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Business Debt

Preparing your Company for Financial Hardship

When your business is facing financial hardship and is on the road to declaring bankruptcy, you may be too overwhelmed to know what to do.

Not being able to pay your suppliers, the bank and even the ATO can be incredibly stressful. You’re wondering how you will recover, or if you even can recover.

The most important thing to understand is that if you don’t take action early, you’re much more likely to find yourself declaring bankruptcy.

At Revive Financial, we highly recommend that you seek advice from an independent qualified expert as soon as you suspect insolvency.

Ignoring the problem will only make the situation worse and may cause you to breach your director duties by trading while insolvent.

Don’t wait until it’s too late. Seek bankruptcy and insolvency advice about your company from an expert as soon as possible.

This will help you work out what you need to do to minimise the impact on all stakeholders, how to restructure the company (if viable), or even how to wind it up.

Don’t risk trading while your company is insolvent as this will breach your director duties, and you’ll find yourself held personally liable for the company’s debts.

Financial hardship and declaring bankruptcy is scary, but you don’t have to deal with it alone. Contact Revive today for a free and confidential consultation. We operate throughout Australia.

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3 Options to tackle your Business Debt

Your Business Debt Options:

Business Turn Around

Don’t let your business debt spiral out of control. Turn your business around with a professional debt relief strategy and action plan.

Business Turn Around is when an independent assessor comes in and takes a look at your business structure, how you operate and what you are spending money on. They develop an actionable strategy you can follow to cut spending and literally turn your business finances around.

Voluntary Administration

Voluntary Administration will give you some much-needed breathing room while you get your finances under control. During a period of Voluntary Administration, your creditors must cease all collection action, allowing you some time to get your money back on track.

A Voluntary Administrator will be assigned to oversee your company and determine whether it is still solvent or not. From this assessment, you can take further action to wind up your business or turn it around.

Company Liquidation

Company Liquidation is winding up your company and selling off its assets to try to repay your creditors what you owe. This action is often taken after a Voluntary Administration where your company is found to be insolvent.

Revive Financial: Business Debt Specialists

Revive Financial is an Insolvency Practitioner you can rely on for professionalism, honesty and experience.

We won’t offer generalised advice or a one size fits all solution. Revive Financial takes the time to learn about you, your business and your struggles to properly advise you on the best way forward.

Revive Financial aims to help save your company from financial disaster and declaring bankruptcy. Our team has experience helping small, medium and large businesses from a diverse range of industries.

Acting Quickly Could Save your Business

Our team knows time is of the essence when it comes to business debt and a fast solution could be the difference between keeping or losing your company. Our expert Financial specialists have years of experience assisting companies with financial hardship.

We act swiftly to implement a turnaround strategy, whether it be a turnaround plan or a formal insolvency appointment.

We understand the urgency of these matters and pride ourselves on being able to adapt quickly to provide the most relevant and up-to-date advice to companies in financial distress.

Revive Financial can help with Business Debt

“Thank you for your time last night. I found Revive Financial to be compassionate, understanding and knowledgeable. As you may well know, it is a very embarrassing and difficult time for us. We have spent our lives building, living and breathing the business. Our lives revolve around the business so it was hard to admit that we have not done a very good job of controlling it. Revive was wonderful in helping us get our business back on track and lifted a huge weight off our shoulders in a difficult time.”

Business Type: Mechanic
Location: Newcastle & Tamworth

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