Insolvency doesn't usually happen overnight. There are warning signs that appear well before a business reaches the point of no return. Recognising these signals early gives you the best chance of turning things around, or at least protecting your personal position.
The top five warning signs we see are: inability to pay debts as they fall due, relying on new debt to pay old debt, consistently late payments to the ATO or suppliers, declining revenue without a corresponding reduction in costs, and personal funds being used to prop up the business.
If you're seeing two or more of these signs, it's time to seek advice. Not next month, not after the next BAS. Now. The earlier you act, the more options you have and the better the outcome is likely to be.
Many business owners we've worked with wish they'd come to us sooner. Early intervention can mean the difference between a managed restructure and a forced liquidation. There's no shame in asking for help. It's the smart thing to do.
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