Liquidation Cairns On The Rise

A common occurrence which is yet on the rise again post-GFC throughout Australia is business and corporate liquidation. The new Directors Penalty Regime can penetrate the corporate veil to then affect your personal financial affairs, not just your corporate structure.

You may have taken due diligence and care constructing and structuring your corporate entities to exonerate yourself from personal liability, however these new measures introduced by the labor government no longer provide protection with these corporate structures.

The reason we are witnessing this rise of liquidations throughout the Cairns and Tropical North Queensland has been a result from the sharp decline in tourism of these regions, caused by multiple factors- i.e. strong Australian dollar, decrease in asian tourism, domestic Australian travellers spending their dollars overseas. This has a chain effect including higher unemployment and business demise. Taking into account the major and well known industry in Queensland is tourism alone. This is what has led to the major rise in cases of both personal and corporate liquidations of Cairns and throughout the Northern Queensland region.

For assistance in Cairns Liquidation contact a Professional now at Insolvency Professionals on 07 3303 0864.

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