We successfully negotiated a client's $246,000 debt down to $30,000. The client, personally liable for her failed business's lease debts, faced bankruptcy or debt settlement. We offered $30,000 over time, which the landlord eventually accepted. The funds will come from our client's husband, who will acquire her $20,000 Landcruiser. Our client was thrilled with the outcome. Need debt settlement help? Contact us for a free consultation....
Liquidating your company involves appointing a Liquidator to sell the company's assets and distribute the proceeds to creditors. Shareholders typically resolve to place the company in liquidation, either by unanimous agreement or through a special resolution at a shareholders' meeting. The Liquidator will then handle the liquidation process, with your assistance in providing records and information. Costs vary depending on the company's assets, but upfront fees are usually required if assets are limited. For more information or assistance with liquidation, contact our Brisbane or Gold Coast office....
Bankruptcy can provide relief from most debts, but it comes with obligations like paying income contributions if your earnings exceed a certain threshold. While many comply, falling behind on these payments can have severe consequences. These include garnishing wages, setting up monitored bank accounts, or even extending the bankruptcy period up to eight years. If you're struggling with these contributions, it's crucial to engage proactively with your Trustee, possibly renegotiating your payment plan. Need assistance or advice on managing bankruptcy obligations? Contact Pearce & Heers for guidance....
Offering the ATO security as part of a payment arrangement can be risky. While it may help negotiate a payment plan, it can also lead to the ATO selling the secured assets if the taxpayer fails to pay the debt. This is especially dangerous for directors who personally guarantee company tax debts, as they become liable if the company defaults. In a recent case, a client's properties were used as security for a company ATO debt, leaving him with no equity and ultimately forcing him into bankruptcy. Seek professional advice before making such decisions....
Starting a business after bankruptcy is possible, but with restrictions. While you can't be a company director for three years, you can operate as a sole trader. Your business name must include your own name, and there are limitations on obtaining credit and operating businesses requiring certain licenses. Profits from your business are considered income for bankruptcy purposes, and you may have to pay income contributions if your earnings exceed a certain level. Despite these restrictions, many people successfully rebuild their financial lives through entrepreneurship after bankruptcy. Need guidance? Contact us for assistance....
Directors of building companies are liable for claims by the QBCC and liquidating the companies will not avoid personal liabilities of the directors. They can either voluntarily declare bankruptcy, or be made bankrupt by the QBCC, but this will not necessarily release them them from all QBCC claims....
The doctrine of exoneration is a presumption that affords protection to a spouse where their partner had taken a loan against a property for their sole benefit e.g. a business loan....
It is no surprise that hospitality businesses have been significantly impacted by the COVID-19 pandemic and the resultant government policies. ...
Insolvency Practitioners can provide services beyond formal appointments. They can provide invaluable advice to directors. ...
A former director of Cap Coast Telecoms, Richard Ludwig has recently been jailed for five years with a non-parole period of 20 months. Mr Ludwig had previously pleaded guilty to dealing with proceeds of crime and breaching his duties as a director. ...
Cryptocurrencies are fast becoming a popular investment for Australians considering its exponential growth in value over the past decade. Over the last few years, we find more bankrupts owning cryptocurrencies in one form or another. ...
No one wants their company to go into liquidation. But if your company does, you want to be in the best position to minimise your personal financial risks. So, how can you do this? ...
Address
Level 12
127 Creek Street
Brisbane Qld 4000
Phone
Phone: 07 3221 0055
Fax: 07 3221 8885
Postal Address
GPO Box 691
Brisbane Qld 4001
Address
Level 15, Corporate Centre One
2 Corporate Court
Bundall Qld 4217
Phone
Phone: 07 5630 1179
Fax: 07 3221 8885
