If a company or individual are unable to pay their debts on time, they are in danger of trading insolvent. It is illegal to trade insolvent and it is a matter that should not be taken lightly. This is where the services of Australian Debt Solvers can be of use. Thanks to a large team of industry experts, we are able to provide a range of insolvency services including liquidation, administration, safe harbour, advisory, forensic accounting and receivership. At Australian Debt Solvers we provide free professional advice. This can be accessed by talking to one of our specialists or reading through case studies, research materials and news articles that have been prepared by our team. Your path to regaining financial control has already started.
Companies are a unique type of legal structure in that they are a separate legal entity and provide limited liability. However, there are certain situations in which the corporate veil can be lifted and directors are held personally liable for the company’s dealings.
Unpaid tax debts can lead to serious consequences for businesses that are having problems keeping up with their tax debt. When it comes to enforcing debt, the ATO has a number of options, including pursuing wind-up proceedings in court.
Businesses that receive a wind-up notice should act quickly by obtaining professional advice. While receiving a wind-up notice is a serious and urgent matter, there could be different options available to your business and your advisors can assist with exploring these with you.