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How to Enter Voluntary Administration

For most businesses across Australia, debt is a necessary part of normal operations. However, despite the important role played by debt in making the business world go round, too much debt can also cause problems. It can stifle a company’s cash flow and diminish its ability to meet its financial and moral obligations. Over the long-term, continued difficulty in repaying debt can seriously endanger a business’ health and future existence. Time is of the essence when it comes to business debt and a fast solution to your company’s financial problems could be the difference between keeping and losing your company.

Periods of financial instability can be restructured and doesn’t always lead to business insolvency. Strategies like business turnaround, restructuring, debt consolidation and Voluntary Administration can be just the right option to get your business back on its feet.

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3 Options for Tackling Your Business Debts

Director's Risks When Trading Insolvent

Insolvent Trading

If your company continues to incur debts while facing insolvency, an insolvent trading claim can be brought against you personally for your company’s outstanding debts. However, if you have taken genuine steps to try and turn your business around, you may be protected under Safe Harbour laws.

Personal Guarantees

If you’ve signed any personal guarantees and your company is insolvent, you may be held personally liable for the company debts you’ve guaranteed. This could lead to personal bankruptcy if you’re not careful.

Director Penality Notice

If your business has overdue tax debt, the Australian Taxation Office (ATO) has a variety of tools they can use to recover it. One of these ways is to issue your company with a Director Penalty Notice (DPN). If you’ve been served with a DPN, you need to act fast and pay your tax debts or risk being held personally liable for the debts.

3 Ways to Reduce Business Debt

To ensure the overall financial health of your business, it’s important to know the various options available for effectively paying down your business’ debt. Being proactive and formulating a plan enables you to manage your debts before they become unmanageable

Evaluate What You Owe

Reducing debt starts with evaluating the debt you already have. Look at your monthly payments, credit cards, business loans, leases etc and decide how to prioritise them to pay back debt as fast as possible.

Renegotiate and Refinance

One of the best things you can do is communicate with your creditors. Negotiating with them may result in longer loan terms, debt consolidation, credit card balance transfers and refinancing your current leases for a lower interest rate.

Liquidation

Businesses often go into debt to solve cash flow problems instead of better managing their cash flow. Do everything in your power to follow up and collect payments from your suppliers. This can help keep your business afloat.

Options Available to Tackle Your Business Debt

Business Restructure

Voluntary Administration

Liquidation

Bring Your Business Back from the Brink with Revive Financial

If you’re ready to say goodbye to your business debts, act now. Our approachable, friendly team consists of business debt and insolvency specialists including Chartered Accountants, Registered Liquidators, Bankruptcy Trustees and business advisors. We have have 43 years of combined experience supporting businesses through financial troubles in Adelaide.

At Revive Financial, we will assess your company’s situation by providing a free business health check. We will work with you to find a positive, tailored solution to your business debt. To put an end to your financial worries, give your local Adelaide team a call on 1800 861 247.

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