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We were engaged by a company that had not been actively trading and had only operated for just over a year, primarily to hold equipment leased to a related entity. Its sole source of income came from equipment hire, which was used to service finance secured over the equipment. However, the company faced cash flow issues after receiving poor financial advice. Additionally, the Director, following similarly misguided advice, borrowed funds from the company to address personal financial difficulties. To remedy the situation, the company and the Director engaged a new financial advisor and accountant, with the Director ceasing further borrowings. At the time, the company owed $352,725 to the ATO and had a small bank loan of $18,535.
The Client’s Small Business Restructuring (SBR) plan was accepted which resulted in:
Don’t face financial difficulties alone. Our Restructuring and Recovery team specialise in creating tailored restructuring plans that address your unique challenges. Get in touch with our team to explore your options today.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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