The 7 Most Common Liquidation Myths Explained
If you’re considering Liquidation, it’s important to debunk these common myths so you can make an informed decision about what to do next.
The Effects of Personal Insolvency on Your Credit Score
If you have unmanageable debt and your weekly income doesn’t cover your day-to-day living expenses, you might be facing personal insolvency. Personal Insolvency is defined as a situation where you are unable to pay your debts when they fall due.
Creditor Types and Rankings
Whether you’re an employee owed wages by a company in liquidation, or a supplier seeking payment from an outstanding debtor on the brink of external administration, if a company owes you money you’re a creditor of that company.
7 Reasons Business Liquidation is a Good Idea
Let us clear up why business liquidation is the right decision. If you’re wondering if you should even bother liquidating your company, here are some very good reasons to do it.
Courts, Claims and Statutory Demands
A creditor can recover money owed by a company in a number of ways. As a director, you need to know your rights and obligations if those debt collection processes expose your company to legal action and enforcement.
What are Creditors Meetings?
Creditors meetings give liquidators a way to keep your company’s creditors up-to-date about the liquidation and seek creditor approval/guidance on various matters.
The Simple Guide to Liquidation
As a company director, it can be overwhelming to deal with a struggling business. Here we explain the ins and outs, who is involved, and the different types of liquidation in Australia.
Directors’ Duties and How to Avoid Insolvent Trading
Your duties as director are usually to your shareholders. However, if your company is insolvent (or may be insolvent in the near future) those duties expand to include creditors such as trade creditors, the Australian Tax Office (ATO), banks and employees.
Avoid Illegal Phoenix Activity with Prepacking
If a company fails and is placed into Liquidation or Administration, suddenly, there may be another company with a very similar name that starts trading, providing similar (or even the same) goods and services.
What You Need to Know About Changes to Insolvency Laws
Your first business isn’t always the one to succeed. Often, successful entrepreneurs fail at multiple businesses. While these businesses are failures, they’re also lessons. Every mistake that is made is a mistake an entrepreneur won’t make in their next business – improving their odds of success.