Our client, one of the Fortune 500 companies headquartered in the US, had recently acquired an Australian company for the purpose of expanding their business to the Australian market. When they approached us, the Australian.
- The Australian division of our client was threatened by Australian Tax Office that it will be put into liquidation due to non-compliance and outstanding debt.
- The parent division was concerned about the Australian division’s negative cash flow and continued borrowing from the US. They wanted to turn their AU investment around and make it profitable.
As a first step, I represented the company in successful negotiations with the Australian Tax Office preventing the business from being put into liquidation. I later stepped up the game to create budgets and cash flow forecasts to demonstrate within the specified time frame the companies’ ability to trade solvent and pay off debts with ATO, Office of State Revenue and Superannuation Fund Administrator.
I also instituted the “best practices” needed for debt collection and aged debtors. I also provided guidance and advice to the company’s US Directors on the Australian employment legislation, the employer obligations and on the risks associated with non-compliance with the Australian laws.
Furthermore, I mentored the finance and HR department heads to implement KPIs to effectively manage salary reviews and bonus allocations.
- I saved the company from the brink of liquidation and enabled the AU division’s strategic business units to grow.
- I saved the directors from being personally liable to pay for the debts of the Australian subsidiary.
- My guidance helped the AU division improve its cash flows that resulted in further investments in business.
- I introduced professional employee recruitment, selection, on boarding and performance management practices and ensured that the business is compliant with the Australian Employment legislation.
