Director Penalty Notice Resolution Services
Get a Quick Solution for Peace of Mind
Registered by ASIC
Liquidators
CPA and CA
Qualified Accountants
ARITA members
Restructuring & Turnaround Association
Dedicated Team
Our Virtual Receptionist will answer the phone 24/7
National Network
Officers across Australia
Get a fast, free, confidential consultation to discuss your director’s penalty notice (DPN). Overcome your insolvent trading struggles with judgment-free, expert advice from Corporate Lifeline. Contact us now.
OUR CUSTOMERS LOVE US
A DPN SOLUTON IS POSSIBLE WITH
CORPORATE LIFELINE
We know receiving a DPN is a stressful experience—as is trading while insolvent. We’re here to help you find peace of mind.
You can take effective, fast action. Across a free and confidential consultation, we’ll discuss your options and help to resolve this situation calmly and quickly. Our advisory team provides independent advice, ensuring you receive total transparency on the right steps to resolve your penalty notice.
Our services are backed by the Hall Chadwick Group
An expert team of independent advisors
Comprehensive solutions to resolve many financial issues
We’re available across all of Australia
We’ve helped out 100s of businesses
We offer empathy and respect
SOLUTIONS FOR A DPN
There are several ways to address a penalty notice. Remember, the sooner you act the greater the chance to resolve your situation.
Business Restructuring
You may be eligible for small business restructuring. This step ensures the business owners remain in charge. All while a formal debt restructuring process that reaches a compromise with creditors when repaying debts.
Debt Repayments
You should look to repay the debt as soon as possible. Speak to one of our expert advisors about finance funding solutions, including methods to help you meet the financial requirements.
Company Liquidation
Voluntary Administration
With the right voluntary administration services, you can maximise the potential continuation of your business. This process involves appointing an external administrator to oversee the company’s future. Across four to five weeks they will determine a positive outcome between you and your creditors.
THE TYPES OF DPN
There are two types of DPN and you may receive both in one letter. If you do, don’t panic. Contact us for your judgment-free consultation to stop trading insolvent.
1. 21-Day Director Penalty Notice
This is issued to your business when a tax debt is outstanding. There’s a time limit imposed, so it’s crucial to respond within the 21-day notice. If you don’t respond to this action, you may become liable for the debt incurred.
2. Lockdown Director Penalty Notice
A notice informing you of non-payment of a tax debt. You should move to repay this total as soon as possible. If you don’t, you may become liable for the amount owed.
3. Both Notices
In some instances, you may receive both notices in the same letter. While this may be daunting, you’ll be informed which debts are remittable and which are locked down. A discussion with one of our advisors will determine how to manage this situation effectively.
OUR FOUR-STEP ADVISORY PROCESS
We use a transparent, independent advisory process so you receive effective advice.
Free Consultation
After a meeting to explore your situation, we’ll consider the problems you’re facing and offer you the best course of action.
Business Assessment
Our advisors consider your finances and business structure. We also investigate your concerns to understand the outcome you’re looking for.
A Strategic Solution
We identify your issue and then discuss the ideal way to find a solution.
Your Decision
This is your solution. We’ll work with you to reach an amicable solution for your business and creditors.
YOUR QUESTIONS ANSWERED
What is a Director’s Penalty Notice?
The Australian Tax Office (ATO) can issue a Director Penalty Notice (DPN) to the director of a business. This is a legal document to the director to inform you you’re liable for tax debts.
After receiving this notice, it’s important to remain calm and consider your options. If you act quickly you can protect your business and personal liability.
What is Insolvent Trading?
Trading whilst insolvent means a business is running day-to-day operations, but owes (and can’t pay) debt. This includes if financial repayments can’t be matched by assets.
What Does it Mean to be Personally Liable?
If your business owes money to the Australian Tax Office (ATO) then it’s a debt. This can then become your personal debt if the PAYG and Superannuation accrue. If this happens then the ATO issue your DPN. You should address the issue as soon as possible. The sooner you do, the better the outcome will be.
After Liquidating My Company is it Possible to Continue Being a Director Elsewhere?
Yes. There’s no reason why you can’t continue your career as a director with a new business. Even if your company is in liquidation, you can pursue this role again.
What is the Trading While Insolvent Corporations Act?
The Corporations Act 2001 (Cth) is the duty placed on directors to stop insolvency and trading. If a director fails to do this it may result in a civil penalty. In some situations, a director may also face criminal charges.