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Business Debt Solutions Sydney

Don't let business debt hold your company back from performing

How to Enter Voluntary Administration

If you’re worried about your company trading insolvent, you need to act fast. When a company is in financial trouble and can’t meet its obligations to creditors and the ATO, the penalties of trading insolvent are serious. At Revive Financial, we understand businesses can come into financial distress by no fault of their own. Common causes of business insolvency include:

  • Lack of experience in commercial operations,
  • Lack of knowledge of business practices,
  • Inadequate resources to cover the costs of making the business viable,
  • Excessive spending, usually while trying to build the business,
  • Failure of clients to pay money owing or to follow through on business projects,
  • Competition,
  • Impractical business ventures, or
  • Bad Financial Management.

If your business is facing insolvency, you need to seek professional advice as soon as possible to give your business its best chance for survival.

ATO Tax Debt Notices You Need to Avoid

Director Penalty Notice

A Director Penalty Notice (DPN) is a Notice that the Australian Taxation Office (ATO) can send if you have unpaid tax and superannuation liabilities. A DPN only gives you 21 days to either pay the debt in full or risk being held personally liable.

Garnishee Notice

The ATO can issue a garnishee notice to your bank that requires them to pay your money directly to them to reduce your debt. This means the ATO can take thousands without your permission which can cause major harm to your business.

Statutory Demand

As a final resort to recover unpaid taxes, the ATO can issue your company with a statutory demand. You are required to pay the entire debt or enter into a payment arrangement, or risk the ATO applying to the courts to wind up your company.

If you have received any of the above, you must seek advice immediately before your business is given no choice but to go into Liquidation.

3 Options for Tackling Your Business Debts

How to Avoid Business Insolvency

Look for the Warning Signs

Pay attention to how your business is performing. As a company director, it’s easy to get caught up in the day-to-day operations of your business, forgetting to make the time to assess how you are performing financially. If the bank is bouncing your cheques, suppliers are pushing you for payment and you’re finding it hard to get credit, make sure you treat this as a sign that you need to take action.

Focus on Increasing Cash Flow

Cash flow is the lifeblood of any business. If your clients aren’t paying their bills, it puts a strain on your entire business and can limit your growth. Implement a solid billing and debt collection system, get invoices out promptly and follow them up regularly.

Stay on Top of Your Payments

You need to make sure you pay your own debts, or at the very least, organise a payment plan. All it takes is for one demanding creditor to sue and if you don’t have the money to repay them, a judgement will be taken out and signal to your other suppliers to withdraw their credit. If you aren’t keeping on top of debts, things can get out of hand very quickly.

Business Debt Relief Solutions

Debt Consolidation

Business Loans

Business Turnaround

Business Restructure

Voluntary Administration


Revive Financial Business Debt Experts on Hand to Help Your Business Thrive

If your business is experiencing financial difficulties, you need to act quickly to reduce the chances of a formal insolvency appointment. As a company director, it is your responsibility for your business debts and therefore the ATO won’t hesitate to take action against you when necessary.

At Revive Financial, we have extensive knowledge on all available options for businesses in Sydney facing a debt crisis. We can help you get back to a positive cash flow. If this is not possible, we can Liquidate your company fast so you can step away from the stress and get back to what matters most.

We have been assisting companies in Sydney and New South Wales for years. Our team consists of Financial Advisors, Business Debt Experts, Chartered Accountants, Registered Liquidators, Bankruptcy Trustees and Turnaround Specialists who will act swiftly to implement a tailored solution to best fit your needs and financial position. To regain control of your business’ finances, give our Sydney team a call on 1800 861 247.

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