Business Rescue 1: How Funny Is That?
Business Rescue 2: The Easy Way or the Hard Way
The Director has never managed a business before and has recently gained control of his business following a nasty dispute with his business partner. The business has been left bereft of cash due to unauthorised drawings by the business partner. The Director is advised by his Accountant to put the business into receivership and go Bankrupt. Taking this course will mean that the Director will lose his industry registration and will need to find a new career. The Director is acknowledged as a leader in his field and has no wish to do something new.
Weybridge are asked to find a different resolution... We gain access to the management accounts of the business and find that there is no debtors ledger income is accounted for as it is received. We reconstruct the debtors ledger and then proceed to collecting monies owed to the business some outstanding over 6 months. The Director agrees to borrow maximum available funds against his house and inject the funds into the business. We contact all creditors, including the Australian Taxation Office, and make arrangements to pay all outstanding debts over time whilst paying current obligations on terms. Whilst we control the finances of the business the Director concentrates on doing what he is good at - running the sales side of his business. Within 2 years he has a sound profitable business and no debt. Now 10 years on we continue to work with the business, but now we manage the surplus cash!