According to the law, a company is insolvent when it cannot pay its debts. It is illegal to operate a company that is insolvent or continue to trade and make purchases from creditors. Company Liquidation goes through a process called “Winding up”. During this process assets are sold or auctioned to recoup some of the monies owed, which could help pay creditors.
In this event, A Liquidator is appointed who will then take control of company related affairs. He/she then attempts to pay out its creditors in a fair manner. This is an area that we specialise in and can assist you throughout the entire process.
WE ARE HERE TO HELP!
Safeguard Insolvency works closely with a number of professionals to help clean up loose ends before an individual or company goes into liquidation. We work with you through this process and take a lot of stress away from you so you can focus on the things that matter like trying to make more sales, organise a new marketing strategy or find a buyer for your company that can help take it to the next level.
There are concerning areas one must look into before going into liquidation:
Organize administrator / liquidator
Is a business still there – often companies can be restructured, this involves assets being valued and sold off to new company
Superannuation and PAYG
Possessions of the company including office furniture and fittings – asset depreciation schedules
Refine debtors ledgers and arrange collections
Staff arrangements including pay and FEG (GEERS)
Directors loans to the company
Directors borrowings from the company
Creditors and Debtors of friends and family
Cars and other assets
Director credit reports
Company tax debt
Arrangements with the Australian Tax office
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