Uncertain future: The pandemic has caused businesses to face the bleak prospect of insurmountable costs and depleted cash reserves.
EST Advisory Management Sdn Bhd director Thomas How Kooi Yong commented that businesses in Malaysia, especially the SMEs, have taken a severe hit in this unprecedented time with many ceasing to operate and others at the very edge of survival. Sound advice: EST Advisory Management Sdn Bhd directors Thomas How Kooi Yong and Kenny Chong Chee Hong, EST consultant Jorrine Ang Pei Gaik, and Corporatenet Advisory Sdn Bhd director Riko P’ng Chiew Keem.
There is no fixed form of SOA, but it is subjected to the practicality, complicity, and financial position of a company. It is also appropriate for the sale of assets whereby the proceeds are utilised for the creditor’s benefits, the acquisition of the company by a “white knight” to satisfy the debts, and utilising proceeds of new sales order or projects to repay the creditors.
The company can then focus on strategising its business by restructuring and rehabilitating its financial position without worrying about the possibility of legal threats coming their way.
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