Small Businesses Bankruptcy & Coronavirus (Covid-19)
Impact on small businesses who were on the downturn before COVID-19 coronavirus
According to Google’s company announcement in early March 2020, “Since the first week of February, the search interest in coronavirus has risen by + 260 percent globally.” This statistic obviously indicates how much of a worry the pandemic is on everyone’s minds and for some it has far greater impact than others. With the Australian government introducing state- mandated closures, social distancing measures as well as with people losing their jobs or temporary loss of income, many small businesses are hard hit with the effects of COVID-19 coronavirus pandemic.
Of course, there are businesses who have been able to adapt to the new measures to ensure they make all attempts to survive this downturn as well as keep to the state requirements. Some have expanded to an online presence, created online consultations and classes, introduced door to door deliveries and even bigger retail companies like Westfield and Bunnings have offered contactless drive-through service, adapting to the needs of consumers as well as ensuring business sustainability.
What is critical is that businesses that are surviving the crisis are taking a second look at how they are positioning themselves in their markets and how their current operations can be improved upon to ensure the safety of their employees, customers, and anyone else who may come in contact with their products or services. In times of great uncertainty, people’s routines and purchasing habits change quite dramatically, which then opens up the opportunity for businesses who can change and adapt operations and invest in new technologies where possible to adjust to the changing climate.
If financial worries are foremost on your mind in your business, Small Business WA’s website offers some good financial tips to consider if you are looking at ways to maintain your business, and we have highlighted a few here:-
- Understand your current financial position and if your cash flow can sustain you for more than 6 months at least.
- Check your eligibility for government assistance including the Job Seeker package which sole traders are eligible for.
- Contact your bank and insurer to check if you may be eligible for loan deferral payments.
- Seek advice on deferring tax payments- However, note that deferring tax payments may impact your eligibility for other stimulus package options so talk to a professional before you take any action.
- If you have employees, you may be eligible for the Job Keeper payment which can help support you in keeping your employees.
- Consider if you would like to draw down on your superannuation if you qualify based on required eligibilities.
However, if you have come to this website, it means you have either explored all options or you need assistance from someone trusted to help you through your financial matters – Our consultant, Andrew has over 25 years of experience dealing with a variety of financial circumstances, working through global and local financial crises being fully aware of what each business requires during such trying times. He is ready to help provide his professional advice for your individual situation. Find out more on what his clients, who have sought his assistance over the years, have to say about his professionalism here.
If your business was already suffering prior to the pandemic, don’t wait and bury your head in the sand. You need to act now to ensure that you come out of this pandemic with the best outcome and not worry about losing your home, your car whilst being aware that it may be possible to still retain elements of your business. Read about how the Bankruptcy Advisory Centre team helped a Perth hairdresser adapt her business after declaring bankruptcy.
Act now – Call Andrew at 0439 844 422 for a complimentary first consultation or dial the Bankruptcy Advisory Centre’s helpline at 1800 432 117. Don’t wait till it is too late!
Reviews
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As a Trustee in Bankruptcy, Ross Thomson is often required to think outside the box. As well as creative thinking, Ross brings compassion to the table.
For Ross, it’s important to see the people behind the financial problem –not just numbers.
Ross recently helped a bankrupt client who lives in a retirement village with her seriously ill husband.
The unit she & her husband live in is not owned by them, but subject to a 20-year lease.
The money to be repaid by the management was due only at sale, when the client finally left the retirement village.
Sale of the unit was likely to take several years &, if he did sell the couple’s unit, Ross realised he would be effectively evicting them from their home, without resources or family to help them.
Ross decided to contact the retirement village management & put a proposal to them that they prepay some of the moneys they would otherwise pay the client.
The village management considered the proposal & have agreed to prepay some of the moneys otherwise due.
The client is relieved that she will not be evicted & can now concentrate on helping her husband through his health issues.
The moneys paid represented about 75% of what would have been available to creditors if they waited two years.
It is a win for the client and for the creditors.
Melinda
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I made an appointment with Andrew after finding him on google. I was nervous and apprehensive about what to expect but he made the process of bankruptcy extremely uncomplicated and stress free, allowing myself the opportunity to get the fresh start I was so desperate for. Thank you Andrew I could not recommend you enough.
Kristy
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Making the decision to go bankrupt was not easy however once I had spoken to Andrew i felt all my anxiety disappear. Andrew does not judge you and he has an innate ability to put you at ease. He took care of the whole process for me again reducing the stress involved with completing paperwork.
Thank you very much.Hayley Eastough
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I will definitely recommend Andrew Bell to anyone contemplating bankruptcy. Don't wait! Andrew is there to help. With his knowledge, he can advise you of the best path to take and assist with the mind boggling paperwork.
Best of all, he is there for you through your entire bankruptcy period. Get your life back, it's not as bad as you think. Thank you Andrew for lifting the burden and allowing me to move on.
Karilyn Mahon
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I saw Andrew for 'advice only' on possible bankruptcy due to a divorce. Left an hour later with the paperwork all done and feeling like a new person!
Andrew was extremely welcoming and made me feel so comfortable with my decision to proceed immediately.
This was the best investment I have ever made and cannot speak highly enough of Andrew. He doesn't just give excellent service his follow up afterwards is amazing. Thankyou Andrew you made my 'new' life so easy to achieve!
Vicki Johnston
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Andrew was very helpful in helping me through the bankruptcy process, as a single mother left with a massive debt from my ex and our previous marriage. I was struggling to keep my head above water on a week to week basis.
Andrew made me feel at ease immediately and helped me every step of the way, he happily and professionally answered any and all questions I had before, during and after the process. Thanks so much for your help Andrew!
Aisha Edmonds
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Would highly recommend Andrew to anyone having financial difficulties. Andrew made me feel very comfortable - he took care of everything and keep in regular contact with me throughout the whole process.
Service was fantastic and he also keep in regular contact with me when everything had been finalised Thanks Andrew! can now get my life back on track.
Cassandra Walsh
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Very prompt service and excellent source of knowledge and information, I highly recommend Andrew's service for a quick turn around of circumstances.
Eve Damjanovich
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Andrew put my mind at ease in one easy appointment. Very satisfied with the outcome and service provided. Highly recommend Andrew.
Tracey Douglas
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Andrew was a steadying hand with his advice.Showing that things aren't as bad as first thought nor any obstacle insurmountable. If you have questions needing answers, Andrew is the person to ask. Thanks for your advice Andrew.
Shane Thompson
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Andrew was very knowledgeable, caring, helpful and compassionate when I went and saw him. He made me feel that I wasn’t the loser and failure that I thought I was being. Even down to the box of tissues on the table.. which I needed. Highly recommend to go see Andrew if your struggling. There is life after!
Joanne Parker
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Andrew and his team do an excellent job of helping their clients with bankruptcy advice and it is a pleasure to work with him.
Gareth Lane
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Don't hesitate contacting Andrew, I was stressed, struggled sleeping through debt. Andrew put me at ease. He listened to my situation and we decided on my next move. Andrew is professional and easy to talk too. I would recommend highly to anyone who wants help to give him a call. I appreciate your support Andrew. Regards Brett.
Brett
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Andrew has given me back my life!!! After living paycheck to paycheck, I didn’t know what to do. Until I made the big step and booked an appointment with Andrew. As soon as I left his office I felt a huge weight lifted!!!
Deezy H
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Andrew was prompt, organised, friendly and efficient with the processing of my documents and made everything very simple for me so I didn’t need to deal with the added pressure and stress. Thank you Andrew for allowing me to start afresh and getting it done within a matter of weeks.
Kristy-lee
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