As a business owner, you know when you’re having financial difficulty. You’re falling behind on payments, suppliers are knocking at your door, your stress levels are soaring. However, while you may be aware things need to change, you might not realise just how bad the situation is.
To help you understand what a statutory demand is and what the implications of receiving one are, we’ve answered all the questions for you.
Our recent café client was having a tough time. They’d been trading for five years, propping up cashflow with personal cash and credit cards, and had planned to close. Now, just three months after contacting us, they’ve had their best month of sales ever and we are all wearing big smiles.
Below is an overview of the three options available for directors to prevent business failure. The key to better outcomes is getting in early. Don’t delay implementing improvements or seeking professional help to keep your business afloat.
For all company’s operating in our unstable modern economic landscape, it is vital to understand the differences between liquidation, administration and bankruptcy – before making any financial decisions.
After years of working to build your business from the ground up, the thought of losing it all because your personal finances are dire is a nightmare. It is still possible to keep trading as a sole trader if you are bankrupt or personally insolvent.
Explore differences between bankruptcy, insolvency, & liquidation in Australia. Learn signs & get guidance from Revive Financial.