Home Small business support Should I close my small business?
Small business support

Should I close my small business?

Thinking about closing your business?

If you are considering closing your business, it’s really important to know that help is available, if you need it.

Accessing expert advice

If you have specific questions about your situation, we encourage you to talk with an expert for advice on your business’s viability and other options you might not have considered.

The Partners in Wellbeing helpline (1300 375 330) is a great resource that offers free access to qualified professionals including:

  • business advisors who can help you address critical challenges in your business, including in relation to:
    • financial management
    • strategic planning
    • risk management
    • business closure
  • financial counsellors who can help with:
    • accessing government grants and supports
    • understanding options and priorities when it comes to debts and processes when it comes to insolvency
    • negotiations with insurers, lenders and creditors, and repayment arrangements
    • referrals to experts in accountancy, law and insolvency
  • wellbeing coaches who can provide:
    • tailored wellbeing support to help you manage professional and personal issues
    • support to explore new strategies and routines, and wellness planning
    • referral to local, sustainable support services (e.g. GP, psychologist).

Further supports

Insolvency processes

Australia’s insolvency processes now include new solutions for companies with less than $1 million in total debt:

  • The debt restructuring plan is where the director stays in control while they develop a plan to restructure their company with the help of a practitioner.
  • The simplified liquidation process is a streamlined creditors’ voluntary winding up for eligible companies.

Find out more about these and other options by visiting the Australian Securities and Investments Commission website.

More information

If you would like to talk with a member of our team about our supports and ways we can help,  you can contact us on 13 8722 or at enquiries@vsbc.vic.gov.au.

 

Related information