SRG Advisory
Our areas of expertise includes solving financial issues for individuals and companies. We work to avoid bankruptcy and reduce the impact and fall out from situations where matters have spiralled out of control.
We adopt an honest and realistic approach to financial distress and debt burden. Our expertise is unique and cost-effective while we take care of directors and earn successful results through our mediation and negotiations skills. In dealings with banks, financiers, lawyers, accountants and insolvency practitioners on behalf of our clients our team uses these skills to create workable arrangements.
We understand the language of your creditors – especially the Banks, ATO and their lawyers. We know how to get to the end of the process efficiently. We work to rebuild our clients financial future.
We know every person or business is unique, with specific challenges that need to be navigated to relieve the burden of financial distress. In some circumstances we partner with a number of legal firms to attain the additional support you or a company may require.
We can assist through our expertise in dealing with the following:
We adopt an honest and realistic approach to financial distress and debt burden. Our expertise is unique and cost-effective while we take care of directors and earn successful results through our mediation and negotiations skills. In dealings with banks, financiers, lawyers, accountants and insolvency practitioners on behalf of our clients our team uses these skills to create workable arrangements.
We understand the language of your creditors – especially the Banks, ATO and their lawyers. We know how to get to the end of the process efficiently. We work to rebuild our clients financial future.
We know every person or business is unique, with specific challenges that need to be navigated to relieve the burden of financial distress. In some circumstances we partner with a number of legal firms to attain the additional support you or a company may require.
We can assist through our expertise in dealing with the following:
- Negotiate payment of outstanding and delinquent creditors;
- Mediation between debtor and creditor;
- Negotiation with creditors, including the ATO;
- Corporate and personal debts; and
- Restructuring current financial exposure.
WHAT OUR CLIENTS SAYDIRECTOR OF A LIQUIDATED COMPANY
" Mandana Missaghi contacted me out of the blue shortly after I had put my company, a medium-sized electrical contractor, into voluntary administration. The administrator’s attempts to save the company by persuading clients to stick with us had failed. As the personal guarantor of several liabilities, my financial ruin was inevitable. I knew I wouldn’t physically survive this. Susie and Tom showed genuine empathy for my personal situation. They took ownership of my financial affairs reducing the enormous pressure I was under and dealt with the creditors direct who demanded payment under the guarantees. With unparalleled professionalism, determination and persistence, they managed to negotiate the debt down to a fraction of the original amount and exceeded even my wildest dreams. This helped me overcome the darkest moment of my life and improved my mental health. Entrusting Susie and Tom with my financial affairs was one of the most important decisions of my life. They handled it masterfully. I can only recommend the SR Group! " MEDICAL SPECIALIST IN DEBT SITUATION
I am a medical specialist who found himself woven into debts of a corporate entity. It seems cliché, but I thought myself pretty intelligent and thorough. However, I was incredibly busy. In the process of running what appeared to be quite a successful business, I had been rushed into signing forms in between patients with almost immediate deadlines. To my detriment, I found I was liable for all the debts of the company and other well to do directors were able to hide behind trusts. I was reassured by the banking agent that this were routine documents and if there were any issues, I would be very unlikely to have exposure. Over a period of 2 years – the company largely from the chairman running up unauthorised expenses - had about 1.7 million in debt and rapidly went into liquidation. During this time, I was also trying to keep the business going so as not to ruin the lives of my employees, trying to meet the needs of creditors and all the while trying to deal with a director who was lying about expenses. I just wanted to crawl into a hole and did not know where to turn. Lawyers were happy to talk and put up walls and charge tens of thousands of dollars. I was directed to Susie and Tom at the SR group who laid out the options for going forward and surviving the process with some assets, dignity and respect. Susie has been through this process – it is incredibly easy to be on the wrong side of the ledger with the banks and it is a rollercoaster of loss of success and also loss of trust of others while trying to first “ground” and re-build. It was a journey and the process involved several months of dialogue, formal letters to co-directors, the liquidators and the bank. Through the SR group I was ultimately able to create a deal where I supported the company in liquidation and the business was sold with my ongoing reputation, retention of most staff and most importantly the bank provided me with a covenant not to pursue me (or my family members associated with my entities) for further expenses. This was the best possible outcome for me and one that I was told by others in business and law that was “impossible” I am continually grateful to the SR group for having a business, keeping me from receivership and being in a cycle of perpetual debt. I am happy to recommend their services to anyone who find themselves in a similar situation.
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A FEW OF OUR CASESTRAVEL BUSINESS IN FINANCIAL DISTRESS WITH THE ATO
An established travel agency established in 1998 incurred financial distress, due to ongoing family health issues over a 10-month period. This difficult period resulted in neglect of the business, which ultimately led to a winding up application from the Australian Taxation Office (ATO). OUR SOLUTION On behalf of our client, we negotiated with the ATO and reached a settlement equivalent to 48% of the initial debt. OUR RESULT We achieved a full remission of interest and penalties on the debt, as well as establishing a monthly payment plan over two years to settle the debt, allowing the client to effectively manage their cash flow as the business got back on its feet. CREDITOR NEGOTIATIONS
In 2017, we provided advisory services to the director of a company that provided financial solutions to businesses who sold small ticket items. Our client’s company had operated successfully for several years before a combination of environmental and market conditions caused a significant downturn in revenue. After numerous attempts to revitalise the business and diversify, and in keeping with his directorship duties, our client made the decision to wind up his company and appoint a liquidator. OUR SOLUTION We acted on behalf of our client in aiming to settle each of his eight credit providers for the lowest possible amount on the grounds of financial hardship. A family member of our client generously offered a small pool of funds to help settle his creditors. Overall, we were able to reduce our client’s debt from $261,000 to $84,000, a reduction of 68%. Our client now only had to pay 32 cents in the dollar, which he had to do immediately upon receipt of each offer in the form of a lump-sum settlement. OUR RESULT For the ATO, we were able to secure a mutually agreeable payment arrangement and avoid a default being listed against our client. While negotiating with each creditor, we successfully requested for them to not list a default or pursue any recovery action until an agreement was reached. |