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How do you liquidate your company

How do you liquidate your company

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....

QBCC Home Owner Warranty claims; when are they not released by bankruptcy?

QBCC Home Owner Warranty claims; when are they not released by bankruptcy?

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....

Could there be no costs liquidations in the future?

Could there be no costs liquidations in the future?

Liquidations can be a costly affair for directors of companies that are already failing. Voluntarily placing a company without assets into liquidati...

Options for subcontractors after collapse of Probuild

Options for subcontractors after collapse of Probuild

Construction industry insolvencies are unfortunately very common and building company insolvencies usually do not result in any return for subcontractors....

Options for businesses affected by the 2022 floods

Options for businesses affected by the 2022 floods

Many businesses in South East Queensland and Northern New South Wales have just started getting back to normal trading after the Covid-19 pandemic. However, some business are again facing are facing major disruption as a result of flooding which occurred in late February and early March 2022. ...

Hospitality Business Can’t Pay Its Debts – What Are The Options?

Hospitality Business Can’t Pay Its Debts – What Are The Options?

It is no surprise that hospitality businesses have been significantly impacted by the COVID-19 pandemic and the resultant government policies. ...

ATO Garnishee Notices Issued to Debtors

ATO Garnishee Notices Issued to Debtors

The ATO can issue Garnishee Notices to debtors who owe money to a company. But how does the ATO know who owes your company money and how do Garnishee Notices issued to debtors work in practice?...

Asset structuring for directors to avoid insolvency risks

Asset structuring for directors to avoid insolvency risks

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? ...

Case Study: Lockdown Director Penalty Notices for Unpaid Superannuation

Case Study: Lockdown Director Penalty Notices for Unpaid Superannuation

If your company is in financial difficulty, there are numerous risks involved, including the risks of lockdown Director Penalty Notices....

Risk of the ATO issuing a Garnishee Notice to your employer: A Case Study

Risk of the ATO issuing a Garnishee Notice to your employer: A Case Study

If our client had contacted us earlier, we could have advised him of how to deal with his tax debt and the risks involved....

Business tax debts increase because of Covid-19

Business tax debts increase because of Covid-19

As a result of Covid-19 there has been a significant increase in the level of tax debt owed to the ATO. This has seen unpaid tax debt nearly double in the last four years. ...

What can businesses do now that JobKeeper has ended?

What can businesses do now that JobKeeper has ended?

In March, there were still over 370,000 business and 1 million employees taking advantage of JobKeeper. So now that JobKeeper has ended what will happen to those businesses who relied on it?...

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