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TOUGH CALL: Ray Della-Polina says Malz could have got a better outcome for creditors if allowed more time. Photo: Attila Csaszar

Life support lacking for ailing business

Retailer Ray Della-Polina says there are lessons for the business community in the failure of his Malz business.

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Perth, Western Australia
It is sad to see businesses like Malz fail. Retail has been tough, and no doubt that is part of the issue. From Ray's comments, the business appears to have been under-capitalised for its growth agenda. It is difficult when you're in the middle of a crisis to view the crisis objectively, and take appropriate action. The Turnaround Management Association focuses on corporate renewal. Its website provides a tool for business owners to contact a turnaround specialist who is focused on corporate renewal and can help business owners avoid terminal insolvency. Early intervention is key. It is better to over-react to a looming crisis, than wish you had done more later on. A turnaround specialist brings much needed independence and objectivity to critical situations. There are a number of specialist turnaround advisers and firms in Western Australia. If you contact one of these specialists, most will provide a free initial meeting to understand your situation and discuss some of the options that might be available to you. Some of them will have strong relationships with Banks and other stakeholders. They understand how those stakeholders operate, and they can help you navigate through the crisis.

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