When faced with difficult trading conditions, some business owners just continue to trade like nothing was wrong, confusing cash flow with profit; justifying their actions in the belief that a solution is just around the corner, or that next month’s trading will be better.
Even worse, they fool themselves that the actions by creditors for recovery of debts can somehow be delayed, or will somehow have no consequence.
Denial quickly gives way to disastrous reality. Reality may come quickly in the form of Creditors Statutory Demands, garnishee orders, Director Penalty Notices, judgments, or the appointment of a liquidator by the Court, meaning the business owner is left with no control over the process forward. This is when some realise the need for help, but often it’s just far too late to save the business, and sometimes even save personal assets.
I can’t emphasise enough the importance of timing and being prepared, it’s paramount that you give early consideration to the proper structuring of your affairs. Early structuring means better protection. CRA is your partner working alongside you with real answers and solutions from years of practical experience, we think creatively, we see all the possibilities. We can help you.