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Building services operation, Regional NSW
- Estimated Savings: Agreed net savings - $550,000
- Total Cost: 10% of savings
- Case Type:Other Matters
As a result of the director’s poor health, together with inadequate administrative and planning procedures in place, this company found itself in a difficult position with its creditors.
Arrangements were made with key suppliers to assist the operation through its difficulty. The suppliers were encouraged to identify the business as a worthy long term customer and to maintain an ongoing business relationship. The bank was also prepared to assist with the understanding that it retained its existing security. The business continues; the directors use more stringent administrative processes with regular monitoring in place; 25 employees retained; customer base undisturbed.