In dealing with your financial position there is often a concern over your existing credit rating and what the impact of a restructure will be.
We recently assisted a business owner that had a judgement as well as four default listings for the business and was on the precipice of bankruptcy, the concern was being able to buy a house and a bad credit rating would inhibit this. No matter steps were taken their credit rating was shot, the judgement was in place and the default listing could be paid but would not really improve things. The focus on attempting to resurrect the credit rating meant the business owner was focusing on the wrong things.
Equally a lender threatened a borrower with a default listing and screamed it would destroy their credit rating. The business owner in this situation was a medical professional, and for the most part there are minimal checks on their credit rating.
Credit rating is important and needs to be carefully maintained, but if there are adverse listings already in place it may be unnecessary to focus on the credit rating to the detriment of your overall business position.
More information? To find out more, give us a call on 1300 023 782 or email firstname.lastname@example.org.
Latest posts by Craig Dangar (see all)
- The Power of the ATO During an Insolvency - April 2, 2020
- Putting Your Business into Hibernation - March 30, 2020
- Top 5 Reasons to Strengthen Strategic Business Partnerships - March 30, 2020
- Queensland COVID-19 Jobs Support Loans - March 26, 2020