By now, we have all felt some type of hopelessness during these strangely unprecedented times. Whether that has been in your personal life - due to missing social interaction or pushing weights in the gym, or in your business life – seeing a major drop in profits or not even being able to operate at all/ losing a job – we have all felt it.
Thanks to the three stage plan that Scott Morrison has implemented, we can now see that there is a light at the end of the tunnel.
In the meantime, the Australian government has created various schemes to keep us afloat financially (we really do live in the best country in the world).
In light of this unprecedented time, the Federal and State Governments have unveiled stimulus packages to assist local economies in light of the coronavirus pandemic and bush fires to provide tax relief and offer fiscal assistance.
Summary provided below.
If you are unable to pay your debts and cannot come to suitable repayment arrangements with your creditors, you may voluntarily lodge a petition to become a bankrupt (called a debtor's petition)
OR
a creditor may take action to have you declared bankrupt by order of the Court (called a sequestration order).
A Creditors Voluntary Liquidation involves the directors and shareholders resolving to wind up the affairs of the company due to the insolvency of the business and effectively stop trading.
A Creditors Voluntary Liquidation can occur when a company has been placed into voluntary administration and a proposal for a Deed of Company Arrangement has not been accepted by creditors or terminates.
