contactus@austasiagroup.com
(08) 9227 6300
412 Newcastle Street West Perth WA 6005
One positive note to come out of this situation is that it has given businesses and individuals some unexpected “free” time to consider matters that may have remained ‘shelved’ until now – a legal health check if you like.
It presents an opportunity to work on your business rather than in your business.
With payments to businesses either delayed or defaulting, we recommend our business clients to consider their:
Or, consider putting some formal procedures in place for the first time, if you don’t already have them
Debt Collection Procedures
Businesses will need to reconsider their current debt recovery procedures as the following laws have temporarily changed:
Here is a link to a Government Covid19 Fact Sheet on this topic:
Providing temporary relief for financially distressed businesses
Terms and Conditions of Trade
Businesses must expect delays in payments from their debtors and must consider the following issues when negotiating payment terms with their debtors:
Asset Protection
Now more than ever, it’s very important to have plans in place to safeguard the business you’ve built up over many years, covering key issues such as:
For more, here are links to two Business Succession Planning articles that we published in 2019:
The Importance of Business Succession Planning
Business Succession Planning
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