From time to time in the Wright Clarke legal practice we have a client encountering difficulty managing Farm Debt due to changed circumstances. When tough times hit primary producers tend to believe hard work will get them through. Sadly, though this isn’t the case and in fact producers need to step back and analyse their business finances and approach the problem from a different perspective.
I’m really pleased that primary producers can apply for assistance from the recently established Farm Debt Restructure Office. The FDRO has been set up by the Queensland Rural and Industry Development Authority to assist primary producers experiencing financial distress by providing independent expert financial information and analysis of their farm business.
The Farm Business Analysis Assistance assesses your past, present and projected business position and a report is provided free of charge to the producer.
Some of the best attributes of the program are:
- You can have some input into which service provider from the panel is engaged to assess your business situation.
- What you choose to do with the information and options in the report is completely up to you. You are not obliged to take a course of action or engage anyone as a result of the report.
- The assistance complements producers existing financial services consultants and offers an alternate opinion or services at a time when you can least afford to outlay extra fees.
Please contact us if you’d like to discuss your eligibility with me and prospective next steps or visit the Queensland Rural and Industry Development Authority’s (QRIDA) website www.qrida.qld.gov.au/fdro.