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Supporting you and your business through the COVID-19 Crisis

Business Debt Help & Consolidation

If your business debt is out of control, we can help with realistic and professional solutions

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Business Debt in Australia

In Australia’s challenging economic climate, even the most successful business can fall prey to volatile market conditions and cash flow pressures. In these situations, it is vital to identify, assess and respond to the signs of company turmoil to give your business the best chance of survival.

By engaging us at Revive Financial, you can take a step back from your company and breathe easy while our experts work out the best way forward. We can assist you with a wide range of formal and informal insolvency options to help turn your business around.

Company Liquidation

Early Warning Signs of Insolvency

Inability to Access Finance

When obtaining loans and finance, you generally want the lowest interest rates provided by the best lenders. However, if you’re being forced to look at alternative financing because the banks deem you too risky, this is a sure sign of insolvency.

Poor Cashflow Management

If your business fails to manage cashflow strategically, it could lead to catastrophic events. This includes losing major customers, paying increased interest rates or correcting ineffective control systems.

Disorganised Business Records

If you’re finding it hard to prepare accurate financial statements for your business because your files are disorganised, this is a worrying sign. Poor organisation can mean poor financial and business management.

Inadequate Cash Reserves

It’s important to have cash reserves in place to deal with unexpected events, fund growth strategies and leverage opportunities as they arise. If there is no cash reserve, your business may be experiencing financial difficulties.

Our Business Debt Solutions

Turnaround

Business Restructure & Turnaround

If your company is experiencing financial distress, acting fast and implementing a business turnaround or restructure can help your company survive.

I'm Ready!
Peace-of-Mind

Cashflow Solutions

Cashflow problems generally lead to an increased risk of business insolvency. Our team can assess your company’s financial position and implement a plan to help increase cashflow and profitability.

Business-Restructuring

Tax Debt Solutions

The biggest trigger for company liquidations and personal bankruptcies is the ATO. We work with you to explore all of your options and assist you in making the right decisions to resolve your tax debts.

Members-Voluntary-Liquidation

Director Protection

There are certain circumstances where you, as director, could be unprotected by the company and held personally liable for its debts. We can help you understand the risks and help with making the right decisions.

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Voluntary-Administration

Voluntary Administration

Voluntary Administration provides your business the opportunity to combine creditor debts under a Deed of Company Arrangement, allowing you to pay back an affordable amount and continue operating.

Liquidation

Company Liquidation

If your company is insolvent, we can help liquidate it fast to protect directors and minimise losses. Our team have years of experience helping businesses move forward.

How to Reduce Your Business Debts

Prioritise Your Debts

If your business debts are spiralling out of control, our team can help turn your business finances around with a professional debt relief strategy and action plan.

Take Action Now

It’s important to tackle your business debts head-on. The longer you leave it, the harder it will be to resolve and the less options available to help your company survive.

Assess Your Finances

Make a list of all the money you owe and that you are owed so you can assess your company’s financial situation. Consider hiring an accountant or bookkeeper.

Contact Your Bank

Often banks are able to provide assistance if you’re struggling financially. Contact your bank to discuss your situation and options that may be available.

Negotiate with Creditors

Get in touch with your creditors and let them know about your company’s current financial situation and that you’re struggling with debt. You may be able to negotiate a payment plan.

Chase Up Unpaid Invoices

Following up on late payers or non-paying customers can potentially bring in some much-needed income to help the company survive.

Worried about trading insolvent? Get in touch with our professional team today to find out your options.

Get a Free 30 Minute Consultation

How it Works

Step 1: Determine if the Company is Insolvent

If your company is found to be insolvent, you’re no longer legally allowed to conduct business and the company must be wound up.

Step 2: Appoint a Liquidator

If your company is found to be insolvent, you must appoint a Liquidator to wind it up. The liquidator will take control of your company and begin to sell the assets, giving money from the sale to your creditors. Speak to us at Revive Financial about appointing a Liquidator. We will be able to advise you on your company’s situation and the potential costs involved.

Step 3: Liquidator Lodges Final Documents

Once the Liquidator has finished their Liquidation process, they’re required to lodge the Notion of Final Meeting Convened by Liquidator to complete the process. When it gets to this point, your company has officially been wound up.

Why Choose Revive Financial?

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.

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 and we pride ourselves on being able to adapt quickly to provide the most relevant and up-to-date advice to companies in financial distress.

Kym

“Very professional and understanding, took the pressure off me when I needed. Also very quick to finalise everything. Would definitely recommend them.”

What Makes Us Great

Liquidation

In-house ASIC Registered Liquidator

Bankruptcy-Trustee

In-house ASIC Registered Bankruptcy Trustee

Chartered-Accountants

CPA and CA Qualified Accountants

Business-Debt

Professional Members of TMA

Bankruptcy

Professional Members of ARITA

Business-Advisors

Rated 4.9 out of 5 on Trustpilot

Not sure if Company Liquidation is right for your business? Get in touch with our business debt specialists today for a free business health check and analysis.

Get a Free 30 Minute Consultation

Company Liquidation FAQs

How Long does Company Liquidation Last?

The time it takes to complete a Company Liquidation will vary depending on how complicated the company’s affairs are. There is no set time limit with which the Company Liquidation needs to be completed and as such, it can range from 12 to 18 months (for an average-sized company that is fairly uncomplicated) to longer (if the company’s affairs are complex). The main factors that affect the time-frame of the Liquidation are the structure of the company, its dealings prior to being liquidated and whether it will be necessary to litigate.

What is my Duty as a Director if my Business Enters Company Liquidation?

You have the same duties and obligations during the Company Liquidation period as you had prior to the Liquidator’s appointment. In addition, you must:

  • Provide the Liquidator with a report as to the affairs of the company,
  • Provide all of the company’s books and records to the Liquidator, and
  • Reasonably assist the Liquidator in carrying out his or her role.
Refusing to cooperate with the Liquidator carries a number of offence provisions.

When a Business goes into Company Liquidation, Who is Paid First?

The priority for payment of proceeds in a Company Liquidation is generally as follows:

  • Costs and expenses of the Liquidation, including the Liquidator’s fees,
  • Secured creditors,
  • Employee claims, and
  • Unsecured creditors.
Before any proceeds are paid to a creditor for their debt or claim, they will need to give the Liquidator sufficient information to prove their debt. Payments to creditors in a Liquidation are known as dividends. Each category of creditor is paid in full before the next category is paid. If there are insufficient funds to pay a category in full, the available funds are paid on a pro rata basis and the next category or categories will not be paid. Unfortunately, there is no guarantee creditors will be paid at all. This is the case when there is no money left in your company to satisfy creditor claims.

Will Company Liquidation Affect my Credit Rating?

Credit reporting bureaus do keep track of companies that enter Company Liquidation and the names of the directors of those companies. The ‘mark’ on your credit report is there, but it is unlikely to affect you if you’re applying for personal credit. For example, if you want to apply for a credit card or personal loan, it generally won’t be an issue. However, if you want to apply for a business loan, it is much more likely the ‘mark’ will be found.

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