Loans company Paid International, a former Smart50 finalist that turned over one million in revenue in its first year of trading, has collapsed into voluntary administration. The company, which was founded by Tim Dean in 2009, turned over $12.3 million in the 2013-14 financial year, up 50% from the year before. The company also has two subsidiary businesses: Mr Tax Refund Pty Ltd, a tax returns and finance group, and Lead Fish Pty Ltd, a lead generation company.
But despite the strong growth and diversification of Paid International, administrators were appointed to the company on 22 January 2015. This follows an eventful year for the company, which included an enforceable undertaking by the Australian Securities and Investments Commission in October where Paid International had to repay $1.128 million to 6,650 customers who were charged excessive loan fees.
Cases like these go to show that insolvency can happen to any business, whether they have big established corporate names like Paid International or are just starting out. As seen in the case of Paid International, even with a history of great success, unforeseen circumstances can occur, making your business unable to pay its debts as they fall due.
If your company is facing insolvency, Insolvency Services Australia (ISA) can help. ISA provides expert and professional services in all areas of corporate insolvency administration. We have a team of fully licensed and registered insolvency specialists who can commence most assignments within 24 hours of consultation.
At ISA, we pride ourselves on our high levels of customer service at the lowest prices. ISA understands that corporate insolvency is financially taxing so we will match any written quote for fees from competitors, meaning you pay less with us.
Call our 24-hour hotline on 1800 003 883 to speak to one of our expert staff. You can be confident that the person who takes your call will handle your case from the beginning to the end. Understanding the sensitivities of corporate insolvency, we will always respect your privacy. Your company may remain anonymous until you feel comfortable to proceed with our services. Contact us today for more information on how we can help your business recover from its debt situation.