Business Liquidation Brisbane
A business is insolvent when it cannot pay its debts. Through the Business Liquidation Process, assets are sold through the “Winding up” process to attempt in paying out creditors.
When this takes place, a Liquidator will take control of affairs, winds it up and in an orderly way, does his/her best to pay or reimburse creditors. However, this will not always be the case.
Our Professional Approach to Business Liquidation
Brisbane Debt Solutions works with a number of associated professionals to tidy up loose ends before an individual or company goes into insolvency, and work with them through the process.
For companies the following areas that are of most concern:
- Arrange administrator / liquidator – someone that we have a good working relationship with
- Will we still have a business – often companies can be completely restructured with assets valued and sold off to the new structure
- Personal guarantees – will they lead to personal insolvency of the Directors
- PAYG and Superannuation – in the last 12 months I have noticed that companies who are experiencing financial difficulties have treated these with a lot more respect and the amounts owing are not insurmountable
- Assets of the company including furniture and fittings – depreciation schedules
- Clarify debtors ledgers and arrange collection
- Company leases
- Staff arrangements including pay and FEG (GEERS)
- Directors loans to the company
- Directors borrowings from the company
- Creditors and Debtors of family and friends
- Motor vehicles and other assets
- Director credit reports
- Financial accounts
- Company tax debt
- Arrangements with the ATO
Dont leave it too late – the sooner the better – call us today!