What is Business Liquidation?
For many people, the differences between terms like business liquidation, business administration and business bankruptcy are far from clear. But when your business is in a seriously risky financial situation, it’s hugely important to have a thorough understanding of exactly what is going on – and to know precisely how the best way to respond is.
Administration is when a third party takes over the running of your business to try and resolve the situation by reaching a compromise with its creditors. Filing for bankruptcy is the act of declaring that you simply cannot pay back the debts that you owe, and results in your assets being sold and the remaining debt being cancelled.
Liquidation, on the other hand, is when your company has reached a point where it just can’t continue to operate, and the only way for the situation to be resolved is for it to be entirely dissolved, its assets sold and its affairs concluded altogether.
Naturally, liquidation is the worse case scenario for businesses that are struggling financially, and should be avoided at all costs. When a company enters liquidation, it essentially means that it is going out of business and being shut down.
When financial situations become extremely challenging and debts get out of control, it is all too easy for business owners to start to panic and believe that liquidation is imminent. This is almost never actually the case. If you act swiftly and take sensible, deliberate steps to avoid it, liquidation can always be prevented – after all, there are always options available that are far more beneficial to both you and your creditors.
The important thing is knowing where to look to gain access to reliable, trustworthy business liquidation help.
Get Business Liquidation Help from TurnAround Pros
If you think that liquidation is on the horizon for your business, it is time to call in the experts. Pick up the phone and contact a member of the highly trained and experienced team here at TurnAround Pros, and we’ll provide you with the business liquidation help that you need in order to avoid this highly undesirable outcome.
After a friendly consultation with you, a member of our friendly team will be able to form a deep understanding of your current financial situation. They’ll then offer you honest, impartial advice regarding the best course of action for you to now take, always with the intention of turning your business around and avoiding bankruptcy and liquidation.
We’ve built an excellent reputation in the industry for providing our customers with the best and most practical advice, and we’ve managed in the past to help countless businesses steer their way away from trouble and towards more stable finances in the future.
So if your business needs help and you’re worried that without immediate action liquidation may become inevitable, don’t waste any time: simply get in touch with TurnAround Pros today to arrange a free, no-obligation consultation with a member of our staff, and soon the threat of liquidation will very much be a thing of the past.
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.