de Jonge Read Case Studies

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I need $300,000 for the business so I can get out!!!

Mar 19, 2019
4 min

I need $300,000 for the business so I can get out!!!

Business owners can often feel trapped in their businesses. They owe so much that the money from the sale of the business would not cover it. They may feel that they have no choice other than to trade on. In this month’s case study we look at how we helped a client get out of their business and on with the rest of their lives. BACKGROUND Our client owned a café, but the business was struggling to meet its commitments. Prior to engaging with de Jonge Read the client spoke

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Finding a Life Raft

Sep 17, 2018
2 min

Finding a Life Raft

Bankruptcy can be an extremely emotional and stressful time, it weighs heavily on the individual as well as on their family. Though entering bankruptcy may release the creditor pressure valve, other issues may rear their ugly heads. One of these issues is risk to family assets. The bankrupt’s spouse may wonder what will become of their beloved family home. In certain circumstances there may be a light at the end of the tunnel. This light comes in the form of the Doctrine of E

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Determining a Guarantee – What Does It Mean?

Aug 15, 2018
4 min

Determining a Guarantee – What Does It Mean?

These days it is very hard to get any form of credit without a personal guarantee. Company directors, and sometimes even their spouses, are routinely called upon to sign guarantees for credit provided to the company. This could be to a trade supplier, equipment financier or bank. Often parents are asked to sign guarantees in favour of their children for home loans and other forms of bank finance. Once a facility is set, and a guarantee is in place, it can be very hard to get

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Cashflow is King – trading through holiday periods

Apr 18, 2017
3 min

Cashflow is King – trading through holiday periods

Typically, the Christmas & Easter periods are a difficult time for many businesses as most industries shut down during these holiday seasons, thus having a significant impact on business cashflow. This can often put the “last nail in the coffin” of a business suffering financial difficulty of some sort. This month’s case study looks at a client who suffered cashflow issues which were brought to the surface by actions from their bankers during this difficult trading period.

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Part X Gives Client Fresh Start

Jan 19, 2017
4 min

Part X Gives Client Fresh Start

BACKGROUND Recently, a client was referred to de Jonge Read by his accountant. He operated a sole-trader business in the mining services industry and had a history of noncompliance with the ATO which resulted in a sizeable debt being accrued. This debt position was approximately $700k which included substantial interest and penalties. Our client had a family member who was prepared to assist with a loan of $80k to settle the debt. The accountant had tried negotiating wit

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