Petrol Station Business restructures $350k in debt and avoids winding up by the ATO

We were appointed as Restructuring Practitioner of a company which operated a petrol station and retail store, had about $350,000 in debt and was facing a winding up application by the ATO.

On our advice, the director took steps to address the Company’s financial position and its future viability by reducing staff and improving its cashflow management procedures.

With our help, the director was able to put forward a restructuring Plan which the company’s creditors accepted.

The acceptance of this Plan avoided the winding up of the Company by the ATO and reduced the Company’s pre-appointment debt by about a half and brought the payment of this debt under control.  This enabled the Company to go forward and trade on a profitable basis