Builders facing Liquidation - Do you know your options?

Builders have it tough with such a vast changing industry everything is becoming more expensive with every nail and tool they use. Builders are in less demand because clients can source more cheaper, but not necessarily better work. There is always a thought that just because they drive big trucks and take big checks people get the impression that they're all wealthy, but nothing could be further from the truth. When you start to add up the costs of labor, materials and taxes, you often discover that contractors operate on a very thin margin most of the time. Consequently, there is a certain amount of vulnerability to builders when things don't go according to plan. 

This economy we are in now is unstable, it is changing all the time with no certainty of when it will jump back. This has resulted in less work to go around, and the competition for the jobs has gotten tough. The margin of profit is getting smaller and smaller for those who do get the jobs. This has forced some companies out of businesses right away and other to suffer a slow financial death, while they try unsuccessfully to turn it around. 

This leaves builders in a position where they'll need to make a timely decision. On one hand, no one wants to throw in the towel, on the other, as debt is piling up the repercussions could end up pretty severe. Not only that, there is a deadline. New Director Penalties laws have been in place for about a year. Personal assets are at risk in companies that have shown a pattern of non-payment and broken promises. In the event that you don't make a timely decision regarding an impending dissolution, the ATO will make it for you. 

In some cases, there is a grace period between the times the ATO files against an insolvent business, and the time they seize your assets. In other cases, they do it immediately. When there's a chance that businesses can be kept running, even in insolvency, the ATO can take over and run it instead of you. However, if you can see the situation for what it is, and make a timely call to an insolvency specialist, you can have much more say in how your assets are used for payment and how your business is run during insolvency. An expert can guide you; help decide if your businesses are still viable or if you need to liquidate.

No one likes the idea of giving up on a business that you have worked so hard to achieve, put so many hours in and have spent days and nights worrying if your business might be next, yet, with your financial life at stake, making a timely decision is crucial. 

If you feel that you're facing an imminent Director Penalty Notice, contact experts who can help you find a resolution in a situation that you may think is out of control.

Take the first step in securing your financial and business life by getting the right advice. Call the Insolvency Experts on 1 300 767 525 or visit http://insolvencyexperts.com.au.