Struggling with Business Debt?
Running a business takes passion, dedication, hard work, intelligence and a little bit of luck. So when your business takes a turn, it can be devastating. 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’s vital to identify, assess and respond to the signs of company turmoil to give your business the best chance of survival.
Debt Rescue can assist you with a range of formal and informal business debt relief options to help you turn your business around. If you are struggling with business debt, give us a call today to see how we can assist you.
What are the Benefits of seeking Business Debt Advice?
There are various penalties and consequences for companies that continue trading while they are insolvent. In some cases, the directors of these companies can be held personally liable. The consequences can include civil penalties, compensation proceedings or even criminal charges.
The Corporations Act provides some statutory defences for directors. However, directors must stay on top of the company’s financial position to rely on these defences.
Know all your options so you can make the best decision for your business.
Consult with professionals who know the ins-and-outs of business debt solutions.
Avoid harsh penalties by being proactive about your business finances.
Use this as an opportunity to fine-tune and improve your business.
When to seek help for Business Debt
Business owners can unexpectedly come under financial duress because of circumstances out of their control. There could be changes in the economy, a customer might not pay an account, you could lose a vital contract or your debts could simply become unmanageable.
If your company is experiencing financial pressures, you should assess its solvency situation. If it looks as though your business is heading towards insolvency you need to take immediate action.
When considering strategic action, it is important to be realistic about your financial situation. We recommend seeking an expert opinion from an experienced insolvency advisor. Having a professional look at your situation with fresh eyes will often produce the best outcome.
Some of the warning signs your business is headed towards insolvency include:
- avoiding lodging or paying your financial liabilities on their due date
- being unable to afford debts to suppliers, creditors and stakeholders
- struggling with cashflow and having enough liquidity
- making promises you know you can’t keep
- finding funding from banks and other lenders is hard to come by
- lacking the passion and drive you had when you first opened
Specialist Business Debt & Insolvency Advisors
If your business is experiencing financial problems, you require specialist, expert advice from an experienced company. That is why we work alongside our partner companies, RJH Accountants and ReVIVE Financial to provide business debt solutions to people in need.
They specialise in providing expert service and advice to companies in financial difficulty. Its down-to-earth, practical approach means every case is treated with consideration and expertise.
Their skilled consultants are experienced in helping small, medium and large businesses from a diverse range of industries.
They understand the urgency of these matters and pride themselves on being able to adapt quickly to provide the most relevant and up-to-date advice to companies in financial distress.
Business Debt Options
Business Debt Negotiation
Through our partners at RJH Accountants, we can negotiate on your behalf with your creditors to look for an informal debt agreement, a debt settlement, a partial or complete waiver of your business debts.
We can review each area of your business to uncover any major financial issues and draft a comprehensive action plan to get your business back on track.
We can attend to a Voluntary Administration of your Company which allows the business to continue trading while undertaking a formal restructure that includes a compromise with your creditors.
As Registered Liquidators, we can manage the Liquidation of your Company, helping the directors to comply with their statutory duties by wiping the debts and deregistering the company.
Need Help with Business Debt?
When your business is struggling with cashflow, it can be difficult to identify the source of the problem let along take steps to rectify it. If you need help with your personal and business debt, give Debt Rescue a call. We have partnered with specialist debt negotiation Accountants and experienced Insolvency Advisors to offer a complete range of debt relief services. We can help you prioritise your debts and solve your financial issues, one step at a time.