Bankruptcy Solutions
BANKRUPTCY Services
Providing easy to understand Bankruptcy Solutions
Bankruptcy
Let us guide you through the process, and provide you with clear options.
- Straight forward & simplified bankruptcy solutions
- Compassionate trustees for a fresh start
- Immediate and confidential support
What is Bankruptcy
When it comes to financial distress, we will exhaust every other option to help you gain control of your finances. But when there is no other choice, bankruptcy is the only way out. We’re able to provide informed and accurate advice on the process of bankruptcy and what it entails. Whether it’s a voluntary declaration also known as a debtor’s petition, or a creditor application also known as a creditor’s petition, bankruptcy occurs when you are no longer able to pay off debt. Bankruptcy is the legal process of providing protection to individuals who are unable to reach alternative arrangements with creditors or continue paying off debt. Once the act of bankruptcy has taken place, the individual will be required by law to adhere to certain obligations and restrictions.Who is Bankruptcy for?
Declaring Bankruptcy is a tough decision, and it’s usually difficult to determine whether or not it is the right solution for you. Bankruptcy is recommended when individuals experiencing multiple of the following situations and have exhausted all other options.
- You are no longer able to pay all of your incurred debts.
- You’ve received letters of demand, writs and/or bankruptcy notices from creditors, debt collectors and solicitors.
- You’ve got debts of $5000 minimum that you can not pay.
- Your personal guarantees are called up for your company debts.
- A creditor applies to the court to make you bankrupt and can prove that you are at least $5000 in debt.
- A creditor of yours has experienced ongoing non-payment of debts, dishonoured cheques and payments, trading terms consistently extended or not met by you as the individual.
- A creditor of yours has substantial reason to believe that you are disposing of or transferring property prior to your bankruptcy or to avoid bankruptcy.
Whilst bankruptcy is something most people feel shame around, sometimes it is the only way out. If you’ve come into an unreconcilable cash crunch, it’s crucial you seek professional advise immediately and begin the steps to take action. Putting off action will only make this difficult time more stressful for you.
A quick phone call is completely free and can remove additional stress and worry in the future, by acting promptly today
How Lawrence Corporate Solutions can help
At Lawrence Corporate Solutions, we can help to assess your personal circumstances and determine whether bankruptcy is the only solution left for you. If we establish it is, we will assist you through this process by providing practical, objective yet compassionate solutions during an otherwise difficult time. We can help by offering support such as:
- Comprehensive financial assessment
- Bankruptcy process completion
- Dedicated private trustee
- Statutory demand management
- A fresh life after bankruptcy, free from debt
If you’re currently in a position where you’re no longer to make payments or negotiate suitable repayment plans for creditors, bankruptcy is potentially the only suitable choice.
Call us today to discuss what filing for bankruptcy will mean for you and the consequences of this action.
Related Services
Insolvency
If your business is insolvent, we can provide you with the necessary support, plan and access to cash to turn your business around.
Liquidation
We help businesses going through liquidation, navigate through the process with the right level of support and advice.
Administration
When your business is in trouble, seeking business administration support is your best chance at survival.
what our clients say
Successful Stories From Our Clients
Testimonials
Our team’s unique experience and extensive skill has assisted countless Perth business owners to move past financial strive and work towards a bright and successful future. Here are some of our success stories:
Miranda was struggling to meet her 12-month payment arrangements with the ATO and, as 12-month arrangements are the most that the ATO will grant, Miranda felt that her financial position was a lost cause. After speaking with Lawrence Corporate Solutions, however, Miranda’s confidence was restored. Lawrence Corporate Solutions successfully negotiated a 24-month extended payment arrangement with the ATO, giving Miranda the breathing room that she needed to get back to running her business.
Sharon found herself being chased by the ATO for a mounting tax debt, and as her spouse had recently been unable work, it couldn’t have come at a worse time. With constant calls and letters, Sharon welcomed Empire Corporate Services stepping in and liaising with the ATO on her behalf. In the end, Sharon prevailed with a $79,904.62 remittance before the final balance was paid out.
After an accident that rendered David unable to work, he was forced to use his tax savings to live on. Very worried and not sure where to turn, Empire Corporate Services worked closely on David’s case and secured him an interest remittance of nearly $7,000 to cope with his financial stress.
With a mountain of ATO penalties (including the dreaded General Interest Charges (GIC), Failure to Lodge (FTL) penalties and business stresses mounting, Shane was in a dire financial position. On Shane’s behalf, Empire Corporate Services was able to remit over $34,000 after just one phone call. Shane’s headaches cleared and it was back to furthering his business!
When Sam’s major debtor went into $2m liquidation, Sam’s business hit a pivotal crossroads. Based on the guidance of his previous advisors, Sam felt his only option was to go bankrupt. With the help of Empire Corporate Services, Sam got his business valued and sold, paid back the bank debt owing and additional funding in place for all other unsecured creditors… all within a fast turnaround of just 6 weeks.
Mitchell came in for a general financial review to set his business on the right path to grow. Upon reviewing Mitchell’s financial structure, Empire Corporate Services discovered that Mitchell had ATO debts totaling more than $550,000… and Mitchell was totally unaware of what he owed. After extensive work in tracking back over Mitchell’s previous returns and BAS’s (as well as righting the submission errors that Mitchell had made), Empire Corporate Services successfully helped Mitchell receive remission of interests of his debts, totaling $320,000.
For a long time Kate didn’t realise… but the ATO had placed $10,000 in interest and fees on top of her tax bill after a she had previously filed a claim incorrectly. Understandably, Kate was frightened about what might happen to her. Lawrence Corporate Solutions stepped in on her behalf and successfully negotiated for a substantial reduction in the outstanding ATO balance. Kate went from owing $10,000 to receiving a $2,000 refund.
