If your company is facing unmanageable debts, initiate Voluntary Administration to get it back on track
Voluntary Administration Can Help Turn Your Business Around
Voluntary Administration or VA is an insolvency procedure which includes the appointment of an external Voluntary Administrator. Usually, it’s initiated by your company’s directors, or by a secured creditor. VA is used regularly by companies in distress, mainly because directors are required to take steps to avoid trading while insolvent as it can attract severe consequences. It is a criminal offence to knowingly incur debts while insolvent. As a company director, you could also be held personally liable for your business’ debts.
To avoid insolvent trading and the personal liability risks involved, its best you act fast and make a genuine attempt to turn your business around before it’s too late. Implementing a business turnaround or restructure could be an option before you initiate a Voluntary Administration. However, if you wait too long, Company Liquidation may end up being a last resort.
The Advantages of Voluntary Administration
Voluntary Administration offers a number of advantages if your company is in trouble. It can facilitate a turnaround, help you explore your options and protect you from the legal risks of trading insolvent.
Why Choose Revive Financial?
At Revive Financial, we understand the importance of working together to find the right solution for your company’s financial problems. Our expert team of Chartered Accountants, Registered Liquidators, Bankruptcy Trustees, Turnaround Specialists and Financial Advisors have over 43 years of combined experience helping Australian businesses through the Voluntary Administration proves in Newcastle.
We have been supporting local businesses regain their financial stability, from companies in clothing services to commercial sales industries who rely on our professional service and advice to guide them through the Voluntary Administration process and get their business back to trading profitably.