Hindsight can be wonderful in most areas of life, but not when it comes to being owed money by a person or business. When you find yourself in a sticky situation with a debtor, it’s not fun to have to look back and wonder, “How could we have avoided this?”
No one likes to be owed money, but when you’re a business owner and have outlaid time and money for products or services that have gone unpaid, it can be particularly infuriating.
As financial specialists, our restructuring and recovery team understands all too well the pain and frustration unpaid debts can cause.
If you’re in touch with your company’s financial position and receive regular (if not daily) updates, you should be able to see the writing on the wall well before the situation becomes dire.
But how do you know when you’ve passed the point of 'not doing well' and entered 'insolvency' territory?
The newly-introduced ipso facto laws aim to improve the likelihood of a successful restructure by preserving the standing of contracts (and hence goodwill in contracts) after filing for insolvency. We take a closer look at the new reforms which began operation on 1 July 2018.