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Demand for advice is increasing as businesses emerge from the pandemic, it says.
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Boutique insolvency start-up expands to Canberra
20 May 2022
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Insolvency start-up Cathro & Partners has opened a Canberra office to supplement its presence in Sydney and Brisbane, and appointed Navin Lal as senior manager.
The expanded footprint would help the firm meet an increasing demand for insolvency services, said principal Simon Cathro, and Mr Lal was a chartered accountant who brought more than 20 years’ experience to the role.
“We are seeing a broader growth in demand for our services,” Mr Cathro said. “In particular, in areas such as Canberra where the operating environment over the past few years has been challenging and businesses have not perhaps had the online presence or the opportunity to pivot as much as metro businesses.”
He said Mr Lal was previously a manager at Worrells Solvency and Forensic Accountants and had supervisory roles at Vincents Chartered Accountants, and the Canberra office and would lean on the resources of the broader business to help service that market.
Mr Cathro launched Cathro & Partners last year as a boutique insolvency and corporate restructuring firm focused on helping clients create and preserve business value and survive financial distress.
It specialises in restructuring, turnaround, insolvency, safe harbour, secured enforcement services and pre-lending services.
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Mr Cathro said the business had hit a sweet spot in terms of its target market.
“We are working with accountants, legal professionals, non-bank financiers and business advisers who are supporting businesses on a range of issues, and who are under significant pressure to know all the options when it comes to preserving businesses and providing up-to-date advice,” Mr Cathro said.
While monitoring cash flow was vital to post-COVID recovery for many businesses, he said managing expenses and prompt revenue collection were key, along with locking in pricing under contractual obligations with suppliers.
Getting timely advice was crucial.
“If the huge spike in insolvencies in the UK is any indication for our local economy, many Australian businesses are going to need good advice coming out of the global pandemic,” he said.
“We want to not only help them survive the challenges but to also thrive after them.
“To do so we provide honest advice anchored in deep experience to deliver the best outcome possible.”
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