Brent Norling

Some of them, you know, have 10 to 20 employees.

Um, if they were to walk away, that's all of those employees will lose their livelihoods.

Um,

From the director's perspective, they're going to have personal guarantees, potentially to a landlord, to lenders, and they're going to lose everything there as well.

Often the best way forward is actually to get that clean slate.

In my experience, suppliers generally get paid if directors do that, because the directors need to continue to deal with those suppliers.

So they will look after them.

So really, most restructures these days are just the IRD.

Yeah, just the IRD.

Restructures?

Yeah.

No, it's not.

Um, cause, and that's, that's one of the things, you know, and looking at the liquidation data, um, it's simply like how many liquidations are there.

It's not factoring in who's starting again.

Um, so, you know, how many businesses are actually shutting down a year?

I'm not sure.

Yeah, no, there's definitely a bit of trading up that happened or attempted trading up that happens.

I mean, for that person too, there are some options.

So upfront, I think it's really worthwhile, especially in this economy, make sure that your trade terms are tight.

So things like personal guarantees for the person who signed it, that can make the difference between payment and non-payment.