If My Business Is in Trouble Should I Get in Touch With a Liquidator?
You might have been advised by your bookkeeper, solicitor, friends or even family that you should get in touch with a liquidator to put your company into liquidation. But before you move forward with this at Bankruptcy Wollongong we suggest you consider it really cautiously. Why? You may presume because you are paying a liquidator, that they will have your best interests at heart. Unfortunately, generally this is not the case. Before you do anything call us on 1300 795 575.
Liquidators Are Not Your Friend.
Liquidators are often really nice people. However, they have an important role to play when you appoint them to help you with your company. Their responsibility is to themselves, your creditors (people you owe money to) and the courts; not to you. A liquidator’s goal is to sell off assets in order to acquire as much money as possible to repay your creditors. If you believe that you are paying for a friendly liquidator you may wish to think again. Be assured that in NSW liquidators are highly regulated and they are not going to bend the rules just for you. The truth unfortunately, is that you do not factor into the equation, a liquidator’s primary job is to concentrate on paying themselves and then with what remains pay back creditors, and that’s it! At the end of the day, liquidators are not your friends. Call us at Bankruptcy Wollongong on 1300 795 575 BEFORE you appoint a liquidator.
Big 5 Questions
– Is Going Bankrupt Right for me?
– Will I lose my job?
– How will my income be affected?
– Can I keep my house or car?
– Will I lose my business or can I still be self-employed?
If you are considering bankruptcy, being able to answer these questions is vital. Then you’ll know exactly what will happen to your business and assets should you choose to file for bankruptcy. Feel free to download our eBook for free and inform yourself today. Or, if your questions are more complex, call us directly on 1300 795 575.
Can I Continue to Run a Business If I Have Been the Director of a Company That Has Been Liquidated?
Liquidation does not have to mean your business days are over. We can help to guide you into your brand-new life, after liquidation. If you ﬁle for bankruptcy then you are disqualiﬁed from being a director for the 3 years you are bankrupt, however this is generally not the case with liquidation. At Bankruptcy Wollongong we are experts at Business Re-Structuring and Business Turnaround. Do not hesitate to call us on 1300 795 575 and we will help you to work out your new business strategy.
What If I Have an ATO Debt?
The ATO usually issues companies with ‘Wind-Up’ notices, Statutory Demands, or even a Director’s Penalty Notice. If you receive one of these, take it seriously. The best thing you can do is to act swiftly. Through prompt communication and a clear understanding of the situation, the best outcomes can be achieved for all involved. No matter what is required, at Bankruptcy Wollongong we can help, we will work through your choices with you to help you develop a plan, then support you along the way.
What If the Statutory Demand Expires Unsatisfied?
Section 95 (A) of the Corporations Act states that a company is solvent if it has the ability to pay it’s debts when due. Under section 459C of the Act, the business is presumed to be insolvent if it has failed to comply with a Statutory Demand. The creditor may then apply to the court to appoint a liquidator to the debtor company.
WINDING UP NOTICE
Will I Be Personally Obligated For my Business’s Debt?
The liquidation of a business does not automatically imply the director’s responsibility. The process of winding-up a company is similar to the process of having a person declared bankrupt. The ATO can issue a Director’s Penalty Notice at any time however, so it is best to act rapidly. For a complimentary consultation, contact Bankruptcy Wollongong on 1300 795 575.
Do I Have any Options Prior to the Liquidators Seizing My Business?
You do still have options. We can explain everything to you clearly during our free initial consultation, and work through the problem with you. Our team of professionals know all the ins and outs of bankruptcy law and will spare you huge amounts of stress1300 795 575.