21: Advice for Troubled Businesses with Mitchell Herrett

Are you a business owner facing financial challenges? Don't know where to turn or what your options are? In this episode, Sally Preston talks again to Mitchell Herrett, a partner at RSM in the restructuring and recovery division. Mitch provides an in-depth look at the various options available for individuals and businesses facing financial challenges and insolvency. In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:The role of a restructuring and recovery professional (3:44)Options for businesses facing financial distress (4:01)The priority order for creditor payments in a liquidation or deed of company arrangement (7:36)The risks and responsibilities of trading a company while in voluntary administration (14:34)The process and implications of liquidation for a company (16:54)Understanding voidable transactions and their consequences (22:45)The Small Business Restructuring process and its eligibility criteria (19:41)Bankruptcy for individuals, including potential asset recovery by trustees (27:56)Whether you're a small business owner, a director of a medium-sized enterprise, or simply someone interested in understanding the ins and outs of corporate financial challenges, this episode is a must-listen as Mitch provides a comprehensive overview of the various insolvency processes, creditor priorities, and the potential consequences for directors and individuals. CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/