Received A Winding Up Notice?
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Don’t Ignore a Winding up Notice
If a creditor has filed a Notice of Winding Up under Section 459P of the Corporations Act – You need to take act immediately. Even late in the day, there are options that may be available to you.
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If you’ve received a Statutory Demand and you have failed to respond to it, or made an application to set it aside, within 21 days, your company will be deemed to be insolvent – even if it has an surplus of assets to liabilities.
The creditor that issued the Statutory Demand can then make an Application to issue a Winding Up Notice to your company.
When a creditor does this, they are also required to lodge, with the Australian Securities and Investments Commission (“ASIC”), the Notice of Intention to Wind Up your company and to place an advertisement in a national newspaper indicating the applications hearing date.
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At this point, the matter becomes public knowledge and available for anyone to see. As many businesses review these notices on a daily basis, this alone may have a negative effect on your business.
Once the winding up application is issued, and even if you settle the debt with the original creditor, another creditor can file a Notice of Appearance and make an application to substitute their claim against your company.
From there you will have to pay the second and any subsequent creditors that file Notices of Appearance.
So apart from potentially damaging information becoming public, you may have to deal with and pay more than one unhappy creditor. Of course this could also see you incur legal costs in trying to deal with each claim.
Our Approach To Helping Your Financial Problems
The Insolvency Experts are ASIC licenced insolvency specialists who will help you FREE of charge and without obligation, 24 hours a day.
All you need to do is call to obtain answers, options and solutions to the most difficult financial situations.
The Insolvency Experts will tell you exactly what you need to know – not what you may want to hear. By doing this, we empower you, through the provision of correct information, to make the best and most informed decisions about your finances in difficult circumstances.
The Insolvency Experts who you will speak with are licenced professionals with over 30 years specialist insolvency experience. We have helped thousands of people just like you in the most dire financial situations.
We have a proven track record of honesty and trustworthiness and seek to maintain the highest ethical and moral standards while providing you with sound, professional advice.
Call – an ASIC licenced expert will assess your financial situation and provide expert tailored advice.
Answers – will be given to every question. There is no time limit on these consultations.
Options – will be canvassed and explained so you can make an informed decision that is best for you and your family.
Solutions – including both informal and formal solutions. These may include Company liquidation or Administration.