Just like everything else, business liquidations too can be good or bad; i the sense, what’s bad for the business facing liquidation might prove good for some other business that might profit greatly from the former one’s liquidation sales. It will help the other business get things for less. That sounds cruel, but that’s how the world goes.
You already know what business liquidation means, so let’s get down straight to the point. However, you should be informed that if your assets, after selling, doesn’t cover the outstanding debts fully, the only way you can save yourself is by filing a bankruptcy.
But that comes later. First, create a list of all assets that can be liquidated without shutting down your business. You’ll be surprised by the amount of assets that you can liquidate. Selling them off first won’t make you feel uncomfortable. This you can do without the help of a liquidation consulting firm. If you need help, reach out to business consultants. You will be surprised to know about the avenues for liquidation that will help you have your cake and eat it too! For bankruptcy - though it gives you an immediate relief - is going to haunt you over long-term and will hamper your economic progress in the following days. This will also help you to pay off some of your debts and might also support your financial struggle up to quite a bit. It is better to focus on corporate liquidation and franchise liquidation for the short-term than to file a business bankruptcy that will affect you for the long term.
Should you want to wring the max out of the liquidation process – which we think you would – try for the business Voluntary Insolvency auctions. This sets you free from the confinements of getting things done locally, for such auctions are a global phenomenon and they also occur online. Despite the auction houses keeping their cut, you might end up fetching a price for your sellable items more than what you had expected. The extra money you get that way might help you even to set up another business later on.
What will work out best for you can only be determined by trained professionals; in other words, by the Business Administration Consultants. For, it will require analysing your entire business structure, pointing out department and equipment redundancies and many such other intricate factors. Without taking them under consideration, your Business Insolvency Advice attempts – wholly or partially – will not work out to bring the desired relief and also might backfire, turning your situation worse than before.
Additionally, they can guide you to a new structure for another or even your existing business following partial liquidating, such as merging with another company, which is also a very lucrative step to take for the other company might just agree to pay your still-existing debts!
DCL advisory has been providing strategic, operational and financial advice to Australian companies In extremely bad cases the experts can make the process of liquidation less painful for the business owners and the employees.This will also help you to pay off some of your debts and might also support your financial struggle up to quite a bit.