Business Debt

In Australia’s changing economic climate, even the most successful business can fall prey to volatile market conditions and cash flow pressures. In these situations, it’s vital to identify, assess and respond to the signs of company turmoil to give your business the best chance of survival.

As a company director, you know when your business is in trouble. You may be experiencing some of the following warning signs:

• You’re finding it hard to prepare accurate financial statements for your business because your files are messy and disorganised,
• You have a negative working capital,
• Your personal funds are being used for the business, or
• Creditors are starting to chase you for payment.

Lanyana Financial Group can assist you with a range of formal and informal business debt relief options to help alleviate the stress associated with business debt and turn your business around.

If you continue to trade your business while it’s insolvent, there are serious penalties and consequences attached such as civil penalties, compensation proceedings or even criminal charges. In some cases, you can be held personally liable for your business’ debts.

The Corporations Act 2001 provides some statutory defences for company directors. However, you must stay on top of your company’s financial position to rely on these defences. When your business is struggling with cashflow issues, it can be difficult to identify the source of the problem – let alone take steps to rectify it. Lanyana Financial Group specialise in helping eliminate business debt so you can move forward debt free.