There is no cost in exploring your options with Rebuild Now, and we understand that business decisions can be emotional. That’s why, with every free assessment by our Principal — Andrew Purcell, we offer discretionary counseling to help you understand your options. Contact us to make an appointment.

News of the day – 7th June 2021

by Adam Dawson

Home | What We Do | News of the day | News of the day – 7th June 2021

Save Time and Money with an Informal Proposal to Creditors

by Adam Dawson – 7th June 2021

An informal creditor proposal is sometimes the ideal first step in managing a legacy debt issue.  

Communication is key, so appoint someone to represent you, it doesn’t have to be a lawyer or a liquidator!  

Even if you are a confident negotiator, you should at least have an advisor in your corner who can help you articulate the pros and cons for the creditors. You need to layout a clear picture of how things will look for them if they don’t accept your proposal.

Open communication is like gold. Most creditors would rather not go to court but they are forced into it for lack of an alternative narrative. 

If you are falling behind, email your creditors regularly and give them dates when they can expect something (anything) from you. It may prevent them from filing a claim in court, at least for a while. Always explain that you intend to pay all monies owing as soon as possible.

Part payments are very useful because it shows that you are committed and it buys you some time. If you explain why there is a shortfall and provide a timeframe for the remainder, most creditors will be patient.

Most importantly, you need to communicate in writing and keep track of replies. Always start an email or letter with the words ‘Without Prejudice’ so your words cannot be used against you. 

We offer free assessments and counselling to anyone representing themselves in debt negotiations. Sometimes all you need is a sounding board and some pointers to know when you need to be careful and when you are in a position of strength. Yes, really, sometimes a business debt can be useful!

Rebuild Now are the experts at negotiating settlements because we are also the experts at company restructuring and business turnaround. Creditors change their tune in negotiations when they realise you have a good plan B up your sleeve.

Call for a Free Consultation 1300 366 288 Confidentiality Guaranteed

Remember the Liquidators work for the Creditors, not for you. That’s their job. It costs you nothing to talk to us.

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