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Trying to rescue a struggling business can be a harrowing experience, with the threat of insolvency lurking behind every business decision. Financial troubles in your company are often caused by external factors that may be beyond the control of directors or shareholders. Whatever the reason, when problems begin it is important that the company acts calmly and quickly.
If you are trying to turn your business around, there are financing options available. Learn more about them, and if it could be an option for your business, in this guide.
Some lenders in Australia specialise in restructure and turnaround finance. These services can provide you with the necessary funds to keep yourself trading, and also help you identify the changes that will need to be made to recover. Restructure finance can also help you finalise trading while minimising further loss to the business.
100% confidential application
An unsecured business loan with online application and no upfront or early repayment fees.
Depending on the lender you opt for, restructure finance can provide you with a selection of potential routes to go down:
A restructuring company works with you to analyse all aspects of your business, identify areas for improvement and find where profitability can be increased. It can also provide support and advice for stakeholders who may be unsure of what to do next.
If you are consistently falling behind with your payments, you can opt for debt restructuring to have the company help you negotiate with creditors to give you more time to pay or find alternative funds and payment plans.
For a business feeling the effects of a sudden drop in sales, a short period of assisted cash management can help ease the minds of stakeholders and creditors. This will often include methods such as improving the company’s forecasting models and reviewing its cash requirements and management options.
An independent administrator will be appointed by the director to assess the likelihood of the company being able to continue trading. This will usually involve meeting with creditors and attempting to come to an agreement regarding missed or overdue payments.
This involves the bank or another influential creditor appointing a receiver with the sole objective of recouping funds to settle the company’s debts. This can sometimes be achieved by selling assets, but may require the sale of the entire company.
The avenue you choose will depend on the current status of your business and what you need out of the loan. Whatever you decide to do, there are a few issues that should be kept in mind:
If outstanding invoices can help turn your business around, then you may want to consider invoice financing. It's a type of business loan that comes with reduced risk, no asset requirements or interest payments.
Compare the invoice financing products below.
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