Lemonaide Consulting | Businesses

Lemonaide Consulting

Phone: +61 423 055 664

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23.01.2022 One of the biggest misconceptions in business is that creditors of the Company cannot make you, the Director, personally liable for the debts of the Company. However, there are various circumstances where a creditor can make you, as the Director, personally which we will discuss. Superannuation Superannuation has one of the highest priorities under the Corporations Act, 2001. This is because it is an account for people to fund their retirement. [ 782 more words ] https://www.lemonaide.com.au/personal-guarantees-what-is-t/

20.01.2022 A debt agreement allows you to negotiate to pay a percentage of your total debt that you can afford over a period of time. You make repayments to your debt agreement administrator, rather than individual payments to your creditors. Contact us today if you are seeking information about debt agreements and we will be happy to help! ... https://www.lemonaide.com.au/contact/

13.01.2022 We have recently had clients of LemonAide advise us that the Liquidator they appointed prior to our involvement, promised that the Liquidation of their company would occur within 6 months. Now this is a quick timeframe for a liquidation as the Liquidator has 6 months to prepare and lodge a report to the Australian Securities and Investments Commission detailing the findings of their investigation of the Company’s affairs and dealings. [ 534 more words ] https://www.lemonaide.com.au/this-is-not-a-time-where-quic/

12.01.2022 Are you looking for some tips to give your business the best chance to survive the recession? Look no further. Here are some tips that may help your business. https://www.lemonaide.com.au//howtogiveyourbusinessthebest

12.01.2022 How to potentially save your client in excess of $25,000 in 15 30 mins. This week we had a call from James from Perth who advised that his Company owed the Australian Taxation Office in excess of $150,000 for GST and Income Taxation. The accountant’s advice was to go to the Liquidator, whom in turn advised James that he should Liquidate his Company and he would charge $25,000 for the Liquidation. James found LemonAide on the web and called me and received very different a...dvice. We always say that we look at a potential client holistically, what this means is that we look not only at the Company’s financial position but also the Director’s personal asset and liability position. In the first 10mins I had asked James if he owned a property and what the value of the property was as well as the value of the mortgage. I determined that James had in excess of $600,000 worth of equity in his property. My advice was to refinance his personal property and pay the tax bill and not place his Company into Liquidation. Why was my advice so different? The Liquidator is NOT there for the Director, they are there to represent creditors and get money back for them. With that in mind, once the Liquidator completes an investigation into the Company’s affairs and dealings and the Director personally, they will realise that the Director has a property with plenty of equity. The Liquidator will issue the Director with an Insolvent Trading Claim Demand for the total of the ATO’s debt. My advice CUTS OUT the Liquidator as James was not a correct candidate for Liquidation. I often see people place their Company into Liquidation when they should not have done so. For a free 15min to 30 min chat with you, I will be able to advise if you are a candidate for Liquidation but we can give the ADVICE a Liquidator is legally NOT able to provide and that is how a Liquidation may affect the Director personally. We use Liquidation as a last resort, if the business can be saved, we will find a way to do so!!! If you have debt issues, lets have a chat today to see how we will be able to help them at LemonAide.