In recent times, there has been an increasing number of insolvency appointments, particularly for companies in the building and construction industry.
Our Advice to Builders
Engage competent accountants both in-house and externally to monitor the financial position of individual jobs and the business as a whole. This includes three-way forecasting and comparison of actual versus budget. It is not difficult. Active monitoring, including a one-page daily summary for management, will highlight issues that can be fixed if identified early.
If in doubt, seek specialist professional advice to quickly assess financial and legal positions and provide guidance on available formal and informal options.
Our Advice to Suppliers
Know the experience and resilience of your builder client to anticipate and withstand financial challenges. Obtain specialist advice on your business model to be sure that you have done all that you can to reduce the risk of being an unsecured creditor of a failed building and construction business.
Support from Levi Consulting
Levi Consulting is comprised of experts in business recovery, corporate turnaround, restructuring, and insolvency. We have assisted numerous builders and suppliers. Our experience in performing services, conducting viability assessments and offering triage in the building and construction industry is valuable to both builders and suppliers.
Directors and management teams of financially distressed businesses are encouraged to engage early with turnaround professionals with the aim of guiding companies from uncertainty to stability.
David Levi is a registered liquidator and turnaround professional. He is a member of peak professional associations including the Australian Restructuring Insolvency & Turnaround Association (ARITA) and the Turnaround Management Association Australia (TMA Australia).
Contact David Levi on 0418 602 466 for a free chat or Zoom session.
Client Matters
ABC News reported on one of our ongoing builder matters where restructuring was not possible: See here
Daily Mail Australia reported on another of our ongoing builder matters: See here
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