A Deed of Company Arrangement is a legally binding document between the company, its creditors and the Administrator.An ABC investigation into the activities of a number of business advisers, who help companies avoid paying millions of dollars in tax — and money owed to small mum-and-dad businesses — has uncovered a raft of potentially illegal transactions that are now the subject of investigation by ASIC and the Australian Tax Office (ATO).From a members’ or creditors’ voluntary liquidation to liquidations following a voluntary administration, Liquidator Sydney has numerous insolvency solutions to your financial issues.
Mr O'Connell had won a tender to install plumbing at a caravan park in central Victoria.But soon after the work started he noticed Global Contracting was slow to pay his invoices, then stopped paying altogether, leaving him more than 0,000 out of pocket.Liquidator Sydney is here to help you liquidate your company today so you can return to financial stability as soon as possible.Liquidator Sydney has access to the widest range of financial services and can tailor an insolvency service to suit every financial situation and budget.The business went belly-up owing more than million to almost 300 creditors.
Many of those creditors were small business owners like Daniel O'Connell, a plumber in a regional town.Not sure if your Company is in financial difficulty? Have the economic conditions affected your cash-flow? When a business encounters financial difficulties it can be disturbing and traumatic, especially if you are the only one carrying the burden. A Creditors Voluntary Liquidation can occur when a company has been placed into voluntary administration and a proposal for a Deed of Company Arrangement has not been accepted by creditors or terminates.Sources have told that ABC that rogue operators are an increasing presence in company liquidations, which numbered more than 9000 in 2015/16.John Winter, CEO of the peak body for Australia's insolvency and restructuring industry, has witnessed an alarming rise in illegitimate operators like O'Neill."Pre-insolvency advice has exploded over the last couple of years, and for registered liquidators, the proper professionals who look after insolvency, we're seeing a substantial erosion of the safe process of being able to reclaim creditors money."We think the most important thing that needs to happen in this space is that there needs to be the same level of regulation brought to bear on these dodgy advisers as you find for people who provide financial advice." The names of the figures who regularly flout the law are well-known in industry circles but they continue to operate.Then he received a call from the site manager warning him that Global Contracting was in big trouble."He gave us the heads up that, yeah, they were in a fair bit of strife.