There are many options available to assist businesses through this tough time, but the key is to be aware of, and understand those options; and work out a solution to meet your personal circumstances.
It is vital that you approach an advisor, an expert in the insolvency industry, sooner rather than later. The earlier we can work together; the more options are available and the costs can be significantly less. But more importantly, the survival rate of the business is higher.
58% of businesses that are placed into liquidation have less than $10,000 in assets. With over 20 years’ experience as a liquidator and trustee in bankruptcy, the most common mistake I see is business owners seeking advice too late.
For the past 12 months, my business partner and I have been fortunate to assist the Federal Government in developing the new the statutory framework that has been proposed with small business in mind and is designed to make it easier for small businesses to survive the current recession. I look forward to sharing my experiences with you.