Restructure of Retail and Hospitality Business gets $493K in debts written off.

We were appointed as Restructuring Practitioner of a company which initially operated one restaurant but had expanded to two additional restaurants and a takeaway shop.

The company’s business had been impacted by the COVID-19 pandemic and the flow on effects on staffing costs and working capital.

We worked with the director to address the company’s financial circumstances and ensure its future viability and growth by increased its production efficiency and pivoting its marketing strategy.

With our help, the director was able to put forward a restructuring Plan which provided for the payment of 29 cents in the dollar on pre-appointment debts.  This Plan was accepted by creditors.

The Plan allowed the company to write off about $493,000 in debts and continue trading.