Keeping Your Lenders In The Loop
Finance experts believe many businesses wouldn't be forced to close if they had better communication with banks.
The sharp rise in the number of businesses being forced into liquidation is a stark reminder of the tough trading conditions being faced by many small-to- medium-enterprise owners across the nation.
Australian Securities and Investments Commission figures show external administrations rose almost 6 per cent to 9829 in the last financial year, while the number of court liquidations jumped 7.7 per cent to 2653.
The figures are alarming, and finance industry experts believe many businesses wouldn't necessarily be forced to the wall if they had better communication with their lenders, which, in the majority of cases, are the major banks.
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