MBA Lawyers Managing Partner, Mr Clayton Glenister, says it’s never been more important for local firms to exercise caution across all aspects of their operations.
An authority on business insolvency, Mr Glenister says that uncertainty over the legacy of the Gold Coast 2018 Commonwealth Games, combined with predictions that more than 500 Gold Coast businesses may fold within a year, has created urgent ramifications for small to medium-sized firms in particular.
“Like everyone on the Gold Coast, we are excited about hosting the Commonwealth Games and in enjoying the event’s impact in terms of ongoing spending, infrastructure, tourism numbers and other activity,” says Mr Glenister.
“However, local businesses should not be complacent about what lies ahead. The Commonwealth Games is a wonderful opportunity, but it is not a guarantee of business success going forward.”
New research released by insolvency firm SV Partners suggests 508 Gold Coast companies are on the brink of collapse.
“The Gold Coast already has the highest rate of business collapses in Queensland,” says Mr Glenister.
“That’s why, in this uncertain business environment, it’s vital to be vigilant around those keys to business security and success – namely financial position, professional performance and prospects.”
If insolvency is an issue you wish to discuss, please contact MBA Lawyers HERE or by telephone (07) 5539 9688