COVID19: Important Business Update: Survival Guide for the Coronavirus Crisis | Part One
Published on April 2, 2020 by Selwyn Black
By Selwyn Black, Partner- Accredited Specialist- Business Law
Evatt Styles, Senior Associate – Accredited Specialist in Dispute Resolution, and Commercial Litigation
Selwyn and Evatt are also members of the Specialist Accreditation Advisory Committee for the Law Society of New South Wales in Business Law and Dispute Resolution, respectively.
The Coronavirus Crisis is a time to be innovative, responsive and to take stock. The businesses that survive will be the leading businesses in the coming years.
Carroll & O’Dea Lawyers have worked with business for over 120 years, through two World Wars and the Spanish flu. We are confident that this time of crisis will pass.
Times of trouble require hope and creativity.
The Business team at Carroll & O’Dea Lawyers are available to assist any crisis calls and enquiries from businesses, associations, community organisations and other not for profits with questions about how to deal with the Coronavirus Crisis in relation to business and partnership assistance, negotiations, disputes, restructuring and finance raising, employment issues, insolvency advice and succession planning.
The types of questions vary; however, we have prepared this checklist/guide to help.
1. Ask for help to maintain cash flow
a. Government support
b. Consider payment terms
c. Debt recovery options
d. Renegotiations.
a. Boost cash flow by accessing government concessions
b. Be aware interim changes to Insolvency Law that impacts Corporations and Individuals
c. Industry intelligence.
3. Employment
a. Examine your Payroll
b. Consider whether your policies are adequate for flexible working
c. Maintain productivity by streaming workflows/ changing roles
d. Award / agreement changes
e. Working with your people to save jobs.
4. Be Proactive
a. Resolve disputes to reduce loss
b. Consider restructuring options and pre-empt business disputes
c. Understand how dispute resolution options may help
d. Positioning in case a client gets into trouble.
Part 2 of this guide will address how your business can thrive.
If you have questions, please contact our office on 1800 059 278 or enquiries@codea.com.au. If you are a new client, please complete our Contact Us Form now, so that one of our experts can contact you with a no charge and no obligation call to see how we can help your business now.
