How to Deal with Business Insolvency
After going through an extremely difficult period financially, your company may well enter the phase of business insolvency.
Essentially, this means that it has reached a point where it is in a serious case of financial distress and is now simply unable to meet its financial obligations and pay back its creditors on time. When this happens, you can often be forgiven for presuming that bankruptcy is now inevitable.
But you’ll be pleased to know that this is in fact not the case. Whilst bankruptcy is sometimes the right solution for certain businesses and individuals, it is most definitely not the best cure for the majority of business insolvency cases.
Bankruptcy simply isn’t the ‘fresh start’ that people often think of it as. Of course, it does lead to your remaining debts eventually being paid off – but not before your existing assets have been sold to pay for as much of your debt as possible. Furthermore, your bank accounts will be frozen and financial transactions will become extremely inconvenient for the foreseeable future.
As well as all of this, you’ll be placed permanently on an electronic register which is publicly available, meaning that the memory of your past bankruptcy will linger over your business permanently. So it goes without saying that bankruptcy should only ever be considered as a last resort.
Instead, consider the other options that are available to you: entering into a Part 10 Debt Agreement, or submitting yourself for voluntary administration, for example.
These options give you the possibility of reaching a compromise with your creditors and avoiding the negative consequences of filing for bankruptcy – and they’re more straightforward to achieve than you might think!
Get Business Insolvency Help at TurnAround Pros
Here at TurnAround Pros, we’ve built a strong reputation in the financial and debt management advice industry for providing our customers with superior levels of service and maximum support. Over the years, we’ve helped businesses in terrible financial situations turn themselves around and start off on the road to financial security and prosperity without resorting to bankruptcy.
Our team of friendly and knowledgeable experts work closely with each and every one of our customers to gain a deep understanding of their current financial predicaments, before helping them come up with solutions that are tailored to their particular circumstances.
With our help, you can be sure you’ll be able to reach a compromise with your creditors or swiftly enter into administration in order to buy yourself the time and space you need to focus on dealing with your financial situation.
Our team will then help you put your affairs in order and build for the future, giving you the best possible chance of avoiding the dreaded bankruptcy.
We’ve helped many companies avoid bankruptcy before, and you can be our next case. So if you’re currently in desperate need of business insolvency help, don’t delay: get in touch with a member of staff today to arrange a free, no-obligation consultation with one of our experts.
TurnAround Pros are Queensland’s best professionals for financial distress. If your business is becoming insolvent or you are facing bankruptcy, you are not alone. Work with debt advisors who will help you find alternatives to bankruptcy. Visit our website or call us on 1300 518 070 to learn more.