In the current financial climate, companies and individuals alike can find themselves in debt for a range of different reasons. The way in which debt is dealt with can dictate the severity of the financial damage and the repercussions it creates.

Due to companies and individuals failing to deal with debt demands and notices, they are often faced with the possibility of liquidation and bankruptcy. In this scenario, where the debtor has made insufficient efforts to address notices and demands issued by the creditor, a Statutory Demand can be issued.

This demand requires the debtor to pay all debts within 21 days and although a file to the court can be submitted to fight the claims, businesses are still at threat of liquidation and bankruptcy.

To avoid situations such as this, debtors also have the opportunity to put forward proposals to undertake Part 9 and Part 10 Agreements. If accepted, this proposal allows the debtor to pay the total of their debt over a set period of time with specific payment amounts.

Like the circumstances that can lead to debt trouble, the ways in which to deal with debt are also varied. At What is Debt we are equipped with corporate financial experts that can provide you with the knowledge and guidance to navigate your agreements in a financially feasible manner. What is Debt is dedicated to providing prompt and effective remedial action to avoid catastrophic events like liquidation and bankruptcy, to secure you a stable financial future.