Getting Closure for your business (and you)‪.‬ Thesolvers.com.au

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 job of a bankruptcy trustee and when should you contact one? When should
someone contact the Australian Financial Security Administration (AFSA) versus trying to find a
private bankruptcy trustee? All this and more as we continue our talk with Director’s Advocate
Cheryl Stainsby.

For more discussions on bankruptcy and what it means for those who file it, be sure to tune in to
Cheryl Stainsby's new 'Deep Dive' podcast: Surviving Bankruptcy.

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 assume everyone knows the same things in the same detail as us, and that there are a lot of sources of bad advice.

Tune in to find out what to know on this really handy podcast series from Cheryl Stainsby of Your Directors Advocate.

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 it seems to have all gone quiet, there has been the nothing come through for months or even a year or so. Will it stay that way? What should Directors be aware of?

Cheryl Stainsby talks us through what to expect and what to do to get on the front foot.

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 sensible, professional advice from a reputable source.

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 you?

Understand your position, what must you do and what can you refuse - what do you do when someone comes asking for assets. What information must you hand over and to whom?

All may not be lost if you get good advice and stay involved.

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"? "consultants", often from companies that have big sounding names and bad websites will offer all sorts of 'ways out'. Pre-insolvency, anti-phoenix, and a whole lot of other words you may never have really heard of come in to play now.

It's a minefield, so good advice from a decent source is key. Another good overview from Cheryl Stainsby of what think about if you find yourself in this situation.