Bankruptcy & Insolvency in Australia
Business consultants are here to help
Finding a Way Forward
Business owners and individuals have been faced with many challenges over the last few years. These obstacles may have led to a decline in profits and cashflow, as well as increased debt. But it’s not all bad news—our knowledgeable business consultants are here to help you through these tough times. At Business Fixers, we are insolvency professionals who can help you understand your options going forward.
When difficulties and challenges arise in business, it can seem like there is no way out. However, this is not always the case. Our professionals can assess your situation and may be able to find a way to help your business, such as through financial restructuring. If insolvency is the inevitable outcome, our licensed liquidators will guide you through the process.
If you are facing difficulties in your business, contact us on 1300 480 099 to see how we can help. We are based in Tin Can Bay and work with business owners throughout Australia, including Hervey Bay, Bundaberg and the Sunshine Coast.
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Licensed Liquidators & Consultants
Here at Business Fixers, we know that insolvency and bankruptcy can be overwhelming and stressful. That’s why we do our best to support you throughout the process. We are business consultants who come to you, so you don’t have to worry about travelling or taking time out of your busy schedule. We can help you with:
- Examining the current financial position of the business
- Providing an assessment of the viability of the business
- Exploring alternatives to insolvency
- Making sure you understand the nature & consequences of an insolvency appointment
- Preparing for & managing the insolvency process
- Dealing with the aftermath of insolvency
Our licensed liquidators are trained to assist businesses in financial difficulty. We will assess your situation and provide recommendations to help you choose a course of action. Our professionals are also chartered accountants and business consultants. That means if a solution to keep your business afloat is available, we’ll explore it with you. Please get in touch to book a no-obligation consultation.
Frequently Asked Questions
Statutory demands are a type of legal document issued by creditors under the Corporations Act 2001 to a company owing them money. The demand requests the debt to be paid within 21 days. If the company doesn’t make payment, negotiate a payment plan or make an application to the court to set aside the demand, the company is presumed to be insolvent. The creditor can then apply to the court to wind up the company. If you’ve received a statutory demand from a creditor, please feel free to contact Business Fixers as soon as possible.
Wind up notices are usually served after a statutory demand has already been served and requires a business to appear in court with the creditor. Failure to act quickly by the nominated date will result in your company being wound up. Whilst receiving a wind up notice is alarming, there may be different options available to your business and Business Fixers can assist with exploring these with you.
A DPN is the first step taken by the ATO to recover a company’s unpaid Pay As You Go, Superannuation Guarantee Charge and Goods and Services Tax liabilities. A DPN correspondence will outline the unpaid amounts and remission options. If you have been served with a DPN, you are personally liable for the company’s unpaid tax liabilities. A DPN gives you 21 days to pay the company debt or negotiate a payment plan. Failure to take any action may result in the ATO recommencing legal action against you.
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What Happens During Insolvency?
Insolvency is a legal process that allows businesses in financial difficulty to restructure their affairs. This may involve negotiating with creditors, selling assets or entering into voluntary administration. Voluntary administration is a formal insolvency process that can be used by companies in financial distress. It allows Australian businesses to continue operating while they develop a plan to pay their debts.
If you are facing financial difficulties in your business, it is a good idea to seek professional advice. Call Business Fixers to have your situation assessed. We can advise a course of action to suit your business.
