Received a Winding Up Order
It goes without saying that in a number of industry sectors, small businesses are doing it tough in Clinton
When you would think that some compassion and assistance may be offered, the tax office and government bodies in Clinton continue to be more aggressive by applying for company wind-up orders through the courts.
Once a company in has received a winding up order in Clinton the director must act quickly. Although the options are limited, one option is to place the company into voluntary administration.
Some recent data gathered from court insolvency records by suggests that 46% of wind-up order applications in insolvency cases between November 2016 and June 2017 came from the ATO, while 19% came from other government sources.
According to this data, over the past six months, 616 of the 1,391 companies that were liquidated as a result of a wind-up application came about after action from the tax office, while 289 companies were liquidated after action from a government agency.
Combined, 65% of liquidations that resulted from wind-up actions over the past six months involved a government body or the tax office, according to the collated statistics.
The ATO has previously stated that while the preference is to help companies address their tax debts in the first instance, it is prepared to move in on companies that don’t address unpaid debts in due time.
“For the minority of companies that don’t promptly address their tax debt, we take timely stronger action. This can include wind-up proceedings.”
So far this August, the ATO has made 142 applications to wind up companies, compared with 165 applications from other government bodies.
In August of 2016, the tax office applied to wind-up 257 companies, while there were 300 applications from government bodies.
At Insolvency Advisory Accountants we have seen the ATO maintaining an aggressive push on those companies that fail to meet their obligations. Of all the winding up orders issued, the ATO has the largest percentage of orders granted.
So what happens if your Company in receives a winding up order in Clinton? You need to get immediate advice from an Insolvency Practitioner without delay.