|
The
Year of Living Dangerously: This year has seen
rapidly growing financial distress for businesses and
individuals. Often people “battle on” because of fear,
embarrassment or just not knowing that solutions are available.
Typically the pressures of day-to-day trading leave little or no
time to undertake protective measures. By the time the problems
finally crystallise as legal action, administration or liquidation,
the best (or all too often any) remedies are no longer
possible.
Protect
Yourself was established to
provide straight-forward low-cost solutions for businesses of all
types. Protect Yourself’s key personnel each have more than 25
years experience in business and have dealt with many thousands of
businesses and individuals – working through their financial issues
in the strictest confidence. Click here to view some recent
“Case Studies” that show how Protect Yourself can provide tangible
benefits to business owners.
FREQUENTLY ASKED
QUESTIONS
How
does it work? Although there are
differences in business circumstances, Protect Yourself (PY) has
developed standard packages for
companies (whether Pty Ltd or Limited). These standard packages
include legal documentation that has been reviewed by one of
Australia’s leading national law firms – providing a streamlined
solution at a fraction of the cost of starting from scratch with
your own lawyer. Each package is designed to help you maintain
control of decisions affecting your company’s assets through
financial difficulties, including an administration or
liquidation.
How
is it different? This is a “hands on”,
pro-active and preventative approach. It reacts to your current
circumstances and plans for the future. It is not a “disaster
management” tool. Protect Yourself can often help at “disaster”
stage, but the solutions are less effective than acting early.
Documentation also tends to be dynamic. Sometimes changes are
required due to Court rulings and/or legislation. PY guarantees to
make any necessary updates to your documentation at no charge
(apart from any third-party costs that may need to be paid, such as
ASIC filing fees) for three years from the date of the original
documentation.
How
will it benefit me now and when things are going
bad? Never underestimate
peace of mind and confidence. With a Protect Yourself package in
place, you can deal with your creditors in the knowledge that they
no longer have the same power over you that they had before. You
can focus on your business, not on external hassles from creditors.
In the short term, PY can also provide payment terms for your
package – allowing you to put protection in place with minimal
impact on cashflow.
What
about when everything hits the fan? That’s when the
protection package “comes into its own”. This is what it was built
for – giving you the best chance to control the decisions of
creditors in any administration or liquidation. Properly managed,
and depending on overall circumstances, you should be able to
manage yourself through an administration, continue trading and
then come out of the administration with a fresh slate. The Protect
Yourself Team can also help you through such times.
Is it
a total re-structure of the business? No. In many cases
there is no re-structure required at all.
Do I
have to re-finance? Highly unlikely. In
the majority of cases Protect Yourself’s packages simply dovetail
with your existing finance arrangements.
Who
is it suitable for? Almost any Pty Ltd or
Limited company. Separate custom packages are available for sole
traders, partnerships and trusts. Click
here for our no-obligation Questionnaire to confirm you are
eligible for a standard package.
How
will I know it will work? The principles are
clear and governed by legal precedent. The documentation has been
tested and proven to work. You are also welcome to have your own
accountant or lawyer advise you. Protect Yourself operates on an
“open book” basis and provides economies to its Clients through the
volume of work it undertakes for businesses and individuals
throughout NSW.
What
does it cost? A standard protection
package for companies, which includes an initial personal meeting
following submission of the Service Application Agreement,
preparation of all documentation and all costs including ASIC
filing fees is $5,500 plus GST – 50% deposit and 50% prior to
lodgement of documents with ASIC. More complicated variations of
the standard agreement start at $6,500 and non-standard
packages start at $7,500. If your business is not a company (e.g. a
sole trader or partnership), contact Protect Yourself to
discuss protection options and pricing.
| 