Directors

Directors have an obligation to exercise their powers and duties with care, diligence and in good faith.

We understand that running a business is challenging. If there are financial obstacles which become a burden to you and you don’t have the necessary knowledge or information on how to alleviate these obstacles, this can be even more challenging.

If your company is struggling under the weight of mounting business debts and you are not sure of your options for the best way forward, our team of trusted and respected advisors can assist you with formulating a plan to relieve the pressure and stress.

Offering a vast amount of experience across numerous industries, we will ensure you understand your options and assist you with making an informed decision about the options.

Our advice is: ask for help early

We offer confidential, cost free and obligation free discussions and meetings to discuss these options. We can meet at our offices conveniently located in West Perth, or if you are local, on-site at your business – whatever works best for you.

We are approachable, professional and respectful and we will act with your best interests in mind. We stand by this.

You can contact our Principal, Kim Wallman, at any time on 08 9215 7900, 0411 619 256 or via email to kwallman@hlbinsol.com.au for a confidential discussion or to arrange a meeting.

Read some of our frequently asked questions below:

My company cannot pay its debts – what can I do?

If you believe your business is viable, were it not for the unmanageable debt it has accrued, then voluntary administration may be an option. Click here to read more about the voluntary administration process.

If you have decided that your company cannot continue on, then liquidation may be the right option for you. Click here to read more about the liquidation process.

I have received a Director Penalty Notice from the Australian Taxation Office – what should I do?

If you have received a Director Penalty Notice (DPN) in relation to your company’s tax debts, we recommend you contact our office immediately.

DPNs often come with a 21 day action period from the date of the notice (not the date you received it), therefore it is imperative that you act quickly.

Our contact number is 08 9215 7900.

Click here to read further about DPNs.

I have received a Statutory Demand – what are my options?

If you have received a Statutory Demand, it is important that you act quickly to seek advice.

If you cannot pay the debt in full and a settlement is not an option before the deadline, then contact us as soon as possible to talk about your options.

Click here to read further about Statutory Demands.

I have given personal guarantees to some of my suppliers – what can I do about these?

If you have provided a supplier or a landlord with a personal guarantee and your company cannot pay the debt, then the supplier has the right to seek payment from you personally.

It may be appropriate for you to seek legal advice about the guarantee.

If you are unable to negotiate a payment plan with the guaranteed creditor, this may mean you need to consider your personal insolvency options, such as bankruptcy or a personal insolvency agreement.

Read more about personal insolvency here.

I am in dispute with my fellow Directors – what can I do about this?

Disputes are usually distracting and stressful. If you are in dispute with your fellow Directors, we recommend you make contact with us to look into your options.

In circumstances where an amicable resolution could not be achieved, we previously have acted as Provisional Liquidators or Court Appointed Receivers & Managers in an effort to preserve the assets of a company whilst the dispute was resolved.

To explore these matters further, contact our Principal, Kim Wallman, via email to kwallman@hlbinsol.com.au or on 08 9215 7900 to arrange a cost and obligation free meeting.

My company is solvent and I want to distribute the capital and the reserves of the company in a tax effective way – how do I do this?

A members’ voluntary liquidation is often a tax effective method of bringing the affairs of a solvent company to an end by settling the claims of creditors in full and distributing the surplus assets of the company to its members.

The Liquidator does not always physically realise assets, as they may be transferred to the members in specie as part of the distribution process.

The appointment of a Liquidator under these circumstances provides a tax effective way to distribute assets to the members of the company.

To speak with us further regrading whether a Members’ Voluntary Liquidation may be appropriate in your situation, please contact us on 08 9215 7900 for a cost and obligation free consultation.

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Get in touch

Whatever your question, our team in Perth will aim to find the best solution for you

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