Blogs

Entrepreneurs don’t always get it right the first time.

Is failure a feature of your success?

I’ve said the F word! Failure. Are you cringing? Feeling uncomfortable?

Edison when referring to the invention of the light bulb said: 'I have not failed. I've just found 10,000 ways that won't work.'

Entrepreneurs don't always get it right the first time. Or the second. Then add the impact of the Covid economic downturn.

The Australian Government encourages and supports businesses to have a go https://lnkd.in/g-23waf and are implementing insolvency reforms to help small businesses get going again https://lnkd.in/gRM8bCv .

New reforms include small business debt restructuring reforms that enable directors to maintain control of the business whilst creditors consider whether to compromise their debts and allow the business to survive, to traditional and new insolvency options such as the new Simplified Liquidation.

Let us help you navigate through the bumps on the road to success.

Mayfields are small business restructuring practitioners, solvency specialists, and registered liquidators.

#smallbusiness #entrepreneurs #business #insolvency #SBRP #SimplifiedLiquidation #accountants

Beware of the unscrupulous

Don’t ignore Red Flags: make wise choices!

This week the ATO articulated the importance of getting advice from a registered professional such as accountant, lawyer or registered insolvency adviser when feeling financial pressure. The earlier the intervention the less problematic is the resolution.

However, there are some unscrupulous operators seeking business. The ATO provides a list of red flags to Untrustworthy or unregistered Advisers who may recommend inappropriate or illegal actions.

#Mayfieldsbusinessadvisors #independentadvisors

Many businesses affected by challenging economic conditions may be thinking about pausing, changing, or permanently closing their business. They will need a helping hand. Mayfields Business Advisors are a registered, independent and trustworthy team available to assist. Please reach out should you be looking for a reputable agency.

Are you across the new insolvency reforms?

Changes to Australia’s insolvency framework are soon to be introduced. The changes include new processes for small businesses, reducing complexity, time and costs and will enable small businesses to quickly restructure or where restructure is not possible, to wind up faster.

These measures will commence on 1 January 2021 on the passing of legislation at around the same time that temporary relief to protect financially distressed businesses expires at the end of 2020.

The primary legislation establishes the framework for the insolvency reforms whilst the details governing the operation have been included in the subordinate legislation.

Public consultation will close on 24 November 2020.
https://lnkd.in/d6y-XU6

This is an area of specialty that we are skilled at. Give me a call to explore whether this legislation creates any opportunities for your clients.

#smallbusiness #opportunities
#liquidation #insolvency #restructurin