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 deb

25. Terms and Titles and Where to Get Help

Nov 15th, 2021 4m 41s

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

24. Just because it's been quiet doesn't mean it wil stay that way

Nov 9th, 2021 5m 57s

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

23. Back on the front foot with a wind up application

Nov 1st, 2021 5m 35s

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 kn

22. Wind Up applications - What happens if just goes to the keeper?

Oct 21st, 2021 5m 13s

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 op

21. Windup applications and Ambulance Chasers

Oct 15th, 2021 5m 26s

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 peopl

20. Watch out for the Creditors Statutory Demand!

Oct 8th, 2021 5m 25s

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 busines

19. Statements of Claim

Aug 20th, 2021 5m 2s

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 abo

18. What if my business owes money to the ATO?

Jul 16th, 2021 5m 26s

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

17. What to expect if my business hasn't paid a debt

Jul 9th, 2021 5m 37s

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

16. Family and other trusts for business

Jul 1st, 2021 5m 50s

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 owne

15. Why should I use a company for my business?

Jun 22nd, 2021 5m 54s

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

14. What could possibly go wrong? Sole Trader

Jun 10th, 2021 5m 54s

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 sh

13. What if it's worth less than you owe

May 31st, 2021 5m 35s

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 b

12. You've worked so hard in this business. So What's it worth?

May 24th, 2021 5m 23s

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 so

11. Taking the step

May 14th, 2021 5m 32s

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

10. What is insolvent trading & should I care?

May 3rd, 2021 5m 27s

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

9. Personal Liability. Any other snares?

Apr 21st, 2021 5m 36s

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?

8. The fine print - personal & director guarantees

Apr 12th, 2021 5m 23s

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

7. Tax debt - avoiding the liability trap

Mar 30th, 2021 5m 21s

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 s

6. My Mum said honesty is the best policy

Mar 24th, 2021 5m 23s

When a business is in trouble all to often people try to 'save' things (like cars or valuables) by selling them to family members or friends. Or they just don't tell the whole story when asked. Insolvency professionals have seen all the tricks

5. Acceptance. So what's that feel like?

Mar 17th, 2021 5m 24s

Cheryl talks about the need to be open and honest. Those who try to hide assets or keep secrets can make things so hard for themselves as time goes on.

4. Anger's high cost even when you're right

Mar 8th, 2021 5m 24s

Anger is a natural reaction. What's the cost to you and those you care about? Some hard truths too, what if things went wrong with the business and it's not something you could control?

3. Taking the leap from denial

Mar 2nd, 2021 5m 21s

Often it is easier to do what you have always done, rather than face up to the truth. Or pretending things will be ok, when you need help. Cheryl talks here about seeing people when they have been in denial - and some tips to recognise if you

2. Your business is in trouble, so how do you feel?

Feb 22nd, 2021 5m 4s

Our business is often 'part of who we are'. So how do people feel when things are going wrong? What should their partner, family and friends look for?