We received a letter recently from a client we assisted move into bankruptcy, as background he had been unsuccessfully running a franchised business for five year, paying $2,500 a month in franchise fees to be a handyman, he had not made any money for three years and not drawn a salary since 2016.
“Hi Craig, it’s been six weeks since i went into bankruptcy and things have not been better, for the first time in years I have my own money in my account and I am not stressing every time the phone rings. I can see a way forward and I’m finally sleeping, I know I hated it at the time but with hindsight it was the best decision of my life”.
Whilst there is a lot of stigma around bankruptcy, for some business owners it will be the best decision that they make. A constantly unsuccessful business can be a cause not only of financial difficulties but also emotional strain and stress.
More information? To find out more, give us a call on 1300 023 782 or email team@cdrta.com.au.
The team at C&D Restructure and Taxation Advisory are here to help. As part of the Vault Group we can offer the full suite of financial products and advice to help you navigate the business landscape. Schedule a meeting here via Calendly or give us a call on 1300 1 VAULT (1300 182 858)
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