Reduce your unsecured debt by 80% or more with voluntary administration
Reduce your unsecured debt by 80% or more with voluntary administration. Here’s how: Too many times I speak to directors who are trying to handle things too late in the insolvency process. Did you know that if your company is in financial distress, but if you get on the front foot you could reduce your unsecured debt by over 80%? If you believe you’ve got a viable business, if it wasn’t weighed down by unsecured debt, then restructuring may be a good option for you.
So how does restructuring or voluntary administration work? Well once an administrator is appointed, they work through what’s called a “Deed of Company Arrangement,” which is basically an offer to creditors. And that offer usually comes in at around 20 cents on the dollar, i.e. an 80% reduction in your unsecured debt. You, as director, continue to trade the business and the administration process winds down normally after about a month.
So would the administration process make a significant impact on your business? Well, the answer is probably, “Yes.” So, before you get a judgment before you get a statutory demand, dare I say it before you get a Wind-Up notice, you should really think about whether restructuring may be a good option for your business. We’re experts in this area. We’ve helped a lot of companies in a lot of different industry sectors through this process, and we’re happy to help and talk to you. So please call us now, 1300-789-499.
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