Hospitality business reduces tax debt by $340,000

We were appointed as Restructuring Practitioner of a company which operated a Vietnamese restaurant.

The company was struggling as a result of trading restrictions imposed during the COVID-19 pandemic and having to source funding from high-interest lenders to assist with its working capital requirements.

We worked with the directors to implement steps to address the company’s financial circumstances and ensure its future viability and growth. These steps included reviewing and adjusting product prices, sourcing cheaper suppliers and refinancing the company’s loans.

With our help, the director was able to put forward a restructuring Plan which provided for the payment of 35 cents in the dollar on pre-appointment debts by manageable instalments.  This Plan was accepted by creditors.