If you've received a winding up notice, you need to act today.
A winding up notice is a process initiated by creditors that you owe money to. If they believe you aren't capable of paying the money they are owed then they can apply to have your business shut down in order to recoup their losses. This process is called winding up.
Winding up a company involves the sale of all assets, paying back of any creditors and liquidating the company. Once a third party has submitted a winding up application, a court date will be set. This is the date by which the company must have its affairs in order and cease trading.
WHAT ARE MY OPTIONS?
First and foremost, don't panic. There are still options open to you and the quicker you act, the more options there will be that are open to you. It is important to act quickly and get professional help, such as the services My Business Path once a court date has been set, in order to ensure the best outcome for you and your business.
Pay the debt in full
If you have the funds and possibility to pay the debt in full, this would be the preferred outcome for all parties involved. It means the creditor will be satisfied and shouldn't pursue further action, but it also means you business will be free from the debt that is holding it back.
Get advice from a professional
Seeking professional help from an experienced company such as My Business Path may open up options to you that you hadn't previously considered. With years of experience assisting Australian companies just like yours with debt management, restructuring, administration and liquidation, we're on your side. We will do everything in our power to keep your company trading and keep your assets safe.
Allow your company to be liquidated
Although this may seem like the worst-case scenario, you may feel as though your business is ready to be wrapped up and for a new chapter to begin. Even if you believe the best course of action is to allow the winding up notice to run its course, it's still worth getting in touch with debt specialist to ensure your personal assets are properly protected.
Received a winding up notice?
It's important that you act as fast as possible, in order to protect you and your business. Book in a free consultation with the My Business Path team now, to talk through your options.