What really happens in a bankruptcy or a liquidation in Australia? Find out here!
Do you have questions about bankruptcy or liquidation? Call me (Louisa Sijabat) on 02 8358 8051 and I'll walk you through the process, step by step, and answer all of your questions.
Hi there, thank you for your video. My family and I may be going down this path with our business and I was just wondering what some of the negatives could be with this restructuring. Very aware of the advantages which are great and we are eligible, but would just like to know a few cons that you may be able to share. Thank you and kind regards.
Hi I was injured at work and declared bankrupt last year and I got my TPD claim approved are the trustee able to access to my lump sum payment and use the credit to pay the creditors
Hi, thanks for sharing the content. Good information I have some questions: (Compulsory liquidation) 1. What happens if the landlord who applied for your company also owns a reputable insolvency and receivership company? Both real estate and insolvency are owned by the same shareholders. Will this not be considered a conflict of interest? 2. In a scenario where the liquidator has allowed the landlord to rent the unit and company assets without calling any creditor meetings and also not responding to other creditors who have filed their proof of debt, is this a practical norm? 3. At the point of winding up, the directors, owners, and third parties' personal belongings were at the location. The liquidator has asses to the assets and confirmed the owners to reach out to the landlord. However, the new tenant and landlord are requesting a confirmation note or formal letter to serve the other parties, as they have refused owners and others to collect their belongings. The liquidators are not responding to emails and mails of parties. Ignores calls nowadays. Does this goes against the liquidators code of ethics? 4. Can the liquidators liquidate lease operation requirements (assets) owned by a third party? 5. What actions can be taken against court liquidators in this respect and how to challenge their unfair practices, if any? Thank you.
Great job explaining what happens if a person is a beneficiary of a trust. What happens if you file chapter 7 and you are a beneficiary of a living trust but the person is still alive and until they pass away no money goes to you? You my not receive any assets for decades can you still file?
Im building a brand nee home and the company has gone into voluntary administration. As a customer what can we do. Or do we just wait it out or are there things we can do to be pro active before the voluntary administration has finish ?
What about any pending legal cases against the previous director/company if the director has recently got changed? Legal cases will be applied against the new director before company goes into liquidation or cases will still be active against the previous director?
A company what owes me money has recently changed directors. The new director has been buying up lots of failing ltd companies so he is now liable I presume. But there is obviously a loop hole for him to do this as all the new director is doing is taking on companies with bad dept and court cases against his new company. How does that work?
never had a client with enough money to purchase an asset that would end up vesting in the estate, but it's interesting to know what would happen if they did. Most people just ask me if they are allowed to save money (yes, as long as it is demonstrably sourced from your already assessed income).
Hi, I am building a house. The Director has gone personally bankrupt but he has not put the company into liquidation like he said he would. Have you heard of this before?
Yes, I have seen this happen. Is the company still trading? You may also like to lodge formal notification of your claim in the bankrupt estate by lodging a "Proof of Debt" form with the bankruptcy trustee.
I was a plant manager for a commercial printing plant. Unfortunately insolvency are one of the most abused processes to the employees. Myself and my employees lost all our vacation pay $45,000 the insolvency administrator told me he Has immunity and can do what ever he wants!! And he was right the labor board closed the case on my employees because the insolvency company was involved and they would pay us? However that never happened! I guess I have a bad taste in my mouth for this process since I investigated this I found out the industry got immunity for itself and abuses The employees quite often since I met several other people that had the same thing happened to them the corporations take care of themselves not the employees!
Hi Stevens, I'm so sorry to hear this happened to you. Are you in Australia? If so, are you able to make a claim with the Federal Government's Fair Entitlements Guarantee (FEG) scheme? www.ag.gov.au/industrial-relations/fair-entitlements-guarantee-feg
Yes, the ATO can put a company into liquidation if its debt to the ATO hasn't been paid and is over $4,000. There are usually many warning and legal notices issued to the company before this happens though. If you're unsure where in the process your company may be, please just call me on 02 8224 8207 and we can chat further (there's no charge for this phone call).
Hi James, thanks for your kind feedback. Yes, please just call me on 02 8224 8207 and I can answer your questions and see how I can assist further (there's no charge for any of the initial phone calls).
So what if the company had a contract making profit . What if the liquidater failed to tell or take this into account who is than responsible? Let’s say if you asked the liquidater how much do you owe and they reply make a offer ???
Hi Nathen, it's actually a decision of the directors and shareholders of that company, or a decision of the court, for the company to be placed into liquidation.
@@insolvencyinsider yes I understand this but what if paper work is given to the liquidater wich proves the court decision was wrong is it than the liquidater s responsible to show the court that there is in fact no debt ???
Hi, what does it mean when a company goes into an External Administration?? Does it mean that the company isn’t salvageable and it has to close its doors. Thanks
Hi, sure - External Administration is an "umbrella" term for a few different things that could be happening with the company. It could be going into Liquidation (and closing down because it isn't salvageable), or it could be going into Voluntary Administration (to work out if there is any plan possible to save it), or a few other things but those are the main two.
can you make a video about how people who can't pay their household debt lose their home *i have no debt and live with my dad mitchell and his wife or my two aunties who carry no debt.just interested how the process works in these times of huge debt if this comment makes sense? thanks - rachel
with australia (i believe) going bankrupt *it's good to know how these 'things' you speak about here on RU-vid work - very intersting :) rachel from sunshine coast