Success Story – Retail Business
THE BUSINESS
A well established retail business located in Tasmania operating for over 16 years. The business had experienced a reduction in sales due to a competitor commencing business in the region coupled with the director sustaining a lifestyle using company funds instead of addressing tax debt.
THE SOLUTION
Hamilton Calvert Advisory worked with the director to establish change in business practices, long term viability of the business and assisted with the creation of a repayment proposal to creditors. We worked closely with the ATO (major creditor) to negotiate any potential issues with the restructuring proposal, which was ultimately accepted.
Within 3 weeks of the plan being approved, creditors received a dividend of 22c/$ and the business reduced its unsecured debt by $330,185 (45%).
As a result of a change in business practices and the small business restructure process the company is now operating successfully.
COMPANY FINANCIAL PROFILE PRIOR TO RESTRUCTURE
COMPANY PROFILE AFTER SBR RESTRUCTURE
DEBT PERMANENTLY WRITTEN OFF = 45%
Level 1/63 Salamanca Pl, Battery Point, TAS 7004
Registered Liquidator
Registered Trustee in Bankruptcy
Small Business Restructuring Practitioner
Public holidays Closed
Public holidays Closed
ABN: 27 093 137 305
Liability limited to a scheme approved under Professional Standards Legislation.