask for expert advice, as we have numerous options you may must think about. Simply call liquidators Darwin on 1300 818 575.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

What if I pay no attention to the notice?

There may be considerable repercussions for not adhering to the ATO’s notice; this can involve losing personal assets like vehicles, 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 requires that the Debtor Company pay a specified sum of money within 21 days from the period of the delivery of the demand on the Debtor Company.

If the debt is objected to, 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 target of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

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 also 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 actually due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has actually failed to abide by 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 turn up in the post?

Yes, it might be delivered face-to-face or simply show up in the mail as registered mail.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

WINDING UP NOTICE

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Just what is a Wind-Up Notice?

A wind-up notice usually follows a Statutory Demand. If a company is not able to pay its debts then the Court has the capacity to wind it up and appoint a liquidator whose function it is to change the assets into cash and disburse the cash in the order started in the Corporations Act. In other words, this notice is essentially a letter notifying you that on a certain date a liquidator will be designated by the courts to take over your company if you don’t pay the debt.

Just what is a Wind-Up Notice?

A wind-up notice usually follows a Statutory Demand. If a company is not able to pay its debts then the Court has the capacity to wind it up and appoint a liquidator whose function it is to change the assets into cash and disburse the cash in the order started in the Corporations Act. In other words, this notice is essentially a letter notifying you that on a certain date a liquidator will be designated by the courts to take over your company if you don’t pay the debt.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Will I be actually obliged 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 provide a Director’s Penalty Notice at any time, so it is certainly best to take action quickly. For a free consultation contact Liquidators Darwin on 1300 818 575.

What occurs if I can not pay the debt within the 21 Days?

A liquidator will be appointed and you will not be the director of your company. The judge will choose a liquidator who then assumes 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. 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 control of by the liquidators ( these guys will even change the locks) and your services are generally no longer called for. Every aspect of your business will now be under the management of the liquidator.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Do I have any options before the Liquidators taking my business?

Yes. Our company offers a free initial consultation to help you work through this problem. Our team of specialists can spare you tremendous distress. You have to act rapidly! Calling us the day before the liquidators appear is fruitless. Contact Liquidators Darwin today on 1300 818 575.

Do I have any choices once the Liquidators have arrived?

No. The business is not in your control.

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