Company Crisis in Lockdown
What can Victorian Businesses do now that we are in a further lockdown?
Three weeks into a six week stage three lockdown, a new stage four lockdown lasting at least six weeks has commenced.
As the Federal Treasurer says this is a fluid situation.
Solvency (the ability to pay debts as and when they fall due) is a real challenge for many businesses.
Overnight, businesses already suffering from a severe drop in sales, are now facing the frightening prospect of a complete wipe out of sales for at least six weeks.
Bruce Mulvaney & Co can provide expert help to manage a company in crisis to enable creditors claims to be frozen whilst a solution is put in place, and where possible lifting the restrictions on a business so that it can be saved wherever possible.
We're experts in restructuring and dealing with the myriad of issues that otherwise would preoccupy Director's time.
Sadly in some cases a business cannot be saved. In a liquidation with insufficient funds, the government's Fair Entitlements Guarantee scheme pays some entitlements to eligible employees.
Give us a call on (03) 9896 9000 today.