Getting Closure for your business (and you).

Getting Closure for your business (and you).

We often feel the business we run is 'part of who we are'. Who stands with you when that part of your life is big trouble? James Flaherty' talks with Director's Advocate Cheryl Stainsby about what she see's business go through, and how to tackle the challenges head on.

Episodes

November 25, 2021 5 min
Make no mistake, bankruptcy and liquidation are separate. Bankruptcy may be a result for you if there is a liquidation of your company, but in Australia, the company itself cannot go bankrupt. Only you can, as bankruptcy applies to personal debt. Find out how this applies and when.

What is the job of a bankruptcy trustee and when should you contact one? When should
someone contact the Australian Financial Security Administration (AFS...
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This time we take a pause or a bit of deep breath. We have think about what we've covered, and do a revisit on 'who does what'.

So our next few episodes are about 'who to see for what'. What are the 'tions' like liquidation, administration and also bankruptcy. We're reminded that we should never assume everyone knows the same things in the same detail as us, and that there are a lot of sources of bad...
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We've been following through the steps a creditor takes when a debt is unpaid. things got to the pointy end in the last few episodes where an application for Wind Up was tables in court and a liquidator appointed. There was a flurry of activity, but what happens now?

For many people, after a time it seems to have all gone quiet, there has been the nothing come through for months or even a year or so. Will it stay that way? What ...
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So what if you don't ignore the process and try and get back some level of control. This episode Cheryl Stainsby talks us through the options. You are not in control of a court appointed liquidator! However, you can be on the front foot, by knowing your rights and obligations and getting sensible, professional advice from a reputable source.
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Some untrustworthy advisors might tell the director of a business business (with a Windup application against it) just to let it go...

Cheryl Stainsby feels you should try and stay in control where possible. What are your rights, what the the options, rather than letting things just happen to you?

Understand your position, what must you do and what can you refuse - what do you do when someone comes asking for assets. What information...
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Ok, so you've ignored it, you never got any letters or emails, or they really want their money back now, or things have gone legal in a big way. Someone has lobbed an Application for Wind up!

What to do? And what about the number of random people who call you or send you letters offering "help"? "consultants", often from companies that have big sounding names and bad websites will offer all sorts of 'ways out...
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What do you do if you get a Creditors Statutory Demand? (and what is that anyway?) Well, you definitely don't ignore it, or just hope it goes away!

Over the last few episodes we've been talking through the increasing heat if you or your business owes a debt and it remains unpaid longer and longer. Sometimes the process is fast - but what is 'the process'? Not all of the steps need to be taken before you find out abo...
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August 20, 2021 5 min
Haven't been getting your mail? Haven't update your business address? Always best to keep things up to date. It's not like the movies - the process continues for those who have not paid their debts and don't respond. In this episode we talk about:

What is a Statement of Claim?
Who issues them and when?
What happens if you don't respond?
What to do if you get one.

Once again, Cheryl shares insights on what to do, and ...
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This time we talk about tax or other debts owed just to the ATO. We discuss:
How will the ATO try to contact you?
How do you make sure the contact is real and not a scammer?
Some steps to take if you owe money to the ATO.
What might happen if they can't reach you or you ignore them?

Over the next few episodes we'll continue our walk through what you might expect if your business has a debt you can't or won't pay. What ar...
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So you haven't paid that bill. And now it is getting a bit overdue. There may be a good reason, such as 'I don't agree with it', 'they haven't done the work for my business as agreed', or 'I just don't quite have the cash flow right now'. What are steps people can take to get the money from you, and what should you expect along that journey, for for lots of reasons can be more common than you...
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A matter of Trust? What are trusts for and how are they used in business structures? What are the pros and cons? You see them a bit, they can be used in the building industry and trades, often set up by an accountant and lawyer. A business owner usually actually knows what they are for - often to help protect the family home and so on - but they don't know how to run them or what the traps are. so let's chat through the iss...
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Why set up a company? You may have a Pty Ltd company that your accountant has set up and you don't understand. Or you have a business you run under an ABN. Things might have been 'as they are' for quite a while....is any of that wise?

Why is a corporate structure so important? People often say 'isn't that just too complicated and costly'. Sure. some of that may be true too, sometimes, but the costs of getti...
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Lots of businesses are pretty small, some grow fast and soon enough the structure of the business and its ownership hasn't kept pace with what's going on. So what are the pros and cons of just having an ABN operating as a Sole Trader? Cheryl shares her experience on some of the pitfalls.
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Lots of people think their company or business is worth at least what they borrowed to buy it or set it up (or to keep it going when the trouble signs started appearing). Sadly, that's not often the case. Some people been keep working on the business because the know it won't pay the debts they've incurred along the way. What are the options when there is less money than you need?
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Running a business can mean long hours and sacrifice of family time. There can be great rewards despite the risks we've covered in previous episodes, Many of us want to sell out at the end. Can we? What will the business be worth? What would someone pay me to take over?
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May 14, 2021 5 min
We've spoken about closing a business down that isn't making money. If it has debts, it most often needs to be put into liquidation. Simple enough to say, tough decision to make. How do you do appoint a liquidator, and what happens. Who do ask for help?
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Last year the government gave directors of businesses large and small several months protection from the the consequences of trading while insolvent, We've covered the debts a business might have you can be liable for in other episodes, but now insolvent trading is back in force. What is it, and do people need to worry?
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We've looked into some of the things that make you liable for a company's debts like director or personal guarantees. What are some of the others?
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Your accountant might have set you up a Pty Ltd company because it can help protect assets like your home from the business if things go wrong. Lots of contracts and leases get around that by making your liable for the company debts. What sorts of guarantees have you made and what happens if they are being chased?
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What do you need to know if the ATO doesn't know what you owe!? GST, PAYG and Super. All of them now can snare the director of a Pty Ltd company (operating or not) - especially if the company hasn't lodged its BAS for a while. What has Cheryl seen?
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