On 6 March 2020

Worrells is urging business owners and directors to stay vigilant of their business performance and identify any business operations susceptible to being impacted by the ongoing Coronavirus crisis. Worrells, a national firm of insolvency practitioners, reports receiving an influx of enquiries from across the country and is assisting a range of businesses get the right help and solutions to individual and unique circumstances.

Many company and business operations are being adversely disrupted at an unprecedented level. Disruptions include misguided or uninformed consumer perceptions, and the tangible effects that are largely still being realised to its full extent. This disruption can obviously cause financial difficulties and increased pressure to business owners/directors. Worrells is urging businesses experiencing financial challenges to get professional assistance early from qualified and professional insolvency practitioners.

Worrells recent appointments to various businesses facing financial difficulties as a result of business disruption ensuing from China, includes several renowned Chinese restaurants in Sydney. Alex Siu, a senior manager at Worrells Sydney said, “many businesses are struggling in the wake of the coronavirus. Enquiries are increasing from business owners who are experiencing a decrease in patronage since the outbreak, or whose supply chains have been disrupted.”

“If this trend continues, it is likely that more businesses in Australia will be affected and not just in the hospitality sector. All fish exports are now banned and therefore trade is impeded for those businesses and any ancillary businesses. Tourism, manufacturing, and retail businesses with supply chains reliant on China or Chinese businesses will be impacted. It’s just the unfortunate question of when.”

As with all instances of financial challenges, Worrells assert that early intervention is key to getting assistance. The first step is to get quick, professional advice from qualified practitioners that gives business owners access to a broader range of solutions that assists them in ensuring their business survival and minimising further risk during challenging times.

Worrells has a dedicated hotline—1300 295 137—with 29 insolvency experts across Australia ready to assist. Their advice is qualified, regulated and experienced to help all types of businesses, in all industries.

If supply shortages, loss of trade or other challenges is affecting your financial position, or your clients’ financial position, Worrells is asking for advisors and business owners/directors to call one of their 29 experts to benefit from getting a confidential, complimentary and obligation-free conversation about the available options.

Worrells has been providing formal and informal insolvency solutions (including voluntary administration, liquidation, and bankruptcy) services for over 45 years. It prides itself on approaching sensitive financial challenges by giving “Plain Talk, Straight Answers, and Fast Results” when people need it the most. Worrells has 34 offices across Qld, NSW and the ACT, Vic, South and West Australia.

—ENDS—

Scott Andersen

Scott joined Worrells in November 2014 and is a Partner based in our Geelong office that services the Greater City of Geelong, Bellarine Peninsula, Victorian Surf Coast and Colac. Scott has specialised in all forms of Personal and Corporate insolvency administrations since 2006, of which four years was spent dealing with complex insolvencies and forensic accounting investigations in offshore financial centres. He is a Registered Liquidator and has a broad range of experience across various industries including transport, manufacturing, retail and finance. Scott has completed the Advanced Insolvency Course, is a Chartered Accountant, a member of the Australian Restructuring Insolvency & Turnaround Association and is also a Certified Financial Crime Specialist.

T: (03) 5222 7624 E: Scott.Andersen@worrells.net.au

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