If your business' debt is spiraling out of control, we can help with a solution to relieve your financial stress
Businesses on the Gold Coast and in Queensland can face many challenges over the course of their operations. Our team at Revive Financial understand that every business is different and the range of factors at play when faced with challenging times is just as unique.
As with any business recovery, timing is everything. Paying attention to early warnings could mean the difference between saving your business or it being forced into Liquidation. Revive Financial can objectively assess the situation through a free business health check and put plans in place for the best course of action moving forward. Options may include restructuring to sell or help your business trade out of difficulty, Voluntary Administration or winding it up as quickly as possible through Company Liquidation to minimise further losses.
Insolvent trading comes with some serious penalties. As a company director, you need to ensure that you and your family home is not at risk. Director liability for insolvent trading is severe. Non-payment of superannuation contributions can now come with penalties such as jail time. That’s why it’s important to act quickly when your business is facing non-manageable debt to mitigate as much risk as possible and protect your business from being wound up.
3 Options for Tackling Your Business Debts
Informal Action Plans to Give Your Business a Helping Hand
When you seek advice quickly, you have the ability to implement an informal action plan to help your business survive before a formal insolvency appointment is needed.
Business Turnaround and Restructure
A Business Turnaround and Restructuring strategy may give your company a chance to get out of debt and improve cash flow and profitability. There are many steps you can take when it comes to moving forward, including:
- Initiating new marketing programs to broaden your business and customer base and increase market penetration,
- Increasing revenue by carefully adding new products,
- Securing customer loyalty through better customer service, and
- Rebuilding momentum and company morale – transforming negative attitudes into positive ones as you map out the company’s future.
Getting a business loan can help you overcome your business debt issues and carry on with trading. A business loan provides you with money quickly and easily when you need the extra helping hand. Most small business loans have flexible repayment plans, low interest rates, fast approval and funds and there are generally lots of loan options available depending on your business’ circumstances.
Formal Insolvency Administration Options
We understand that any form of insolvency administration is a very stressful time for the director/s of a company. Our team has a vast amount of experience in advising directors in relation to insolvency administration for many businesses on and around the Gold Coast. We have the expertise to ensure you are compliant with all relevant laws and acting in accordance with your duties as a director. It is essential to seek professional advice early on so you are acting in the best interests of your company and its creditors.
Voluntary Administration (VA) is a way in which an insolvent (or soon to become insolvent) company can restructure and deal with its debt by offering a formal compromise to creditors while still allowing the business to trade. VA should be considered before Liquidation and can result in a Deed of Company Arrangement (DOCA). A DOCA may be approved by your creditors and result in a positive outcome for all parties involved, avoiding Liquidation completely.
During the Company Liquidation process, we will wind up your business quickly and efficiently to minimise any further losses and get the best possible outcome for you and your creditors.
We will look at:
- Preferential payment claims,
- Voidable transactions,
- PPSA disputes,
- Insolvent trading claims, and
- Deeds of Company Arrangement.
Revive Financial Can Help Keep Your Business on its Feet
If you think your Gold Coast-based company is in financial trouble, you need to understand the urgency of these matters and seek professional advice straight away to implement an action plan. At Revive Financial, our dedicated team has supported a number of large developers, transport companies and retailers in Queensland. No matter what the financial issues or company structure, we will take the time to understand your unique business, debt issues and detail a win-win solution for you, your shareholders and your creditors.
At Revive financial, we are an Australia-wide service consisting of business debt and insolvency specialists including Chartered Accountants, Registered Liquidators, Bankruptcy Trustees and business advisors with a combined experience of over 43 years. To put an end to your financial worries, give your local Gold Coast team a call on 1800 861 247.