Impressive Electrical, a Melbourne-based electrical company, entered into voluntary administration earlier this year following a liquidation order from the Australian Taxation Office (ATO). The company joins hundreds of other businesses affected by the taxation office’s recent spate of notices ordering insolvent businesses to wind up their affairs.
In May 2015 alone, the ATO issued a total of 556 wind-up notices, placing many business owners in financial distress.
There has also been a recent rise in what are known as ‘consents’ from the ATO, where the taxation office notifies insolvency practitioners that they will be taking action against insolvent companies.
“The ATO is cracking down on small to medium businesses to recover outstanding debts – more aggressively than ever before”, CEO of Insolvency Services Australia (ISA), Anthony Warner, says. “This can have a detrimental impact on a business’s future if they are not able to repay those debts in the set time.”
According to the Australian Securities & Investments Commission, corporate insolvency affects up to 14,000 businesses a year. If your company is among those affected, it is highly recommended that you seek expert advice to determine an appropriate professional debt solution for you. That’s where ISA can step in to help. Our team of licensed and experienced insolvency practitioners provide a range of formal debt solution services, including voluntary administration and liquidation.
To learn more about these formal debt solutions, talk to one of our friendly staff today. To take action now for your company, call ISA on 1800 003 883. If you provide us with the required information about your company, such as your ABN and other details, we can begin your assignment within 24 hours.