190 – 3 ways to wind-up your business

Listen to Episode 190

Show Notes

Today we’re talking about the winding up of your company. Sometimes it’s good sometimes it’s bad. Here are three ways you can wind-up up your company.

Voluntary winding-up
You’ve decided that you want to wind up your company because you don’t want to use it anymore. So there you can actually go to ASIC and voluntarily wind-up the company.

All members of the company need to agree to deregister the company.  The company must no longer be conducting business.  You also cannot have any outstanding liabilities or debts.  Nor can the company be involved in any legal proceedings.

Involuntary wind-up
This can occur for a number of reasons.  You may not be able to pay your debts. You can let another creditor actually wind-up the business but this is an option of last resort.  You will lose all control of the process so be sure this is really the only option left.

#wind-up #business #insolvency #bankruptcy #entreprenuers

More about this Show

We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms.  Most importantly we want to help you to develop a plan to take your business successfully into the future.  There’s a startling statistic the underscores the importance of developing a solid plan.  The majority of business owners are just seven months away from losing everything.  A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly.   Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients.  We want to close that gap once and for all.  We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.

Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV.  We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with.  Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.

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