We have never been in this position before, so we can confidently say its unknown territory for us all.
An interesting article recently stated
“Australian Securities and Investments Commission (ASIC) chairman James Shipton has warned that there might not be enough liquidators and administrators to deal with
multiple corporate collapses.
Speaking to the ABC’s AM program, Mr Shipton said that in addition to the JobKeeper “cliff” in late September, not all residential and business borrowers will survive when major banks rein in six-month loan repayment holidays.
The looming “cliff” has been factored into scenario planning undertaken by the regulator, he said, including potentially sharp adjustments by businesses and households when emergency stimulus is gradually removed.”
We found this an interesting read on the prediction and aftermath, concluding cash without a doubt will be tighter in the majority of industries and peoples personal lives. As a collections company we can’t stress enough on the importance of cash flow, working with customers on special terms where needed to keep cash in their businesses and yours.
One key bit advice we would like to share is there is a large % of indivdual’s that have accessed super early and will be due to again JULY, our operators are having great success in reduced settlement offers figures. Win for all involved in alot of cases!
End of financial year is fast approaching, if you would like to know more about maximising your recoveries keeping your business healthy – please get in touch?
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