For Businesses Owners & Company Directors
Facing insolvency or bankruptcy can be daunting, but understanding your options and knowing how to navigate these challenges is crucial.
Insolvency is tough, but it's not the end. With the right guidance and a proactive approach, you can navigate through this and emerge stronger.
“ If you’ve done it once you can do it again”
- The Divinyls
At TTJ Advisory, we offer a comprehensive range of insolvency services tailored to support companies facing financial challenges and their creditors.
How we can help business owners and company directors.
Here are some common factors that can lead to business insolvency:
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Poor Cash Flow Management
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High Levels of Debt
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Reduced Demand
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Operational Inefficiencies
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Economic Conditions
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Regulatory Changes
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Management Issues
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Supply Chain Disruptions.
Business owners and company directors should stay vigilant for signs of insolvency, as early detection and professional intervention can prevent further financial decline.
If your business, or a client’s business, is under financial strain, it's crucial to act swiftly and explore available options.
How Can TTJ Advisory help you?
At TTJ Advisory, we offer a comprehensive range of insolvency services tailored to support companies facing financial challenges and their creditors.
Find out more about each of our insolvency solutions below.
What does insolvency mean:
Insolvency occurs when an individual or an entity like a company is unable to meet their debt obligations as they become due.
There are two forms of insolvency:
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Personal, which pertains to individuals,
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Corporate, which pertains to businesses.
Each form is governed by its own set of laws, rules, and regulations.
A business might become insolvent for various reasons, often due to a combination of internal challenges and external pressures.
Court-ordered Liquidation
Court Liquidation occurs when a company is wound up by the court typically due to insolvency, following an application by creditors or the company itself.
Creditors Voluntary Liquidation
Creditors' Voluntary Liquidation (CVL) is initiated by the directors of a company when it is insolvent and unable to meet its financial obligations. TTJ Advisory helps manage the orderly winding up of the business, ensuring fair distribution of company assets to creditors and assisting in the closure of the company under financial distress.
Director Penalty Notices
As a company director, your responsibilities are significant and diverse, encompassing the management of your company's operations, finances, and compliance with legal obligations. One critical aspect that can have profound implications is the Director Penalty Notice (DPN) issued by the Australian Taxation Office (ATO).
Understanding and effectively managing DPNs is crucial to safeguarding your personal financial future.
Receivership
Receivership involves the appointment of a receiver by a secured creditor or the court to oversee the company’s assets and operations to repay specific debts.
Small Business Restructuring
TTJ Advisory plays a crucial role in Small Business Restructuring by working closely with small businesses to negotiate terms with creditors and restructure debts. Our structured process allows businesses to continue operations while resolving financial distress, thus securing the company’s future and maintaining jobs.
Voluntary Administration
Voluntary Administration allows TTJ Advisory to step in as an independent administrator to assess and restructure your financially distressed business. Our goal is to maximise the chances of the business continuing, or to provide a better return to creditors than immediate liquidation would.
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