December 9, 2019
The thought of liquidating can be scary. The idea of losing everything you’ve worked so hard for is terrifying. You don’t know what to expect. You don’t know the process. You probably don’t even know the right questions to ask to see if liquidation will help you.
All you know is things are not working. You’ve got bills you can’t pay. Your relationships are suffering and so is your health. Each night you stare at the ceiling wondering what will happen. Will they send you to jail? And everyone is screaming at you to make things right.
That’s the feeling many of our clients have before speaking with us and before they make the decision to liquidate.
But once they decide, most of our clients report that liquidation helped them move on and improve their lives.
So, here are the Top 10 reasons why people choose Voluntary Liquidation.
If you don’t choose the liquidator, the Court will appoint one chosen by your creditors.
So, if you can choose, what do you want in a Registered Liquidator?
Apart from being qualified and knowledgeable, most people want a liquidator that is:
If you don’t choose to voluntarily liquidate, creditors will continue to hassle you for payment. The calls will not stop!
And this can go on for months if not for years as it takes a long time and costs a lot of money for a creditor to go to court. They would far prefer to continue trying to extract money from you rather than spend more going to court.
However, you need to know from the moment you place your Company into Liquidation, you don’t need to answer any more calls or deal with any demands for payment.
The only thing you need to do is to provide us the information we need to deal with the Company’s issues and creditors.
We can place your company into liquidation within hours, provided you’re happy to assist us as needed.
The first thing we do is write to the creditors and tell them the Company is in liquidation and that they need to deal with our office.
We tell creditors the time frames involved and what to expect from our work.
From that point onwards, any interest in the Company is directed to us and diverted away from you. Creditors can only seek answers from us.
You don’t need to answer endless calls for payment anymore.
If you don’t liquidate, and there are legal proceedings or claims involving the Company, you will be forced to spend money on legal fees.
But, the moment a company is placed into liquidation, there is an automatic stay on civil proceedings that cannot be continue without leave of the Court.
That means, all legal actions and spending stop. Full stop.
By liquidating you can immediately;
So many times our director clients say they wish they liquidated sooner.
They say they often battled on, without advice, and by doing so, they lost their houses and in many cases, far more, such as important relationships, not to mention their health.
If things are not working out, directors should seek professional advice as early as possible to see if there are realistic changes that can be made to improve the situation.
Then, and only if one is confident of a new plan, where results are monitored and measured on a regular basis, should a person consider putting in their assets, or borrowing from family and friends, into a failing business.
The best advice is to seek help early and act quickly if results are not achieved.
If you have been unable to pay your employee’s wages and entitlements, you should know that as soon as a company is placed into liquidation, those eligible employees can claim and recover entitlements under the Fair Entitlements Guarantee Scheme
If a company is not placed into liquidation, the scheme is not available and you may be left dealing with angry employees.
What’s the point of being in business if you’re not getting paid?
And worse, directors have often put in all their money, and borrowed money from family and friends, to put into a failing business.
But as soon as you liquidate, you are expected to go out and earn a regular income, either by finding paid work or starting another, hopefully successful business.
Liquidate early and get on with earning a regular income.
It’s been said before but is worth saying again, the stress of a failing business and constant creditor harassment takes its toll on directors. Close relationships and health often suffers.
Voluntary liquidation immediately ends the stress and stops the phone calls. This will allow you to focus on what’s really important – your health and personal relationships.
The minute you place your company into liquidation is the moment when you hand your burden onto the liquidator.
You are expected to immediately get on with life and earning an income, tending to your health and personal relationships and leaving the company’s troubles behind you.
Liquidation is not the end of life. It’s often the start of a new and brighter future.
The Insolvency Experts are Registered Liquidators – Licensed and Trusted Insolvency Professionals who will listen and assess your financial situation before letting you know everything you need to know about how Liquidation may affect you and whether it is appropriate for you.
The advice we provide is tailored to your specific circumstances. We will talk you through formal and informal options and discuss what’s best for you.
Our goal is to provide you with unbiased information to enable you to make a fully informed decision that is best suited for you and your family in what are invariably difficult situations.
Call The Insolvency Experts on 1300 767 525 – Anytime 24/7