Let us help you recover your company through a tailored solution for your business
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 instability to give your Newcastle-based business the best chance of survival. Luckily, there are multiple debt solutions which can help. Revive Financial can assist you with a range of informal and formal options to help turn your business around.
Business Insolvency Early Warning Signs
- Missed BAS lodgements or payments.
- Unpaid superannuation.
- Disorganised business records.
- Negative working capital.
- Using personal funds for your business.
- Creditors chasing payment.
- Failed ATO payment arrangements.
- Customers not paying up.
- Excessive staff turnover.
3 Options for Tackling Your Business Debts
Revive Financial Business Health Check
To help you better understand which business debt solutions are available and which one will work best for your circumstances, we have developed a business health check report. Our tailored report is produced with a fast turnaround, generally between 1-2 weeks. It includes a comprehensive analysis of your business’ financial health, outlines the options available to you and provides guidance to make the right decisions for your business moving forward.
The business health check includes:
- An initial assessment with our in-house ASIC Registered Liquidator,
- Assessment and summary of recent and current financial performance and position,
- Review of business benchmarks and your company’s working capital position, and
- We assess applicable indicators of insolvency.
We Can Help Implement a Successful Business Turnaround Strategy
If your business has what you think is a bright future, but debt levels are currently too high, then this is where a business turnaround can help. Through this process, we can turnaround your business, reduce debt levels and bring your business out of debt and back towards a positive future. For a successful business turnaround, there are 7 key questions that need to be asked:
- Is there evidence that the core business is viable?
- Can key stakeholders be managed and motivated?
- Does management have sufficient credibility?
- Is your business’ reputation still intact?
- Can you obtain sufficient credit from suppliers?
- Can you secure internal and/or external funding?
- Is there sufficient cash flow funding?
Once these questions have been asked and answered and its established your business can be rescued, a turnaround plan needs to be developed that allows enough time and financial resources to address your business’ fundamental problems by tackling the underlying causes of the failure.
How Voluntary Administration May Save Your Business
Voluntary Administration (VA) is available if your company is in financial difficulty to help save your business and avoid insolvent trading. It is a process where your company is placed in the hands of an independent person, the Administrator, who can assess all of the options available and generate the best outcome for all parties involved.
The primary purpose of VA is to provide you a flexible procedure which enables your company time to attempt a compromise or arrangement with your creditors, which may save your company, its business and jobs while maximising the return to your creditors. It is a way to trade out of your financial difficulties at a time when you are unable to pay your debts.
VA should be considered before Liquidation. However, if your company cannot formulate a proposal that is agreed upon by both creditors and directors, VA can be used to easily and inexpensively wind up your company.
We Offer Company Liquidation as a Last Resort
Company Liquidation is a formal insolvency procedure in which your company is brought to an end: all of your assets are liquidated and the proceeds from the sale of assets is used to repay your creditors. If your company is showing warning signs of insolvency, Liquidation may be the right solution for you.
As a director, Liquidation helps to protect you from insolvent trading, from becoming personally liable for tax debts that could result from a Director Penalty Notice and relieves you from worry and stress, by legally bringing the affairs of your company to a close.
Helping Thousands of Businesses in Newcastle Recover from Out-of-Control Debts
At Revive Financial, we understand how difficult it can be to manage your business’ debt. That’s why we pride ourselves on finding the right solution for your business debt problems in a compassionate, caring and efficient manner. We will work with you to implement a positive solution so you can regain control of your business’ finances.
We have a fully qualified team consisting of Chartered Accountants, Registered Liquidators, Bankruptcy Trustees, Turnaround Specialists and Financial Advisors who have years of experience assisting companies with financial hardship in Newcastle. Get in touch with our Newcastle team today for a free 30-minute consultation on 1800 861 247.