You can meet with one of our highly experienced insolvency professionals for a low fixed price of $330, and you will receive invaluable advice on:
- The options available to you to clear the decks of debt (and the pros, cons and costs of each option).
- What you should do now to minimise your personal liability for company debts, and how to avoid being prosecuted by the ATO or ASIC.
- How to protect your assets for under $5000.
The sooner we get involved, the more that we can do.
Examples of areas that we can advise on include:
- How to negotiate with the ATO to reduce your tax debt, and secure repayment arrangements.
- What you should, and should not, say to the ATO and other creditors.
- The difference between secured and unsecured creditors, and the considerations that you need to work through when prioritising payments.
- How to guard against being sued personally for insolvent trading.
- How to preserve the business, its goodwill and your staff.
- How to recognise and document all of your loans to the company so that the repayment of these loans gets priority over unsecured creditors (in the event of a liquidation).
- How the GEERS scheme works – noting:
- this scheme was set up to ensure that the employees of companies placed into liquidation, were paid even where there insufficient company funds available.
- The scheme allows up to $118,000 to be paid towards employee’s wages and entitlements, with the exception of directors, who are entitled to a maximum of $3,500.
- This in turn effects how you should deal with wages in the lead up to any liquidation application.
- How to minimise/avoid being personally liable for company debts given the various deeming provisions under the tax and company legislation.
- How to ensure all debts are recognised, and how this will help the voting at creditor’s meetings.
- How and when to dispute debts, including in particular statutory demands and bankruptcy notices.
- How to get default judgments set aside.
- How to defeat bankruptcy notices, creditor’s petitions and winding up proceedings.
- How to cost effectively chase debts owed.
- The myths and misinformation associated with insolvency professionals (liquidators and administrators), and how to navigate through these.
These are a good starting point and obviously you need advice which is specifically tailored to your circumstances.