Managing a farming business in financial distress
An article featured in Farmer's Weekly states that It is not uncommon for farmers to find themselves in financial distress at some point in their careers - especially given the recent drought. They continue to say that it is expected that the number of companies filing for bankruptcy during the first quarter of this year will increase by 53% from 119 to 182, with most of these being in the agricultural sector. The article aims to answer:
- What should you do in such a situation to see your business through this difficult time?
- Should you let your business go bankrupt or are there other remedies?