If your company is insolvent and having difficulties honouring its tax debts, it is at risk of receiving a garnishee notice from the Australian Taxation Office (ATO). Such an action can have a serious impact on your household budget or…
The purpose of a liquidation is to ensure that a company is wound up fairly and equitably when it is unable to payits debts as they fall due.If, at any time, a company is unable to pay all of its…
With over 25,000 personal bankruptcies declared in Australia between 2013 and 2014, it is increasingly important for individuals to be aware of their financial situation and work to prevent bankruptcy from occurring. Declaring bankruptcy is a serious step that may…
Generally speaking, an insolvent company that has been placed into liquidation would not be in a position to continue trading. It would simply have its assets realised and the available funds would be distributed as stipulated by the Corporations Act….
The time it takes to complete a company liquidation will vary depending on how complicated the company’s affairs are. There is no set time within which the liquidation needs to be completed and as such, it can range from 12-18…
Nowadays as many businesses find themselves in financial turmoil, they seek professional assistance.Many businesses are seeking professional assistance nowadays as they find themselves in financial turmoil. Several wordsFigures and industry jargon are thrown at them as they are told their…
Have you received a bankruptcy notice from the Australian Financial Security Authority (AFSA)? If you have you need to take immediate action otherwise you may become bankrupt. Before the Official Receiver at AFSA will issue a bankruptcy notice the creditor…
When a company is placed into liquidation, the liquidator has the task of realising the company’s assets and using those funds to pay out the costs of winding up the company. There is an order in which the funds are…
If you are wondering if you should place your company into liquidation, your first step is to determine whether or not the company is insolvent. To be insolvent is to be unable to pay your debts as and when they…
If your company is insolvent, or is likely to become insolvent, the natural inclination is to continue trading in the hope that things will turn around. There are, however, many reasons why making the decision to voluntarily place your company…