Liquidator versus Rebuild Now

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Know that if you choose to listen to a liquidator (or voluntary administrator) or one of the ‘Turnaround’ websites they use, and they tell you ‘I will look after you’, be prepared to be screwed over.

Liquidators are officers of the court, sworn to put the creditors of your company before you or the business.

Rebuild Now works only for the directors/business owners. We know all the insolvency law and all the insolvency processes that a liquidator (or voluntary administrator) does but we put you first. We go through all the facts with you and we look at every aspect of your business to protect you and the business. We make sure it is all legal and is a better outcome for you and whoever you want to bring along – like your best staff, your best customers, your key suppliers, even your bank if you want.

A liquidator (or voluntary administrator) will say he can do all this but at what cost? And at what level of assurance. (ASIC records show that two thirds of Voluntary Administrations fail – after it has cost you $40,000 or maybe even $400,000). Your suppliers may lose faith, your staff lose faith and productivity plummets, your customers may go elsewhere, you lose control and spend the next 6 months juggling doubt and filling out reports.

Rebuild Now takes away the stress, gives you a definite solution, tells you what it looks like, tells you what steps to take, arranges the people to get you there – and in in almost all cases – makes you better off that you ever thought possible. And we stay with you after the restructure to make sure you survive and prosper. Big claim? If we hadn’t done it again and again, I would agree. The results we achieve are just that astonishing. Over 100 businesses and counting.

A liquidator (or voluntary administrator) will do the opposite. Not just because they put the creditors first but also because the longer the agony goes on for the director/business owner, the higher their fees. I know, I worked for a liquidator who used to throw ‘Friday fee parties’. ‘Hooray we got $100,000 out of ******, open the Veuve.’ True story.

We are very happy to work with your existing accountant, lawyer or other mentor. (They are generally pretty happy to be keeping their client alive and kicking goals!)

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So you don’t have any doubts, here’s what may happen if you choose the wrong option:

  • The receiver and/or liquidator is appointed
  • He arrives and changed the locks,
  • He writes to customers and pocketed their payments
  • He writes to suppliers and other creditors and told them you’re broke
  • He writes to banks and leasing companies saying that you’re in receivership or liquidation
  • He writes to your accountant and solicitors and would’ve gone through all your books and records
  • He dismisses the staff without payment
  • He requires your attendance at their offices for interviews
  • You would’ve been facing six months of bullying
  • You have angry ex-staff
  • You have angry creditors
  • Your reputation is smashed
  • You are sued for directors loans and/or personal guarantees
  • You are sued for the balance owing on various pieces of financed gear
  • Basically you have aggressive receiver or liquidator at your heels bullying you for six months or longer

Of course, he may suggest a voluntary administration, that way you spend the money, roll the dice and are likely to fail (that’s just the numbers from ASIC – two thirds of Voluntary Administrations fail) and he gets to be appointed liquidator (automatically) and gets the fees all over again.

And if you start off friends that’s fine because a liquidator ALWAYS finds things that ‘you didn’t tell him and he wasn’t aware of and he has to put the creditors first because some of them are complaining and he has to report to ASIC and keep his liquidator’s licence’ etc etc. The poor guy simply has no choice but to follow the rules and screw you. (Nothing personal of course as sells your house.)

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Remember the Liquidators work for the Creditors, not for you. That’s their job. It costs you nothing to talk to us.

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