Can your Company pay its debts? Is your company in financial distress? If your Company cannot pay its debts as they fall due for payment, it may be trading whilst insolvent.
As a Company Director, if you allow your Company to continue to trade and incur debts at a time you know it will be unable to pay those debts as they fall due for payment, you may become personally liable for the debts incurred. This could result in a claim by the Company or its creditors against you and this may lead to the loss of your personal assets.
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Directors and shareholders should understand the implications that may occur as a result of allowing an insolvent company to continue to trade. Of course, it is possible to avoid the possibility of personal liability by seeking appropriate and timely advice about your Company’s financial position and the liquidation process.
The Insolvency Experts are registered liquidators and have the knowledge and expertise to advise you about whether winding up your company is appropriate.
If you want information with which to make an informed decision about your company and the liquidation process, contact The Insolvency Experts 24 hours a day on 1300 767 525.
If Company liquidation is appropriate, directors and shareholders may select a company liquidator of their own choosing to perform the winding up under a creditors voluntary liquidation. It should be noted that the option of choosing a liquidator is no longer available once a creditor has commenced a winding up proceeding in the Court. That is, the moment an application for winding up is lodged with the Court, the option of choosing a liquidator is no longer available and the court will appoint a liquidator that is usually chosen by the petitioning creditor.
The Insolvency Experts provides a low cost liquidation service for directors and shareholders that is especially suited to small and medium sized businesses. This service is available Australia-wide.
Placing a company into liquidation can be done within a day.
It’s a relatively simple process whereby all the necessary documents will be prepared and provided by The Insolvency Experts. All you will need to do is satisfy yourself of the contents of the forms and the listing of creditors and assets that will form part of the winding up process.
From start to finish, a straightforward company liquidation performed by The Insolvency Experts will usually take 3 – 4 months.
It all begins with the Company liquidator writing to all creditors, employees and the ATO etc. Following the initial information to creditors, the liquidator will collect the books and records of the insolvent company and conduct an investigation that is designed to explain the reasons for failure of the Company.
The findings of these investigations are then reported by way of a Statutory Report to Creditors that must be completed within 3 months of the liquidator’s appointment. In addition, a report is provided to the ASIC who will then advise whether the matter may be finalised or whether further work is required.
Directors and shareholders who have engaged The Insolvency Experts often report a high level of stress relief and satisfaction with the efficiency of the winding up process. We encourage everyone considering company liquidation to read our reviews on-line.
Our Registered Company Liquidator has conducted hundreds of company liquidations over 30+ years and across all industries. The Insolvency Experts can help you with free advice tailored to your specific circumstances that will provide you with all the information you need to make an informed decision that’s best for you, your family and the future of your company.
Need held with Company Liquidation or Voluntary Administration? Call The Insolvency Experts anytime, 24/7 on 1300 767 525.
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