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Liquidators Cairns

Business debt can come about incredibly easily. A few slow months and all of a sudden the financial debt is a long way beyond the grasp of the company owner. If you have company debts that are actually out of control then call us. At Liquidators Cairns we are business debt professionals. For a completely free consultation call Liquidators Cairns on 1300 818 575.

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

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

More often than not when a business owner finds himself or herself in an unworkable financial position they are encouraged by their bookkeeper, their solicitor or even their friends to consult with a Liquidator and place the company into liquidation. Be very careful about this. We have learned, here at Liquidators Cairns, that lots of 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. BUT THIS IS ABSOLUTELY NOT THE CASE!

Liquidators Cairns is on your side

Although administrators and receivers are usually nice individuals, their duty, once they are 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 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 documents to establish 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 actually just paid for the death of your business.

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

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One Small Business Owner’s Story

I realized 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 way too much. I called my financial advisor and my bookkeeper, and they both urged me to go and see Liquidators Cairns which I didn’t do, of course. I found this other liquidation organization and they said that’s the only way out. I understood I had significant debt, but it just looked like I had no choice. My accountant said that because I am paying for the liquidator and that it was going to be a voluntary liquidation that I would certainly be looked after. WRONG!

I found some Liquidators, they seemed to be professional and qualified and these people said they would help me as much as they could to work through my money problems. I had no idea what was going to happen. They seemed to understand my circumstance; I had some money coming in and a sale of some machinery going through.
The moment I signed the paperwork the liquidators asked for 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 felt was reallying going to be a beneficial situation ended up being my worst nightmare. I lost everything!

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

What is the most reliable strategy if my company is in trouble?

There is a secret to handling this issue: PREPARING. There is quite a lot you can do to ready yourself; before you relinquish the control of your company call Liquidators Cairns and we will really help you guide through the minefield that it can be. Actually, 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 simple but, as a matter of fact, there is an substantial amount of regulation and many rules in place covering this process so getting the best advice from Liquidators Cairns is always a safe option. If you are hesitant what you need to do and just need some guidance, simply give us a call on 1300 818 575. Liquidators Cairns are experts in pre-liquidation strategies.

Suppose someone else is winding up my business?

If somebody else 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 certainly there is a lot you must know and do to protect yourself – feel free to call us for a free consultation here at Liquidators Cairns. The key here is to get some advice and involve us as quickly as you can in this process. It is that basic. 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 neglect this the less alternatives you have. Call us at 1300 818 575.

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

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 still be the director of the company that has been liquidated. This is among the most frequent questions we are asked. Naturally, there are regulations that must be adhered to, and you must 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 really help you to do this and restore a new life after liquidation. There are choices, but in most
cases people just don’t know exactly what they are. At Liquidators Cairns, we can explain your options and help you achieve your goals.

What do I should 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 often have no thought to what they are often recommending to you. They’ve probably heard that if you wish to begin again you 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– nobody else does. You are our client and we are only concerned with getting the result you want. For a free consult call Liquidators Cairns 1300 818 575.

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

What do we do?

At Liquidators Cairns we help you figure out your options. 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 deal with the situation. Call us now at Liquidators Cairns on 1300 818 575.

What if I have an ATO Debt?

If you have an ATO debt, do not overlook your mail! The ATO will often provide 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 needed, at times winding up the company is the answer and sometimes negotiation is needed. No matter what is called for, we will help you work through a plan and we will support you the whole way.

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

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

If you have already received one of these warnings YOU MUST NOT LET THEM LAPSE. Contact us as soon as you get them and we can help you work through the steps readily available to get the best and most favourable outcome for you. Once we have done an assessment of the business and the circumstances we recommend an response plan. Then it is your choice whether you proceed from there. Call Liquidators Cairns 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 harmful nature of all of them and how they will 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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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

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

The intention of a Director Penalty Notice is to get directors responsible for their business’s unpaid tax debt. As a director, you will not manage to prevent 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 declared to the ATO inside 3 months of the due date.
  2. As a director, you can likewise be liable for your company’s unpaid superannuation liability when you have a penalty.
  3. Directors, and associates of directors, can now also be liable for a new personal income tax liability. This will 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 critical that you request expert advice, as we have numerous options you may will need to think about. Simply call liquidators Cairns on 1300 818 575.

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

What if I pay no attention to the notice?

There may be substantial consequences for not abiding by the ATO’s notice; this can include losing personal assets like cars, 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 document is not issued by the Court. A Statutory Demand calls for that the Debtor Company pay out a specified sum of money within 21 days from the date of the delivery of the demand on the Debtor Company.

If the debt is disputed, or if there are exceptions in the document, the company should immediately get independent 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.

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

What happens if the Statutory Demand expires unsatisfied?

Section 95( A) of the Corporations Act provides that a company is solvent if it can pay its debts as and when they fall due. Accordingly, the test as to whether or not a business 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 abide by a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will provide ‘proof’, which is sufficient for a creditor to appeal to the Court for the appointment of a liquidator to the company.

Can the Statutory Demand just turn up in the post?

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

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WINDING UP NOTICE

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Just what is a Wind-Up Notice?

A wind-up notice generally follows a Statutory Demand. If a company is not able to pay its own debts then the Court has the ability to wind it up and appoint a liquidator whose function it is to convert the assets into cash and disburse the cash in the order set out in the Corporations Act. In short, this notice is generally a letter notifying you that on a certain date a liquidator will be designated by the courts to take control of your company if you won’t 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 costs, as do certain employee entitlements. The leftovers is distributed equally between unsecured creditors.

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Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

Will I be individually obligated for my businesses debt?

No. The liquidation of a company does not automatically imply the director will be actually made bankrupt; however, the method of winding up a business 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 actually best to take action quickly. For a no charge consultation call Liquidators Cairns 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 definitely no longer be the director of your company. The judge will assign a liquidator who then takes up 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. In other words, it’s over. The company you have built over the years is no longer yours. All the resources 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 generally no longer required. Every element of your business will now be under the administration of the liquidator.

Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns
Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

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

Yes. We provide a free initial consultation to help you work through this problem. Our team of experts can save you from tremendous distress. You must act quickly! Calling us the day before the liquidators arrive is useless. Contact Liquidators Cairns today on 1300 818 575.

Do I have any opportunities once the Liquidators have arrived?

No. The business is not in your control.

Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

Bankrupt Cairns,Bankruptcy Cairns,Insolvency Cairns

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