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The pandemic has seen a rise in government infrastructure projects to bolster the economy and to create jobs. However, small to medium enterprises (SMEs) may suffer as a result, if more land is compulsorily acquired to make way for infrastructure. Forensic accountants can help SMEs with assessment and analysis of business loss caused by an acquisition.
To analyse this issue, MDW property law Principal Andrew Power joined forces with noted forensic accountant, Tom Caldow. Here’s a summary of their findings.
When a compulsory land acquisition is looming, your SME is vulnerable. Many issues may arise, for example:
Forensic accountants hold the key to many of these issues. They can provide advice for the stability and protection of your SME.
Power and Caldow both agree that SMEs should engage forensic accountants with appropriate experience if faced with a compulsory acquisition. It will help to identify and consider the many variations and subtleties in the business valuation process.
Detailed documents are an essential part of the process because they help the forensic accountant assess questions such as:
Forensic accounting has many specialist areas. It’s essential to engage a forensic accountant with specific expertise in compulsory land acquisitions. It’s also important to consider whether to engage a property lawyer who can work with your forensic accountant. Getting the right advice is critical. It’s worth remembering that the acquiring authority often pays the fees for these services on your behalf.
The full article can be viewed here.
