Whether you are a company director or an individual dealing with unmanageable debt, timing is a crucial factor that could prevent the situation from becoming worse. Seeking professional advice early can alleviate pressures from creditors and can provide a resolution to unpaid debts.
If you suspect that your company is in financial distress or may become insolvent at some stage in the future, it is important to seek professional advice immediately. The earlier you seek professional advice, the higher the probability of business survival. More importantly, if you are aware your company is insolvent (it can no longer pay its debt), and you continue to incur further debt, you may face serious consequences including civil penalties, criminal charges and compensation proceedings for insolvent trading. For more information on how you can be protected from insolvent trading, refer to Safe Harbour.
If you are noticing any of the warning signs, it is important to speak to a qualified professional. Contact our team on the SV Partners confidential assist line, 1800 246 801. Also visit our Indicators of Insolvency Checklist.
If you are an individual and can no longer pay your debts, it is time to seek professional financial advice immediately. The sooner you seek professional advice to fix the situation, often the better resolution to alleviate the pressure from creditors.
If you notice these signs, seek help immediately before the situation becomes worse. It is better to face your situation together with a professional, regaining control of the situation. Call our confidential assist line on 1800 246 801 to talk to one of our professionals that can assess your options.