Trading with a wind up notice over your business

Companies that have trouble meeting their tax obligations, or other debts, may receive a notice to wind-up from creditors or the ATO. Business owners and company directors are often confused about the impact of receiving a wind-up notice, and uncertain about what their options may be. A wind-up notice is a serious matter, and it’s […]

Documents to wind up a business

Winding up a business is different to merely ceasing trade. While the latter means that you’re effectively stopping business, you still have to abide by a handful of obligations and fees while the business remains registered. The de-registration process is long and involved, and can take months to take from start to finish. Creditors have […]

Dealing with a wind up notice

Wind-up notices are a type of statutory demand that’s typically served by creditors, including the ATO, to enforce the payment of debt by a business. The wind-up notice, usually made under section 459E of the Corporations Act (‘the Act’), requires a business to appear in court with its creditor to determine whether the business is […]

Our guide to Voluntary Administration

What is voluntary administration? Voluntary administration is an insolvency procedure involving the appointment of an external administrator, known as a voluntary administrator. Usually it’s initiated by the company’s directors or by a secured creditor. Voluntary administration is a process for a business in financial strife and it helps determine the next best course of option for the […]

What is a provisional liquidator?

Provisional liquidation is a temporary measure used to protect the assets of a company in certain situations. The law on provisional liquidation allows the provisional liquidation process to be activated only under certain circumstances. Whether you’re a creditor, shareholder, or director of a company, you might be considering provisional liquidation to protect and preserve the […]

Can the ATO wind me up?

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. While the ATO will not pursue the wind-up course of action if a company has repaid its […]

Business Restructure

Business restructuring is often used by distressed businesses to overcome their financial and operational issues in order to return to profitability and growth. In challenging markets, business restructuring can help businesses overcome issues like poor cash flow, thin profit margins, and stagnating growth. Developing a restructuring strategy that reflects your business needs is critical, as […]

Dissolving a business partnership

A business partnership can break down for a number of reasons, but knowing what to do next, including your legal and financial obligations, is important. The termination of a partnership is referred to as a ‘dissolution’. If you’re looking to dissolve your business partnership, here’s everything you need to know, whether you have a partnership […]

Deed of Company Arrangement

What is a deed of company arrangement? A deed of company arrangement (DOCA) is a binding arrangement between a company and its creditors that governs how the company’s affairs will be handled if the company is at a risk of becoming insolvent or has already entered into voluntary administration. A DOCA can be used to […]

Cost of a liquidation

Time, money and effort go into building a company. And the same is true when it’s time to wind up that company. If you’re considering winding up your business, liquidating assets or entering administration, you should first know the different types of liquidation and how much they could cost. 1. Winding up a solvent company […]