CASE STUDIES
The following are some examples of the type of work that Graeme Beveridge and Control Your Business have successfully completed over the years:
ANNULMENT OF BANKRUPTCIES AND SETTLEMENT OF $10,000,000 DEBTS
A commercial builder was liquidated and the 3 directors and their wives were all declared Bankrupt. Total debts were approx $10,000,000 and for 5 years nothing constructive was done to resolve the impasse.
Graeme was appointed to review the situation and negotiated with the Trustee in Bankruptcy and various creditors including a major bank and development lender.
After almost 2 years of hard work and negotiations by Graeme, the $10,000,000 debt was settled for approximately $700,000 and the Bankruptcies were Annulled which effectively meant they never existed.
The directors renewed their business activities with a clean slate and went on to be successful again.
ATO DEBT OF APPROX $800,000
Graeme was asked to review and advise a Window Manufacturer who was struggling to pay ATO debt as well as incurring substantial operating losses.
Interestingly at the first meeting with the wife (the husband was swanning around running the business as though nothing was wrong !!) Graeme asked her what she thought they owed the ATO. The answer was a rather vague “couple of hundred thousand dollars” and when I advised her that it was in reality almost $800,000 this started an interesting journey to bring things under control.
A payment plan was agreed to with the ATO, which included having a Default Judgement set aside after negotiations with a senior ATO office, substantial amounts of penalties and interest were waived by the ATO and the business continued to operate.
A self-managed Superannuation Fund was set up and new business premises purchased under the Fund which proved to be a really good investment.
Unfortunately, the owners of the business would not listen and act on my advice and they soon found themselves back in trouble. Rather than take responsibility for their actions, they decided that I was to blame and I ceased acting for them.
NB – Over the years I have found that the wife of the Family Business recognises the need for professional business help more often than not. This is especially true in the building industry. The husband expects (frequently demands) that the wife is the financial wizard, and bookkeeper when the wife usually does not have the time, experience or inclination to go along with the husband’s ideas on running a business. I am sure that there are situations when the role is reversed between husband and wife.
START UP BUSINESS
Too often a business will start without the owners seeking advice from an Accountant or Business Advisor before they commit and start the business. This more often than not results in things coming unstuck within a short period and the resulting cost to the business to get things back on track can be significant.
Over the years, Graeme has assisted many businesses in determining the appropriate business structure, establishing appropriate accounting and operational procedures and then keeping a close watch on how the business goes.
Graeme remains in close contact with his clients at all times.
COVID PANDEMIC 2020 - 2021
All of a sudden most businesses were substantially impacted by the pandemic and decisions were required on very short notice as to what effect there was going to be on the various businesses.
During this period, Graeme worked very closely with his clients ensuring that they received the substantial government stimulus monies that were available.
It was not easy however all clients of CYB survived this significant turmoil around the world.
DIVORCE & PROPERTY SETTLEMENTS
Over the years Graeme has been involved in a number of family breakups. Sometimes thinking that he was also a Marriage Guidance Counsellor.
What Graeme brings to these sad moments is an ability to interact and mediate with both sides to bring a resolution that avoids the need for lengthy and often nasty and costly legal battles.
FAMILY PROVISION CLAIM
A family provision claim is a legal application to the Supreme Court of New South Wales (NSW) to contest a will and receive a larger share of a deceased person’s estate. In 2018, Graeme was called in by a Barrister friend to assist in a Family Provision Claim involving a Husband and Wife fighting a Family Provision Claim from the daughter of the husband from a previous marriage. The battle had been going on for 3 years, and legal fees had soared to around $300,000 with absolutely no settlement in sight.
The case required a fresh and unique approach because the parties were not on speaking terms. Graeme decided that the best approach was to endeavour to open a dialogue with the Accountant for the daughter, and from that initial meeting, Graeme was able to meet with the daughter, her legal advisor and the Accountant. Graeme was then able to negotiate a settlement with both sides, and the matter was finalised on good terms for our client.
What had been causing all parties huge grief for 3 years was settled within 1 month with minimal additional legal fees.
PERSONAL BANKRUPTCY MATTER
In 2019, Graeme was asked to assist a lady who had a café business in the Illawarra, which was struggling. Upon investigation, it was clear that the business had no hope of survival, and Graeme ultimately guided the lady to declare herself Bankrupt.
Three years later, after the Lady had come out of her Bankruptcy, Graeme received an email from the lady stating, “Thank you so much, Graeme for making me realise that I needed to cease my business”
