INSOLVENCY GUARDIAN insolvencyguardian.com.au
Here comes your footer Page 2 Click to add title When an individual or organization can no longer meet its financial obligations with its lender or lenders as debts become due. Insolvency can lead to insolvency proceedings, in which legal action will be taken against the insolvent entity, and assets may be liquidated to pay off outstanding debts. insolvencyguardian.com.au What is insolvency ?
Here comes your footer Page 3 What is Business Liquidation ? 1. Company and business tax debts. 2. Cash flow problems. 3. High Rents 4. PAYG overdue 5. Taxation payament plans 6. Debtors not paying on time – causing cash flow problems. 7. Unable to meet payaments plans 8. Directors Guarantees 9. Personal guarantees to suppliers 10. Director's penalty notices.
Here comes your footer Page 4 Types of Business Liquidation Liquidation is fundamentally the process of ending a company’s existence, the liquefaction of its structure and assets, if debts exist there will be proportionate distributions in order of priority and precedence of the liquidated assets. Official Liquidation Provisional Liquidation Creditors Voluntary Liquidation Members Voluntary Liquidation insolvencyguardian.com.au Business liquidation explained – The Types are :
Here comes your footer Page 5 Official Liquidation The application for liquidation is made to the court by creditors of the company. In order for official liquidation to commence, the creditor/s must verify to the court that the company is insolvent (unable to pay its debts as and when they fall due). The liquidation is initiated and an official Liquidator is appointed. The Liquidator will conduct thorough research into the financial affairs of the company in order to distribute these assets and ascertain whether or not illegal/improper activities have taken place. insolvencyguardian.com.au
Here comes your footer Page 6 Provisional Liquidation If the court orders that the assets or financial resources of the company may be at risk during the interim time that lapses between filing of the application and the time of the court hearing, a provisional Liquidator may be appointed to administer and exercise control of the company in order to protect the best interests of the creditors and higher-end distributions. Provisional liquidation will often be executed to ensure that creditors are compensated as close to full satisfaction of arrears as possible when the official liquidation commences. insolvencyguardian.com.au
Here comes your footer Page 7 Creditors Voluntary Liquidation A CVL occurs when a business is no longer able to pay its debts as and when they fall due, and the shareholders come to an agreement under a special resolution that the company is to be wound up. The company must be insolvent in order to perform a CVL. insolvencyguardian.com.au
Here comes your footer Page 8 Members Voluntary Liquidation An MVL occurs when the company is solvent, and the directors/shareholders simply agree to cease trading of the company, wind up its affairs, and liquidate the structure and assets to completely dismantle the company. insolvencyguardian.com.au www.presentationpoint.com Software and Tools for Microsoft PowerPoint. The website with innovative solutions. Save time and money by automating your presentations.
Here comes your footer Page 9 CONTACT US Use our Online Company Liquidation or Online Bankruptcy Services now visit insolvencyguardian.com.au or call us for help on 1300 60 70 60.