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Liquidators Dubbo

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

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

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

In most cases when a company owner finds himself or herself in an unworkable financial position they are encouraged by their bookkeeper, their solicitor or perhaps their friends to speak to a Liquidator and place the company into liquidation. Be rather careful about this. We have learned, here at Liquidators Dubbo, that many people believe that simply because you are paying the liquidator they will care for your best interests and really help you to get you back on your feet. HOWEVER THIS IS WITHOUT A DOUBT NOT THE CASE!

Liquidators Dubbo is on your side

Although administrators and receivers are typically nice individuals, their duty, once they are actually appointed, is actually to your creditors (people you owe money to) and to the courts. They are to get hold of as much money as they can from the liquidated business to pay these creditors. That’s all. If, for one instant, you feel they will take care of your best interests, you are regrettably mistaken.

Once you have actually signed those papers to select liquidators to your business; that is it! You no longer get any say over your company. The liquidator will do whatever they feel is in the best interests of the creditors and, guess what, in most cases you have just paid for the death of your own business.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

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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 accountant, and they both suggested me to go and see Liquidators Dubbo 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 felt like I had no alternative. 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 most likely be protected. WRONG!

I found some Liquidators, they appeared professional and qualified and these guys claimed 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 appeared to comprehend my situation; I had some money coming in and a sale of some equipment going through.

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

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

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

There is a trick to dealing with this issue: PREPARATION. There is quite a lot you can do to ready yourself; before you surrender the control of your business call Liquidators Dubbo and we will really help you walk through the minefield which it can be. As a matter of fact, the majority of the stress and anxiety can be dealt with in such 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 covering this process so getting the correct advice from Liquidators Dubbo is always a dependable option. If you are undecided what you must do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Dubbo specialises in pre-liquidation strategies.

Suppose another person is winding up my company?

If someone else is winding up your company, such as the ATO or a creditor, they will have a liquidator appointed by the courts. You do have some choices here and certainly there is lots you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Dubbo. The trick here is to get some advice and include us as soon as you can in this particular 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 contact us because the longer you ignore this the less options you have. Call us at 1300 818 575.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

Can I continue to run 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 continue to be the director of the company that has been liquidated. This is one of the most common questions we are asked. Obviously, there are regulations that will need to be complied with, and you have to ensure you structure things in the proper way moving forward. Liquidation does not must be the end of your business life, as a lot of people think it does. We can help you to do this and reconstruct a new life after liquidation. There
are options, but in many cases people just don’t know what they are. At Liquidators Dubbo, we can explain your options and help you achieve your goals.

What do I have to do?

Be prepared. Liquidators don’t work with you, no matter how much money 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 often have no idea to what they are recommending to you. They’ve probably heard that if you want to begin again you will need to throw away the company through a liquidator and it is an simple 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 Dubbo 1300 818 575.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

What do we do?

At Liquidators Dubbo we help you work through your options. We than help you take the appropriate step. Then we work toward getting the best possible outcome for you and protecting whatever we can. We connect the proper way with your creditors and fix the situation. Call us now at Liquidators Dubbo on 1300 818 575.

Suppose I have an ATO Debt?

If you have an ATO debt, really don’t snub your mail! The ATO will often deliver 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, at times winding up the company is the answer and sometimes negotiation is called for. Despite what is needed, we will certainly help you work through a plan and we will support you the whole way.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

What if I have been given a notice from the Tax Office?

If you have already gotten one of these notifications YOU MUST NOT IGNORE THEM. Contact us as soon as you get them and we will be able to help you work through the steps readily available to get 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 ahead from there. Call Liquidators Dubbo 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 is aware of these changes and the considerable 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 issued with a Director Penalty Notice by the ATO.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

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

The aim of a Director Penalty Notice is to make directors responsible for their company’s unpaid tax debt. As a director, you will no longer have the ability to prevent 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 revealed to the ATO inside 3 months of the due date.
  2. As a director, you can also be accountable for your company’s unpaid superannuation liability if you receive a penalty.
  3. Directors, and associates of directors, could now also be liable 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 important that you seek expert advice, as we have numerous options you may should think about. Simply call liquidators Dubbo on 1300 818 575.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

What if I disregard the notice?

There may be significant repercussions for not abiding by the ATO’s notice; this can include things like losing personal assets like cars, 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 made under 459E of the Corporations Act. This file is not issued by the Court. A Statutory Demand requires that the Debtor Company pay out a defined 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 right away get separate legal advice and apply to the Court to set the demand aside on the basis that the debt, then the target of the Statutory Demand is in fact contested. This application MUST be made within 21 days.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

What 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 when they are 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 simply due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has 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 appeal to the Court for the appointment of a liquidator to the business.

Can the Statutory Demand just show up in the post?

Yes, it might be provided face-to-face or simply show up 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 usually follows a Statutory Demand. If a company is not able to pay its debts then the Court has the power 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 laid out in the Corporations Act. Simply put, this notice is basically 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 relation to their expenses, as do particular employee entitlements. The leftovers is distributed evenly amongst unsecured creditors.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

Will I be actually obligated for my businesses debt?

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

What occurs in the event that I can not pay the debt within the 21 Days?

A liquidator will be appointed and you will definitely not be the director of your company. The judge will select a liquidator who then seizes 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 resources 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 actually no longer called for. Every aspect of your business will now be under the administration of the liquidator.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

Do I get 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 professionals can save you from tremendous distress. You have to act rapidly! Calling us the day before the liquidators turn up is useless. Contact Liquidators Dubbo today on 1300 818 575.

Do I have any opportunities once the Liquidators have arrived?

No. The company is no longer in your control.

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Our Clients

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
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