Susie Barnett established SR Group over a decade ago in Australia. We are a dedicated team that helps people confronted with financial distress and victims of financial impropriety. With the success of our business in Australia, we are thrilled to be expanding our team in New Zealand.
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If you’re in financial distress, you’re not alone. We have helped many people negotiate with creditors over the last nine years, achieving positive outcomes allowing our clients to gain back control of their financial future.
When we first meet, we listen - Here are some of our clients frequently asked questions:
Why should you act quickly when you can’t pay your creditors?
Financial distress situations can be incredibly overwhelming, with many choosing to put their head in the sand and ignore the issue. Ignoring the problem usually only acts to exacerbate, and unsympathetic creditors tend to respond aggressively. The consequences of avoidance are generally detrimental and can lead to bankruptcy.
We work quickly and transparently to minimise your financial distress, giving you breathing space while we develop a workable strategy to get you back in a sound financial position.
What type of creditors do you negotiate?
We negotiate with a broad range of creditors, including:
What will the likely outcome be to help me (or my business) get back on my feet?
Depending on your situation, our strategy, and the negotiation process, the outcomes we seek are:
Why should I use a professional advisory team?
Our unique expertise allows us to provide solutions across a wide range of financial issues in a cost-effective manner. Our team are specialists in accounting, debt negotiation and restructuring. We approach each financial distress situation in a thoughtful and caring way.
We are here to help and can be contacted on (09) 393 2989 for a confidential cost and obligation free discussion.
Being in personal or credit card debt can unravel a myriad of lies you tell yourself, hoping the money problems will disappear. Still, if not appropriately managed, it can leave you in financial distress.
There are standard lies we tell ourselves about debt. If you relate to these, it is time to acknowledge it, so that you can change them before they become problems.
The SR Group represents a group of 116 individuals and entities, each of whom was a client of disgraced Sydney based financial adviser. The financial adviser advised each of their clients to invest in the a managed investment scheme, without regard to each individual’s needs, wants or desired investment outcomes. The financial adviser did so without disclosing their close relationship with the managed investment scheme or the exorbitant commissions they received for promoting the scheme.
On Monday 4 February 2019, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry release its final report containing 76 Recommendations. At 4:20pm, Treasurer Josh Frydenberg held a press conference announcing that the Government had agreed to adopt 75 of the 76 recommendations made by the royal commission, opting against fully implementing a suggested crackdown on mortgage brokers.
The most important recommendation for our clients is 7.1 – compensation scheme of last resort. The Government has agreed to this recommendation by stating:
“For the first time the Government will establish a compensation scheme of last resort to ensure that consumers can have their case heard and be confident that where compensation is owed it will be paid. This will be a scheme paid for by industry reflecting their obligation to right their wrongs.”
ASIC has largely won a landmark case against Melbourne businessman Bill Lewski, former federal health minister Michael Wooldridge and other directors of failed property group Prime Trust, with the High Court ruling the men had breached their duties as directors. The High Court found it “cannot ignore the injustice caused to members by an amendment that permits $33 million of their equity to be paid away without authority”. The Federal Court is to reassess the penalties and disqualification periods for the directors.
The royal commission will spend the next two weeks hearing evidence about misconduct and conduct falling below community expectations within Australia’s superannuation sector. We are representing many people that have been mislead and their nest egg was not what they expected for retirement. Reform is needed especially with our ageing population.
Between managing company finances, meeting taxation requirements and keeping your staff paid, as well as running a profitable and competitive business, managing a small business can certainly be a big job. It’s easy to get caught up in the day-to-day operations of the business and neglect your overarching responsibilities, but we must ensure we don’t fall into this trap, as this often leads to a downward spiral which can be impossible to recover from. Managing your cash flow properly will go a long way to helping you stay on top of the ongoing taxation and employee obligations in your capacity as director. As an accountant, you should be communicating regularly and clearly with your clients to ensure they fully understand their cash flow position and cash forecast for the next few months.
It is very apparent that the Franchising Code of Conduct is blatantly obsolete, and franchisees are the ones suffering. Many franchisees are trapped in suffocating and unprofitable franchise agreements, turning their dream business opportunity into a nightmare. We represent a number of franchisee’s in their fight against subpar franchisors and their unfair business models. If you are suffering due to your franchise agreement or your franchise conditions, we can assist.
Renewed calls for a last resort compensation scheme to cover customers when their adviser's firm ceases to exist
SR Group is standing firmly with Professor Ramsay's review for the federal government recommending the establishment of a compensation scheme of last resort for victims of poor financial advice. With the Royal commission dedicating public hearings to financial advice and Dover showcased it is an area needing the most immediate attention of last resort compensation. Time for reform.
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