by norlinglaw | May 20, 2020
When a company cannot pay its debts, often people believe there are only two broad options, pay or liquidate.
This is not true.
There are some great options in the middle.
In this video, Brent Norling discusses ways to compromise with your creditors if you are no longer in a position to pay. For example, did you know if you get the majority of creditors in agreement, you can bind all creditors to a proposal?
Don’t let creditors get frustrated and chase you.
The key to success in dealing with your creditors and getting their agreement to an alternative proposal is:
- Be proactive; and
- Communicate.
Remember, hope is not a strategy!
If you need help navigating your options, we offer a FREE 30-minute legal consult. Get in touch:
by norlinglaw | Apr 9, 2020
Andy Carruthers from Findex joins Brent Norling from Norling Law to discuss survival techniques for businesses so they can thrive in the future.
They cover cashflow, commercial leases, employee cost reduction, IRD arrangements, and creditor arrangements.
In our fields of insolvency and restructuring and business advisors, we are dealing with an influx of hard conversations with business owners during the COVID-19 period.
Some businesses were already struggling prior to COVID-19. Others are struggling as a direct result of it. Depending on which category you fall in, there are different solutions to be considered.
How long can you go without any income?
We offer a FREE 30-minute legal consultation where we can discuss your commercial lease continuity solution. You can book here:
Get your copy of The Business Hibernation Plan here:
by norlinglaw | Apr 2, 2020
Regulation is coming for insolvency practitioners. Many of the changes will be applicable in June 2020.
Given the impact of Covid-19 the regulation of insolvency practitioners may have come at a good time. Unfortunately, the reality is many businesses are going to fail and end up in liquidation. We need regulation as there are those that operate outside of acceptable ethics.
What do regulations mean on the front line of practice? Brent Norling, an insolvency specialist lawyer discusses this with insolvency practitioner/liquidator Damien Grant of Waterstone Insolvency.
We will discuss how this may improve the practice, the industry and whether we can expect more ethical practices. Also, we discuss the controversial area of liquidator fees and whether these are going to be impacted.
At Norling Law, we offer a FREE 30-minute legal consult. Get in touch if you need help:
by norlinglaw | Apr 2, 2020
In this video Brent Norling of Norling Law and Damien Grant of Waterstone Insolvency discuss the issues that can arise from a shareholder appointed liquidator.
There is the common perception that a shareholder appointed liquidator is going to be friendly to the director. Further, creditors can become suspicious of liquidators appointed by the director. We discuss whether that perception is rightly held. We also discuss what you should do if you are a creditor and a shareholder appoints a liquidator.
At Norling Law, we offer a FREE 30-minute legal consult. Get in touch if you need help:
by norlinglaw | Apr 1, 2020
Today Brent Norling from Norling Law and Damien Grant from Waterstone Insolvency join Glenn Marvin from Konnector on his daily web-series.
In this video, we discuss prevention techniques to avoid getting into trouble in the wake of covid-19 and give insight into what business owners can do to protect their businesses in times of crisis.
Some topics we cover off include;
How to reduce or suspend the payment of your commercial lease;
Dealing with the IRD including obtaining write-offs of penalties and payment arrangements;
Entering into payment arrangements or compromises with creditors;
How to reduce staff costs; and
When to liquidate your business and steps to take.
For many, the main priority is to hibernate your business so when this unprecedented time is over, you can relaunch your business and not just survive. To thrive.
So start here, get our guide for business owners to hibernate during turbulent times.
Get your copy of the business hibernation book here:
