Are you looking for company liquidation support in Noosa?
At Company Liquidation Noosa we understand that insolvency hurts. It is a stressful time that only feels worse knowing that there is no time to rest and reflect, because company directors must act as soon as possible when faced with insolvency or risk a range of potential penalties.
Debt problems cause thousands of Australians to enter their companies into liquidation every year in order to dissolve their business’s affairs and the people of Noosa are not immune to financial pressures. The biggest mistake you can make in Noosa while facing financial difficulties is to delay getting professional help.
The biggest mistake to make when facing liquidation is to approach it without professional assistance or to approach it with inadequate assistance. The high prices of company liquidation packages in Australia have encouraged many people to avoid getting the assistance they need to successfully navigate the process of liquidation.
Despite the barriers for many companies, enlisting the services of a professional insolvency firm to handle company liquidation in Noosa can have many benefits. Although officially dissolving your company may not be a desired outcome, company liquidation can often provide certain relief for directors and board members who are struggling with insolvency. Directors can benefit from liquidation for the following reasons:
The liquidator takes control. Directors lose their company powers when a liquidator takes control, and this prevents insolvent trading. It also means that someone else is handling the stressful administrative tasks associated with paying off creditors. External liquidators appointed to wind up an insolvent company is responsible for communicating with creditors and holding the necessary meetings to discuss outcomes and to keep creditors appraised of the situation. Directors are still required to be available to supply company information to assist in the process, but their broader involvement is taken care of by liquidators.
The risk of insolvent trading is lifted. Insolvent trading refers to the act of trading and incurring new liabilities by an insolvent company which is unable to pay its debts as and when they fall due. Insolvent trading is illegal and carries serious consequences like civil penalties, compensation proceedings and even criminal charges. Insolvent trading can worsen the insolvency process but when a company is in liquidation, control of the company is given to the liquidator, and as a result the director has no opportunity trade while insolvent.
Company liquidation can benefit companies in Noosa by:
- Relieving stress by legally finalising the company’s affairs and facilitating de-registration of the company and cancellation of its Australian Business Number (ABN); and
- Suspending legal proceedings in progress against the company and preventing new legal proceedings from being commenced.
Through Company Liquidation Noosa, we always endeavour to keep our service prices as affordable as possible because facing company liquidation in Noosa without professional help is a recipe for disaster. We believe that nobody has to go through the process, which can be extremely stressful, without professional advice.
By reaching out to Company Liquidation Noosa you will be taking the first steps towards the successful liquidation of your company. The team leverages years of experience dealing with company liquidation which makes them highly skilled at dealing with time-consuming procedures and complex insolvency challenges. They can help you to create the best company liquidation strategy.
Your road to recovery begins with a free initial consultation with one of our team members. During this consultation our team member will help you to determine the best possible method of dissolving your business. Our consultants will work to understand the specifics of your situation in Noosa and whether or not there are any alternatives to liquidation, or potential personal insolvency, that would be more beneficial for you.
After your free consultation, our liquidator will have a better sense of how to support your company. The liquidator will be open, honest and transparent with you and act with empathy every step of the way. They will collect, protect and realise your company assets with limited hassle, and make all recoveries, distribute resources to creditors (if applicable) and conduct all relevant investigations with impartiality, skill and diligence.
If you’re still unsure about liquidation and what it might mean for your and your business future, we can shed a light on the truth. Below are some of the myths surrounding company liquidation.
Myth: Facing company liquidation means you will go bankrupt too.
If your company is facing liquidation it does not automatically mean your bank cards will stop working. Your company is a separate legal entity, which means your personal finances are separate to the company’s finances. There are exceptions, such as if you’ve made any personal guarantees against company loans. However, your own financial position will determine whether or not bankruptcy is in your future.
Myth: You can save time by liquidating your company on your own
Liquidation must be conducted fairly and lawfully, which is why an external liquidator must be appointed. The liquidator must be registered and qualified to secure and realise all company assets, make all recoveries, distribute resources to creditors, conduct all relevant investigations into the financial affairs of the company, make distributions to creditors (and distribute any surplus to shareholders), inform both creditors and the Australian Securities and Investments Commission (ASIC) of their actions, and arrange the de-registration of the company.
Myth: Liquidation is a term given to single type of process.
Company liquidation is actually classified by the three main ways it can be introduced to a company – Members’ Voluntary, Creditors’ Voluntary and Court Liquidation. It’s important to know the differences and what each type of liquidation could mean for your company.
Myth: I’m done for financially because my business is insolvent.
Your company’s debts are separate from your personal debts. A company is a separate legal entity, therefore if it becomes insolvent you will not automatically be dragged down with it. There are of course exceptions, like if you have given a personal guarantee to a creditor or if you or the company’s board has traded while insolvent. In these situations, you can find yourself personally liable.
Myth: I presided over a business that became insolvent. That’s the end of my business future
If your company is insolvent and goes into liquidation, don’t worry! You don’t need to give up on your business dreams. Of course there are exceptions, like if you are bankrupt or have committed an offence that disqualifies you from future director roles. But if you’ve met regulatory requirements as a company director and fulfilled your duties, you won’t automatically be prevented from starting new companies or to act as a company director.
Don’t risk your financial future by facing company liquidation in Noosa without help from the team through Company Liquidation Noosa. Our experienced team will make sure that you can navigate company liquidation with confidence.
Be sure that you make all the right decisions when you approach company liquidation by engaging with us today. The longer you wait to take action, the more difficult it will be to successfully liquidate your company in Noosa. Company liquidation can be manageable with the right experience and with affordable and approachable liquidation services. you owe it to yourself to contact us today.
To learn more about liquidation and how it applies to you, visit Company Liquidation Noosa at www.companyliquidationnoosa.com.au.
