Getting Closure for your business (and you).
by Thesolvers.com.au
We often feel the business we run is 'part of who we are'. Who stands with you when that part of your life is big trouble? James Flaherty' talks with Director's Advocate Cheryl Stainsby about what she see's business go through, and how to tackle the challenges head on.
Episodes
-
26. What is Bankruptcy and what does a Trustee do?
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 debt. Find out how this applies and when. What is the…
more -
25. Terms and Titles and Where to Get Help
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 also bankruptcy. We're reminded that we should never...
-
24. Just because it's been quiet doesn't mean it wil stay that way
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, but what happens now? For many people, after a time...
-
23. Back on the front foot with a wind up application
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 knowing your rights and obligations and getting…
more -
22. Wind Up applications - What happens if just goes to the keeper?
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 options, rather than letting things just happen to…
more -
21. Windup applications and Ambulance Chasers
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 people who call you or send you letters offering "help"?...
-
20. Watch out for the Creditors Statutory Demand!
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 business owes a debt and it remains unpaid longer and…
more -
19. Statements of Claim
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 about: What is a Statement of Claim? Who issues them and...
-
18. What if my business owes money to the ATO?
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 can't reach you or you ignore them? Over the next...
-
17. What to expect if my business hasn't paid a debt
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 are steps people can take to get the money from you,...
-
16. Family and other trusts for business
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 owner usually actually knows what they are for - often to...
-
15. Why should I use a company for my business?
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 corporate structure so important? People often say...
-
14. What could possibly go wrong? Sole Trader
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 shares her experience on some of the pitfalls.
-
13. What if it's worth less than you owe
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 business because the know it won't pay the debts…
more -
12. You've worked so hard in this business. So What's it worth?
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 someone pay me to take over?
-
11. Taking the step
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 for help?
-
10. What is insolvent trading & should I care?
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 insolvent trading is back in force. What is it, and…
more -
9. Personal Liability. Any other snares?
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
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 of guarantees have you made and what happens if they...
-
7. Tax debt - avoiding the liability trap
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 seen?
-
6. My Mum said honesty is the best policy
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 before. Hear Cheryl on the hard truth...tell it.
-
5. Acceptance. So what's that feel like?
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
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
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 are not facing up to things.
-
2. Your business is in trouble, so how do you feel?
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?
-
Getting Closure Podcast Ep 1
Who looks out for you, the business owner when things are tough, and maybe you need to close the doors? Cheryl Stainsby has been asked to share her tips and ideas, so let's start on the journey with what does a Directors Advocate do?
About this show
We often feel the business we run is 'part of who we are'. Who stands with you when that part of your life is big trouble? James Flaherty' talks with Director's Advocate Cheryl Stainsby about what she see's business go through, and how to tackle the challenges head on.
Hosted by
Thesolvers.com.au
Categories