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Liquidators Emerald

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

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

Usually 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 get in touch with a Liquidator and place the business into liquidation. Be extremely careful about this. We have gotten to know, here at Liquidators Emerald, that many people believe that simply because 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. HOWEVER, THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Emerald is on your side

Although administrators and receivers are often nice people, their duty, once they are actually appointed, is to your creditors (people you owe money to) and to the courts. They are to amass as much money as practical from the liquidated business to repay these creditors. That’s all. If, for one second, you feel they will protect your best interests, you are regrettably mistaken.

Once you have signed those forms to establish 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 a lot of cases you have actually just shelled out for the death of your own company.

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One Business Owner’s Story

I realized 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 thought 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 Emerald which I didn’t do, of course. I found this other liquidation firm and they said that’s the only way out. I knew I had significant debt, but it just appeared like I had no choice. My accountant said that since I am shelling out for the liquidator and that it was likely going to be a voluntary liquidation that I would most likely be taken care of. WRONG!

I found some Liquidators, they seemed professional and capable and these people explained 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 seemed 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 over, the money I had coming in was gone, they took over each and every single thing; it was simply all gone. The next day my savings account was frozen and what I assumed was reallying going to be a beneficial situation became my worst nightmare. I lost everything!

What is the leading strategy if my company is in crisis?

There is a secret to dealing with this situation: PREPARATION. There is quite a lot you can do to ready yourself; before you yield the control of your business call Liquidators Emerald and we will really help you guide through the minefield which it can be. In fact, a lot of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds easy but, as a matter of fact, there is an considerable amount of law and many rules in place surrounding this process so getting the correct advice from Liquidators Emerald is always a dependable option. If you are undecided what you have to do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Emerald specialises in pre-liquidation strategies.

Suppose another person is winding up my company?

If someone is winding up your company, such as the ATO or a creditor, they will certainly have a liquidator appointed from the courts. You do have some choices here and there is lots you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Emerald. The key here is to get some advice and involve us as soon as you can in this process. It is that simple. Normally you will receive a notice in the mail or a court order, and if you have one of these call us because the longer you ignore this the fewer alternatives you have. Call us at 1300 818 575

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

Yes, you can still run a company. No, you can not still be the director of the company that has been liquidated. This is one of the most common questions we are asked. Of course, there are regulations that should be adhered to, and you will need to ensure you structure things in the proper way moving forward. Liquidation does not need to be the end of your business life, as many people think it does. We can really help you to do this and reconstruct a new life after liquidation. There are choices, but a lot of time people simply don’t know exactly what they are. At Liquidators Emerald, we can explain your options and help you accomplish your goals.

What do I should do do?

Be prepared. Liquidators don’t work with 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 often have no thought 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 simple 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 concerned with getting the result you want. For a free meeting call Liquidators Emerald 1300 818 575.

What do we do?

At Liquidators Emerald we help you learn about 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 communicate properly with your creditors and fix the situation. Call us now at Liquidators Emerald on 1300 818 575.

Suppose I have an ATO Debt?

If you have an ATO debt, do not overlook 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 has happened, you must act fast! Sometimes communication is all that’s called for, at times winding up the company is the answer and sometimes negotiation is called for. No matter what is required, we will certainly help you work through a plan and we will support you the whole way.

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

If you have already received 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 secure the best and most beneficial outcome for you. As soon as we have done an assessment of your business and the circumstances we recommend an action plan. Then it is your choice whether you go on from there. Call Liquidators Emerald 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 knows these changes and the serious nature of all of them and how they may impact you and your business. If you have a tax debt then you may be generally issued with a Director Penalty Notice by the ATO.

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

The purpose of a Director Penalty Notice is to make directors responsible for their business’s unpaid tax debt. As a director, you will not have the ability to prevent personal liability for a PAYG ATO debt, which comes with a Director Penalty Notice, if the following applies:

  1. Your debt is older than three months and or your debt was not declared to the ATO within 3 months of the due date.
  2. As a director, you might also be liable for your company’s unpaid superannuation liability once you receive a penalty.
  3. Directors, and associates of directors, could now also be responsible for a new personal income tax liability. This will make directors and their associates possibly 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 crucial that you request expert advice, as we have numerous options you may have to think about. Simply call liquidators Emerald on 1300 818 575.

What if I dismiss the notice?

There may be considerable 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

What exactly 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 needs that the Debtor Company pay a defined sum of money within 21 days from the day 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 quickly get separate legal advice and apply to the Court to set the demand aside on the grounds that the debt, then the subject of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

What if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act stipulates that a company is solvent if it has the capacity to pay its debts as and also when they fall 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 actually 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 appeal to the Court for the appointment of a liquidator to the company.

Can the Statutory Demand just come in the post?

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

WINDING UP NOTICE

Precisely what is a Wind-Up Notice?

A wind-up notice typically follows a Statutory Demand. If a company is not able to pay its own debts then the Court has the power to wind it up and appoint a liquidator whose obligation it is to convert the assets into cash and disburse the cash in the order started in the Corporations Act. Simply put, this notice is generally a letter informing you that on a certain date a liquidator will be designated by the courts to take over 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 expenses, as do particular employee entitlements. The leftovers is distributed evenly among unsecured creditors.

Will I be individually bound for my businesses debt?

No. The liquidation of a company does not immediately imply the director will be actually 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 release a Director’s Penalty Notice at any time, so it is actually ideal to act quickly. For a no cost consultation call Liquidators Emerald on 1300 818 575.

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

A liquidator will be actually appointed and you will definitely not be the director of your company. The judge will select a liquidator who then takes up 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 is actually 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 seized by the liquidators ( these guys will even change the locks) and your services are simply no longer required. Every element of your business will now be under the administration of the liquidator.

Do I get any choices prior to the Liquidators taking my business?

Yes. We offer a free initial consultation to guide you work through this problem. Our team of professionals can save you from incredible distress. You have to act quickly! Calling us the day before the liquidators turn up is fruitless. Contact Liquidators Emerald 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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