What is Turnaround Debt Management?
To us, turnaround debt management means guiding a business or an individual through financial difficulties and making sure they achieve the best outcome possible.
Businesses have limited options depending on their circumstances and how early a business owner reacts to their financial position. An owner or director must acknowledge and identify that they require assistance; they must change the way they operate and be brave enough to take the necessary steps to implement what is required to alter the outcome.
Early signs that a company or business may need a turnaround strategy include -
* Revenue that does not cover expenses
* Inability to pay creditors in a timely manner
* Receiving legal notices such as a statement of claim or a wind up notice
* Having to reduce staffing levels because you can't afford them
* Unable to repair equipment due to a lack of cash
* Service is suffering because you can't afford enough staff to handle the work load at critical times
* Employees leaving because they are not happy
* Profits diminishing
Early signs that an individual may require a turnaround solution -
* Over spending on credit cards
* Receiving legal or debt collection notices
* Personal guarantees on business debts where the business has or is failing
* Don't have enough money to pay bills
Turnaround management is a process dedicated to changing the environment in which you find yourself regardless of whether you are a business owner or as an individual with a view and willingness to improve the financial circumstances.
We will listen to your situation and offer a cost and obligation free assessment of your options.
Worried about opening the mail or answering the telephone? We may have a solution.
Have you received a wind up notice or other legal documents?
If you don't act quickly your options may diminish and you could lose your business and if you have given personal guarantees, your home.
Talk to us about your financial situation and we will assist with the development and implementation of a turnaround strategic plan suitable to your needs. If you're struggling to pay creditors and have a view to keeping your business operating you may require the services of an external administrator. This will relieve the stress and pressure normally associated with these circumstances; we can help facilitate the appointment of an Insolvency Practitioner. We work for you, not the creditors and attempt to achieve the best outcome for all parties.
If you contact us early enough we can build a foundation that should avoid the need for an external administrator and provide you with greater control. We can work with you on a short or long term proposition depending on your requirements. Your options may be time sensitive so the earlier you contact us the better the outcome.