In this Case Study, My Business Path stepped in to assist the business through a Winding Up Application, Business Restructure and Voluntary Administration. A plan was devised that saw creditors paid, the company continue trading and debt significantly reduced. Read how we made this happen.
|Service||Winding Up Application
The Financial Situation
In this Case Study, this Sydney Electrical Retail Shop came to My Business Path
- facing a Winding Up Application and debt of $717,000 owing
- with creditors facing losing the debt amount should the company go under
My Business Path's role in relation to the business was to
- move efficiently and action within a matter of days
- arrange a halt on the Winding Up Application immediately, seeking adjournment to push the hearing date back
- place the company into Voluntary Administration to counter act against the Winding Up Application
- work alongside Administrators to reduce debt down to $108,000
- draft a Deed Of Company Arrangement that didn't affect cashflow and business trading while setting up an affordable payment plan
- negotiate with creditors and steer them away from Voluntary Liquidation
- set up systems to avoid returning to the previous financial difficulties through a Business Restructure.
My Business Path worked closely with the business to see
- debt reduced from $717,000 to approximately $108,000
- creditors make their money back with debts serviced
- cashflow unaffected
- the Deed Of Company Arrangement carried out
- business continue trading
- systems set up for a viable future
The people are real. The businesses are real. My Business Path designed tailored solutions that worked.
Need Help With Winding Up Applications, Business Restructure Or Voluntary Administration?
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