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Building services operation, Penrith NSW
- Estimated Savings: $200,000
- Total Cost: Less than 10% of savings
- Case Type:Other Matters
As a result of a ‘hands-on’ co-director of this family building company becoming unable to work for the foreseeable future, the company found itself owing $300K to creditors, with no immediate source of cash. Personal bank guarantees saw their situation at critical point, with the very dire prospect of losing their family home. Unable to meet mortgage payments, the bank was moving to recover a business loan (guaranteed against the family home).
Rebuild Now negotiated with the bank to achieve a moratorium for 2 years on the loans secured against the family home, enabling the family (with 5 young children) to remain in their home with minimal disruption caused. A viable program for repayment to the bank 2 years into the future was achieved