The continuous lockdowns in a number of states in Australia is having a crippling effect on business. Many businesses won’t survive. But if you want to give your business the best chance of survival, we can help.
How can we help?
We can assist businesses with:
- Cost reductions including with staffing and rent;
- Negotiating settlements or payment arrangements with trade creditors;
- Negotiating payment arrangements and reductions of interest and penalties with the ATO; and
- Helping you deal with your landlord, bank or other large creditor.
What else can we do?
We also help company directors put strategies in place to minimise financial risks to them personally. Or, if it is too late for this, take steps to reduce exposure and risk.
This can include advising on action to take to minimise risks of:
- ATO Director Penalty Notices;
- Personal Guarantees;
- Insolvent trading; and
- Transactions with related entities, which can cause problems down the track.
A recent example of how we helped a client
Recently, we were referred a retail client who had Covid-19 debt problems. She had a business with five retail stores. There was one store in particular, in the Brisbane CBD, which was losing money because of a significant reduction of foot traffic in the CBD due to Covid-19 and people working from home.
We were able to help our client surrender her Brisbane CBD lease two years early and move out of the loss-making store. This gave her remaining four stores a much better chance of surviving, as they didn’t have to cover the losses the CBD store was making.
If we had not negotiated the surrender of the lease then our client would have either had to trade the loss-making store for another two years or she would have shut the store, but still been liable for at least some future rent.
Contact us for help
Getting help starts with a phone call. If you want to discuss the impact of forced lockdowns on your business and avoid liquidation, get in touch with us for a free confidential discussion.