It has been a tactic for directors to backdate their resignation to avoid liabilities to a Liquidator, the ATO and creditors in general. But the Federal Government has brought in an Act to combat this.
Numerous businesses have unmanageable debt and will have to make difficult decisions.
We at Cactus Consulting can advise you on the available options if your business is in financial difficulty and is finding it hard to keep up with costs and expenses.
In this article, we answer some of the frequently asked questions relating to the Federal Government’s simplified liquidation process, including the cost of carrying out the liquidation.
Our success story tells of a client we helped negotiate an ATO Payment Arrangement for, in order for them to avoid liquidation.
Our client’s problem We were recently referred a property developer client who had two companies which were involved in a failed property development in northern New South Wales. The companies had limited assets and they owed several hundred thousand dollars to creditors.
A reviewing liquidator’s role is to review whether the fees and expenses being claimed by a liquidator on a liquidation are reasonable.
A debt agreement or bankruptcy are two options if you are facing financial difficulty – but how do you know which is best for you? The differences are explained here…
Submitting outstanding ATO lodgements in the belief that it will reduce exposure for your business may have the reverse effect. Find out what you can do here..