The reality is that sometimes things don't go as planned. You can make mistakes, people working for you can make mistakes, business environments can change and your business affairs fail. A well-structured failure, carefully managed and handled by an advisor that understands insolvency, can be the difference between losing some money through a structured insolvency, and losing everything or going bankrupt.
If you look at insolvency, in short it means you cannot pay your bills. The goal for your advisors should be trying to salvage what they can from the train wreck, and protecting it. At GRA this is something we are very good at, and we invite you to contact us to meet and discuss any issues you are having.
Examples of situations we can help with include but not limited to:
Insolvent property investors: With proper management of your structures, you can avoid losing the lot if you have arranged your affairs correctly. If you are feeling the pinch, call us for a review and we will either pre-emptively restructure you, or help you extract what you can from the insolvency process using trusts and some of the specialist skills of our asset planning team.
GST and property traders: We have met a few property clients that find themselves in hot water with IRD, being unable to repay GST having claimed it. Talk to us if you are in this position, we may be able to assist.
Insolvent trading companies: Closing a business down can be costly and humiliating. Our advice is take the bull by the horns and aggressively manage the process. Protect what you can of your own wealth, and defend your assets. The faster you get a clear plan of the critical path to exit a failed business, the faster you get back to living a better life, clear of the issues from the insolvency. GRA are great at helping you make the right strategic decisions and identifying the core path to shutting down an insolvent situation, working through all of the issues as they arise and working out how to minimise the impact on your affairs. Give us a call to discuss how we can help you in this regard.
Taxation obligations out of control: If this is you, you are not the first we have met. There are things you can do with IRD to either write off debt, or negotiate penalty remission and write-off. We are experts at this process and we invite you to contact us for a meeting to review your options.
Click below to request an interview on dealing with an insolvency issue.
AD, May 2019