ATO Payment Plan
Suffering from too much ATO debt and late paying debtors, Beat Medical in Wollongong enquired about Voluntary Administration with Australian Debt Solvers. Through organising a 3 Year ATO payment plan on reduced debt and initiating Debtor Finance, Australian Debt Solvers helped this Medical Recruitment firm achieve a much stronger business model.
One of the two Directors contacted Australian Debt Solvers, after researching Voluntary Administration on the ADS website.
We met up with them Beat Medical and listened to what the issues of the company were – primarily too much ATO debt, and debtors who paid very late (60-90 days). Our Consultant explained the VA process, what the proposed outcome would be, and what the process would cost.
The 2 x Directors agreed to go forward, and appointed Mackay Goodwin (the Insolvency Firm that owns and operates ADS) as Administrators.
Once the Administration team looked further into the business, the outcomes were:
- Significantly reduced ATO debt paid over a 3 year period, interest free – through the Deed of Company Arrangement (DOCA) process
- Commenced work with a Debtor/Invoice Finance company – to bring cashflow into the business far quicker.
The business continues to grow, and continues to use the Debtor Finance facility – going from strength to strength in the Medical Recruitment market.