Building Industry Success Story
Overview
A Victorian business operating within the construction industry was facing significant financial pressure due to approximately $950,000 owed to the ATO, including substantial outstanding employee superannuation entitlements. The directors needed a structured solution to regain control and avoid formal insolvency.
The Challenge
- Approximately $950,000 in ATO liabilities, including unpaid superannuation
- Urgent need to rectify outstanding employee entitlements
- An anticipated SBR proposal of around $200,000 Requirement to raise funds to pay both the SBR and the superannuation entitlements in full
- Tight timeframes with the insolvency practitioner preparing to commence the formal SBR process
Our Role (FundsNational)
- Re-coordinated and strengthened the business’s funding position
- Raised funds to clear all outstanding superannuation entitlements
- Provided full funding for the anticipated SBR proposal
- Ensured all funds were available prior to the insolvency practitioner’s formal engagement
The Outcome
- Successful completion of the SBR
- $600,000 reduction in ATO liabilities
- Business stabilised operations and continued trading
- Significant financial and emotional reset for the director and their family
Why This Matters
FundsNational is proud to deliver funding solutions that provide meaningful outcomes for businesses, directors, employees, and families during challenging financial periods.