We saved four businesses last year. A plumber in Napier, a retailer in Havelock North, an engineering firm in Auckland and a mechanical engineering firm in Fiji. All businesses were facing liquidation, but all now have a solid future. There is still more work to be done but at least they’re on their way and have avoided the risk of liquidation.
It isn’t magic but it sure feels like it when you’ve saved a business for the owners, the creditors and the community it deals in. One of the most gratifying for me, in last year’s achievement, was the ladies dresswear shop in Havelock North. This business has a long history in the area, but absent management had ground its reserves down to dust. A late stage employee showed all the hallmarks of a sound business person and the business was transferred to her and is now flourishing.
Every business and its difficulties are unique. The goal of Voluntary Administration is to avoid liquidation if it is possible to do so. Our objective is to work alongside the Directors to find the problems and to solve them so that the business can start it rehabilitation. It’s not an easy thing to achieve but worth every bit of effort when the business is saved.
Voluntary Administration is a legal model that has as its central purpose the objective of providing a stressed, but viable business, with the means to rehabilitate itself wherever possible as an alternative to liquidation. BWA Insolvency Limited specialises in the field of business rehabilitation through voluntary Administration and has achieved a nationwide reputation for the results earned.