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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:
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.
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.
We will provide step by step instructions and the necessary paper work for you to initiate the liquidation process.
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 are experienced, fully qualified and registered Insolvency Practitioners.
Our step by step approach reduces your stress to a minimum, making the process as smooth as possible.
We can tailor a simple, practical solution to sort out the mess to best achieve your desired result.
A Director may be personally liable for outstanding Employees’ PAYG and Superannuation when the ATO issues a Director Penalty Notice.
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.
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.
I am involved in the building industry as a subcontractor and when the builder failed to pay me it destroyed my cashflow and my business. Crossroads provided me with the alternatives and the likely consequences of each action and I was able to move forward with my business.
Warren Z.
When my company’s property development project failed to obtain a DA approval, with $3 million owning, CrossRoads pointed out that Liquidation was the most practical way to go. Dealing with them is easy and efficient and I recommend them highly.
James C.
I had engaged CrossRoads to liquidate my kitchenware shop in Westfield and the staff was always available to answer my questions. They went above and beyond to make the whole process easier for me. Great assistance for a reasonable price.
Sharon C.
Our engineering company was placed into liquidation by mistake. Marc and the team spent time listening to us to better understand our situation, they assisted us in negotiating with the Liquidator and terminating the liquidation. We finally got our company back and started operating again. I would definitely recommend their services.
Michael T.
My restaurant was losing over $30,000 per month. I was stressing out with all the unpaid bills and my suppliers were chasing me for payment. The team at CrossRoads advised me of my options and helped me to place the company into Liquidation on the same day. I am so thankful for their services and I can finally breathe again.
Ellen W.
