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If you’re considering Liquidation, it’s important to debunk these common myths so you can make an informed decision about what to do next.

Once a company goes into Liquidation, one of the key issues for its directors and creditors alike is how will the creditors be paid.

If you have unmanageable debt and your weekly income doesn’t cover your day-to-day living expenses, you might be facing personal insolvency. Personal Insolvency is defined as a situation where you are unable to pay your debts when they fall due.

Cash can be elusive in a business. You and your team are flat out, sales are up, but the bank account doesn’t show it and tax or bill due dates come around way too quickly. By setting up your processes right and scheduling necessary checks, cashflow will basically manage itself!

Not paying your employees their superannuation entitlements will now mean you could face jail time. The new laws give the ATO the power to enforce up to 12 months’ jail time or hefty fines for directors of companies that do not to pay their employee superannuation entitlements.

Struggling to pay your bills or make loan/credit card repayments is a scary position to be in, especially if you have a family relying on you. The worst thing you can do in this situation is ignore it and hope it will go away – this will only make things worse. Instead, you need to take action now.