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Creditors Voluntary Liquidation - Cross Roads Insolvency
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Creditors Voluntary Liquidation (CVL)

Did you know that as a Director, you are personally liable for the Company’s debts that were incurred whilst the Company is insolvent. The Company could be insolvent if it:

 

  • Has continuously been making losses over a long time,
  • Had serious cash flow problems,
  • Has not paid tax nor employees’ superannuation for a period of time,
  • Has been pursued by a Debt Recovery Agent or solicitors engaged by the ATO or other creditors,
  • Has been forced to pay suppliers on a Cash on Delivery basis, and
  • Has been notified that ATO has issued a Garnishee Notice.

 

Once the Company is identified as showing the above signs of insolvency, to avoid Director’s personal liabilities, Creditor Voluntary Liquidation is usually the most suitable solution. Once the Company is placed into liquidation,    all legal proceedings including the one initiated by ATO will be stopped, all the stress from the unpaid suppliers and employees will disappear, the Director can have a clean slate to re-start or may commence a new business venture of his/her choosing.

3 Simple Steps To Place Your Company Into Liquidation:

Asset 2
Explain Your Situation

Contact us and let us know your current situation. We will assist you to decide if Liquidation is the most suitable option for your company.

Asset 3
Assist with the Appointment Process

We will provide step by step instructions and the necessary paper work for you to initiate the liquidation process.

Asset 4
We will Handle matters From Here on

Once the majority of the shareholders agree that the Company be placed into Liquidation at the shareholders’ meeting, we will then handle everything from there.

For most small to medium size companies, CrossRoads will have the above steps completed within one day.

Please be advised that it is not illegal to start another new company after your first company has gone into Liquidation, also it is quite legal to purchase the assets of the old company through your new company to operate your “new” business.

 

We Will Step by Step Walk You Thru the Whole Process

WHY CHOOSE US

Qualified & Experienced

We are experienced, fully qualified and registered Insolvency Practitioners.

Close Guidance

Our step by step approach reduces your stress to a minimum, making the process as smooth as possible.

Tailored For You

We can tailor a simple, practical solution to sort out the mess to best achieve your desired result.

Have You Been Issued With One Of These Notices?

Have You Been Issued With One Of These Notices

Have You Been Issued With One Of These Notices?
Director Penalty Notice (DPN)

A Director may be personally liable for outstanding Employees’ PAYG and Superannuation when the ATO issues a Director Penalty Notice.

Statutory Demand

A creditor can apply to the Court to obtain Order to Wind up the Company if a Statutory Demand has not been responded to within 21 days.

Winding up Notice

Action is required at once if your Company is issued with this Notice, otherwise, this may lead to serious consequences for both the Company and Director.

There Is No Time To Waste

Contact Us Immediately To Find Out what Your Options are

WHAT OUR CLIENTS SAY

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