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The Client is a civil construction contractor based in the Grafton and Coffs Harbour region, operating predominantly across the Eastern States of Australia and Northern New South Wales (NSW). The company had accumulated debts totalling $336,560 that it could not repay and was facing the prospect of appointing liquidators if a restructure was not achievable.
Since 2020, the business faced compounding financial challenges over several years:
We were appointed as the Small Business Restructuring Practitioner to assess the company’s financial position and prepare a formal Restructuring Plan in collaboration with the company’s Director and Accountant.
We worked with the Director and his Accountant to review the company’s financials, assess the position of the Company and its future viability and gain creditor feedback on a proposed Plan. As part of the process the director gained a better understanding of the financial position of the Company, preparing budgets and regularly monitoring cashflows. This review shifted his focus to:
The Plan included instalments over a period of 12 months with a return of 19.04 cents in the dollar, which would lead to a better return to creditors than if the Company were wound up. This was accepted by a majority of creditors under the Plan and a pleasing outcome for the business. This Small Business Restructure of the Company will:
“Every week I was dreading dealing with my ATO debt—no matter what I did, I just wasn’t getting anywhere. I finally put my ego aside and spoke with the team at Vincents to get a solution.
I was in uncharted territory and thought the process would be painful but it ended up being the easiest and best thing I’ve done for my business. The team was beyond helpful and genuinely cared about getting me back on track. It’s made a massive difference to my business and peace of mind.”
Quote from the Managing Director
Our Restructuring and Recovery specialists work closely with business owners to stabilise operations and deliver better outcomes. Talk to our team today about your options.
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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