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Business Debt Solutions Perth

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Help get your business' finances back under control

How to Enter Voluntary Administration

Have you lost control of your business’ finances and not sure how it happened? You’re not alone. Managing debt can be an incredibly stressful part of operating a business. This is a situation facing many Australian businesses today and Revive Financial is here to help. We will work with you to explore all of your options by assessing your financial position and providing you with the best solutions based on your company’s individual circumstances.

We understand that if your business is facing financial difficulties, a fast solution can be the key to keeping your company alive. There are serious consequences as a company director if you are found to be trading insolent. Further, as a director, you may be personally liable for outstanding business debt, including; overdue employee superannuation contributions, outstanding wages and unpaid tax debt. This is why it’s important to act quickly and get in touch with Revive Financial today.

Our Perth team deal with a number of different types of company debt issues. No matter the situation, we have an affordable solution to alleviate the financial pressures of business debt.

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Signs You Need to Seek Help for Your Business' Debt

If you are finding it hard to deal with business debt, it’s time to assess your options. As a company director, you may be experiencing some of the following warning signs:

  • Not paying suppliers and other creditors within the agreed payment terms,
  •  Poor cashflow and continuing losses,
  • Overdue taxes,
  • Unable to obtain further finance from existing or alternative banks,
  • Threats of legal action for debt recovery, and
  • The inability to produce timely and accurate accounts.

3 Options for Tackling Your Business Debts

How You Can Reduce Your Business Debt

Similarly to personal debt, there are always steps you can take and options available should you find yourself struggling with business debt. Before you implement a turnaround strategy or book a formal insolvency appointment, try these tips first.

Prioritise Your Debts

Identify what you can afford and when. Setting up a budget can help you understand your current cash flow situation as well as help you identify which debts should be dealt with first.

Take Action Sooner Rather than Later

It’s important to tackle the problem as soon as possible. The longer you leave it, the harder it will be to resolve.

Assess Your Current Situation

You’ll need to make a list of all the money you owe and all the money you are owed so you can assess your current financial situation. If you haven’t done so yet, consider setting up a bookkeeping system, or hire a bookkeeper or accountant to help you manage the business’ finances.

Negotiate With Your Creditors

Get in touch with the creditors you owe money to and see if you can come to an agreement to avoid penalties. Let them know your current circumstances and discuss your options such as payment plans, financial hardship provisions and potential extensions to payment dates.

Get in Touch With Your Bank

Often banks are able to give you some assistance. Contact your bank to discuss your situation, their financial hardship provisions and other options to help you get your business finances back under control.

Chase Up Any Unpaid Invoices

Following up on late payers or non-paying customers can potentially bring in some much-needed income to help the business get back on track.

Our Business Debt Solutions Depending on Your Company's Situation

Business Turnaround

A business restructure or turnaround strategy may help your company to become more profitable, without the need for a formal insolvency appointment. At Revive Financial, we offer strategic advice and planning, financial and operational restructuring and assistance on cash flow and working capital management.

Administration Appointment

The next step is to appoint a voluntary Administrator to assess your company’s financial situation. During Voluntary Administration, your company may come to an agreement with your creditors under a Deed of Company Arrangement (DOCA) to get your business’ finances back on track.

Company Liquidation

If a turnaround strategy or Voluntary Administration hasn’t helped your business, you may need to consider Company Liquidation as a last resort. Liquidation is a fast way to wind down your business and provide the best outcome to all parties involved.

Find the Right Liquidation or Voluntary Administration Experts in Perth

Although business debt is intimidating, the consequences of putting off recovery is worse. At Revive Financial we are experienced in helping businesses with their debt, including supplying advice and assisting companies develop tailored debt relief solutions.

Our team consists of business debt experts including Chartered Accountants, Registered Liquidators, Bankruptcy Trustees, Business Turnaround Specialists and Financial Advisors with over 43 years of combined experience, we are well placed to help you identify the best solution to get you out of your business debts. To put an end to your financial worries, give your local Perth team a call on  1800 861 247.

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