business asset protection, dealing with the debts that your business owes today we’re talking about the debts that your business owes to our businesses with a sole traders partnerships or even other companies and where those debts more than $2,000
we’re obviously in extraordinarily difficult times its today’s the 20th of March 2020 and
we’re obviously in an extraordinarily tricky set of times and there may be for very good reasons there may be reasons why your business cannot meet its obligations today maybe you’re a retail business maybe you’re a service business and your customer base has dried up your cash flow is dried up it could be a landlord that you owe money to well we’ve got it’s very important that you keep your head focused on the solutions and and not pretend that they don’t exist because just won’t make it any better we’ve got this tool that we’ve when now making available more widely obligation free to members of the public businesses, partnerships yes well really they’ve got got to be business debts but primarily if you’re a company this and your debt is over $2000 this service “should” be of some assistance to you it’s absolutely free upfront and we do get paid in the back end but it’s absolutely free service upfront no charge to you and if we hope to save you money and maybe we might help to save your business and your family home and many other assets well there’s there’s a fee in the back end but you don’t have to worry about anything upfront it’s a completely free service we include some links below to our knowledgebase explaining how the service actually works in some more detail and there is a form an online form that you can complete where it starts the process and you can you can use this tool doesn’t matter how many organizations how many businesses that your business owes money to primarily it helps with business debts over $2,000 but they can really be any size that and it’s just to you know help keep the lights on help keep the things running but help you to make your legal obligations more generally we do have another suite of products helping you to you know looking at your business helping you with business plans and that sort of thing but also helping you with the structuring of your business to protect your personal and business assets so they don’t form part of what we’re discussing today we’re only talking about the debts that your business owes but if your business is also owed money then we have our services so please check out our our knowledgebase give us a call 1300-327123 and discuss your problems or alternatively go to our website www.assetprotection.biz and use the live chat tool down in the bottom left-hand corner have a chat with us we’re here to help no fees upfront and you can you can call us anytime till late most days so 1300-327123 – Mark Smith is my name on the director of this business and we’d love to help you thank you
We’ve been researching the circumstances of a once highly successful liquor manufacturing business, with a huge client base – domestically as well as around the world.
This business had grown and prospered for more than 50 years until this year. This hard work was all undone overnight when it was wound-up by an aggressive ATO.
Our research indicates some or all of the situation could have been avoided with more thoughtful structuring and asset protection arrangements.
The business was wound up, more or less overnight, by the ATO.
50 years of hard work bought undone overnight.
Business Asset Protection, applying the research this case has uncovered, is offering free business structuring health checks for companies – particularly in high tax sectors such as liquor, with slow paying wholesale customers or those experiencing growing inventory levels.
Below is a short checklist of good practice suggestions (in no particular order).
Not incur debts in the first instance.
Checking invoices and ATO tax office statements carefully – ensuring there are no additional, unapproved items. Particularly in relation to taxation matters, it is critical that you check these thoroughly!
Disputing unapproved items quickly. Ideally in writing. Particularly concerning alleged taxation debts, directors tend to do the opposite. And, a director under pressure already, often fails to fully read a tax notice of assessment. (Sometimes they are just plain depressing). A director must resist the urge to bury the document and should immediately dispute any tax ruling or assessment that they believe is incorrect. Failing to dispute assessments can have huge consequences later when and if a creditor’s statutory demand has been issued – options become vastly more limited.
Putting everything in writing. i.e. using email particularly when entering contractual arrangements. This can provide an important record of the exact agreement.
Confirming discussions in writing by email after discussing things with the other party. i.e. if one side has made concessions about the debt, the time when due or payable or similar, send an email immediately afterwards confirming what was discussed. It’s much easier to remember at the time than 2 months later.
Keeping documents and records. Ideally electronically in an inbox.
Backing up and saving documents and records. There are many good free or low-cost cloud solutions for storing emails and documents.
If your company needs help arranging its file, contract and legal documentation, or if your company needs to dispute a tax notice of assessment or director’s penalty notice call us for a free consultation, call 1300-327123 or complete the form below.
A liquidator is a person appointed, in the winding up of a corporation, to assume control of the company’s affairs and to discharge its liabilities in preparation for its dissolution. The appointment of a liquidator may be done voluntarily (by the proprietors) or via the courts (usually upon the application of a creditor – very often the ATO using a creditors statutory demand).
The process of the liquidator conducting the affairs of the company and realising its assets is called liquidation.
The liquidator’s role is to ascertain the liabilities (and assets) of the company, convert its assets into money, terminate its contracts, dispose of its business, distribute the net assets to creditors and any surplus (which is rare) to the shareholders and/or proprietors.
The liquidator will extinguish the company, lawfully, as a corporation on the records of ASIC by formal dissolution.
In determining the assets of a company, it is the liquidator’s duty to determine whether particular assets under the company’s control are owned by the company or others – i.e. stock may be purchased subject to a retention of title, vehicles may be on a corporate hire purchase and secured via a PPSR.
BAP can assist company directors to structure their assets and affairs, if not insolvent, in such a fashion to provide lawful asset protection. To discuss how we can help to structure your company’s affairs and assets to provide maximum asset protection, please click here to book an appointment, call 1300-327123 (1300-DCP123), or complete the below form.