What is insolvency?
Insolvency in general terms, as it relates to a corporation, is the inability to pay debts as and when they become payable.
1 min read
Mark Smith : 12 April 2019 11:59:04 AM
We've been researching the circumstances of a once highly successful liquor manufacturing business, with a huge client base - domestically as well as around the world.
This business had grown and prospered for more than 50 years until this year. This hard work was all undone overnight when it was wound-up by an aggressive ATO.
Our research indicates some or all of the situation could have been avoided with more thoughtful structuring and asset protection arrangements.
The business was wound up, more or less overnight, by the ATO.
50 years of hard work bought undone overnight.
Business Asset Protection, applying the research this case has uncovered, is offering free business structuring health checks for companies - particularly in high tax sectors such as liquor, with slow paying wholesale customers or those experiencing growing inventory levels.
To arrange a free structuring health check call now on 1300-327123 or complete the below form.
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Insolvency in general terms, as it relates to a corporation, is the inability to pay debts as and when they become payable.
A liquidator is a person appointed, in the winding up of a corporation, to assume control of the company's affairs and to discharge its liabilities...
Firstly, don't panic (straight away). Think clearly.
The Corporations Act 2001 ("the Act") provides for the conducting of business by a corporation in Australia.