Insolvency is akin to any illness. The sooner specialist diagnosis and treatment is sought, the greater the likelihood of full recovery. People who fail to respond to initial warning signs and leave the diagnosis to the last minute, will have a more complicated and protracted recovery. Our strategies focus on the longevity of the operations, the fine-tuning of the enterprise, refinancing, and restructuring.
Director Penalty Notice
Should you or your client receive a Director Penalty Notice from the ATO, we recommend you call us immediately so arrangements can be put in place to avoid personal liability. Under current ATO powers, directors may be unable to avoid liability if they have not completed BAS, PAYG or Superannuation reporting. If business pressures mean you are finding it difficult to complete and lodge these returns you should contact us immediately.
Statutory Demand or Bankruptcy Notice
If you or your client has received a Statutory Demand, Bankruptcy Notice or other form of legal debt recovery proceedings, you should immediately contact us or your legal advisers. Left unanswered these proceedings can result in Court ordered liquidation or bankruptcy being initiated.
A director who continues to trade a business without reasonable expectations of being able to pay debts incurred can be made personally liable for the company’s debts. If there is any hint of being unable to meet debts that fall due you should contact us urgently to discuss your circumstances in order to avoid personal exposure. The chances of a business being saved are maximised where early action is taken.