Bankruptcy, Liquidation and Covid-19

Secure the best outcome you can, with our Guest, Jonathan Colbran

 

What is bankruptcy/liquidation and what should you know about these things during Covid 19? Financial Planner Luke Smith spoke with Jonathon Colbran from RSM Australia. RSM is a world leading provider of audit, tax and consulting services and Jonathan is a Partner in restructuring and recovery. Jonathan has almost 20 years in this field and has worked with individuals and companies, both small and big over this time.

They begin the discussion though about the ongoing Covid-19 crisis and the financial impact it’s having on many Australian individuals, families and businesses right now. 

Key highlights include:

  • What is the role of a professional within restructuring and recovery?
  • Why having a conversation with them sooner rather than later, if you find yourself or your business in financial stress will benefit you.
  • Don’t think the first step here is bankruptcy of yourself or shutting down a business, things can be restructured to continue as normal – that’s often the outcome. It can create a stronger financial position.
  • Defining the key terms, bankruptcy and liquidation – what are these exactly?
  • What is receivership?
  • Common questions from individuals and families:
    • I’ve lost my job or I’ve got too much debt, what are my options?
    • What are some of the implications of becoming bankrupt eg, what happens to the family home?
    • How long does bankruptcy last?
    • What does a conversation about bankruptcy cover?
    • How is bankruptcy a fresh start?
  • Common questions from business owners:
    • My business is under stress as a result of covid 19, what are my options?
    • What at are my duties/obligations as a business owner/director?

Financial planning advice can assist you make informed decisions. So can the advice of a Restructuring and recovery consultant. Would you like to discuss your financial planning future?

 

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Apple Podcasts

 

Would you like some advice around bankruptcy and liquidation?

 

Bankruptcy and Liquidation
Seek Advice Early

Make an appointment to catch up with Luke over the phone or via video conference. Appointments at the office will return once the Covid-19 has passed.

Envision 2CC offer: Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial plans. Call Envision Financial Services on 02 6260 4749.

Luke is also happy to refer you to Jonathon Colbran from RSM Australia should you need financial distress advice. You can call Jonathan on 02 6217 0341 or email him at jonathon.colbran@rsm.com.au. You can also visit the RSM Australia website at www.rsm.com.au and check out their free covid resources.

You can also use our contact us form to make an appointment for a confidential discussion about your situation. Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

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