For years, Debt Rescue has been helping individuals with their personal and business finance by providing a range of debt relief solutions. One of the solutions we specialise in is business debt services.
Whether you are a sole trader or owner of a Pty Ltd company, every business faces a few bumps on the way to success. However, at times these bumps can steer you in the wrong direction. We are here to help you get back on track! Many businesses are confronted with issues where they are faced with huge amounts of debt. One of the main reasons is because the business wasn’t fully insured and as a result, ended up paying a costly sum.
Case Study - Electrical Fire at Local Restaurant
A local restaurant had a fire in the kitchen, caused by an electrical fault. This fire caused significant damage to all of the kitchen equipment, and unfortunately most of the pantry stock. Smoke damage destroyed the seating area. The restaurant was unable to operate for 3 months due to damages meaning no income to make amends. During this time, the bills piled up through rent, suppliers, and trying to fix the extensive damages. Four full time staff were still expecting pay, and the owners were left distraught and considered selling their house to pay the debt. With no insurance, they felt that they had no way out. Fortunately, they contacted Debt Rescue, who were able to offer them a business debt relief solution and get them back on track.
For both Pty Ltd companies and sole traders, this cost can heavily impact your personal finance. Debt Rescue recognised this issue and teamed up with Revive Financial. We can now provide a complete range of debt relief solutions and business debt services. Revive Financial invests significant time to ensure their team of trained professionals can help you with your financial situation. The team consists of chartered accountants, Registered Bankruptcy Trustees and Liquidators regulated by Australian Securities and Investment Commission (ASIC).
Revive Financial is also a member of a number of associations including:
- The Australian Restructuring Insolvency Turnaround Association (ARITA)
- Turnaround Management Association (TMA)
- The Institute of Chartered Accountants in Australia (CAANZ).
Together with Revive Financial, Debt Rescue can now help you with voluntary administration, winding up your business and business turn around.
If your business is beginning to struggle financially, there are things you can do to turn it around. Sometimes you need to take a step back, review your business structure and try again. We can help you go over your business, identify areas for improvement and implement a turnaround plan
For short-term cash flow restrictions or if you hit a bump in the road, you may consider Voluntary Administration for your business. It allows you to continue trading while undertaking a formal restructure. In the voluntary administration period lasts for 20 days which allows you to negotiate with your creditors and improve your situation.
If your business can’t be turned around, its time to look at Company Liquidation, or winding up during which a liquidator will be appointed to wipe the debts and deregister the company. Company Liquidation helps the directors comply with their statutory duties to prevent them from trading insolvent.
Get Help for Business Debt Now
If you are looking for help with your personal or business finance, call us today on 1800 560 575. You can read more about how we can assist your business by visiting our Business Debt page or call us now to speak to a Case Manager.
For more information on business debt and how we can help, check out our business debt page.