Challenge
What was at stake.
Repeated covenant breaches and overdue statutory payments put the company on a lender watchlist. Owners were overloaded; reporting lagged; and there was no single view of cash.
Approach
What MFAS did.
MFAS installed a short-term cash command rhythm, cut non-essential spend, renegotiated key contracts, and rebuilt a 12-month plan the bank could monitor. Outsourced CFO support kept the cadence after the acute phase.
Outcome
Where it landed.
Covenants were reset on clearer metrics, arrears were scheduled, and the business returned to monthly predictability within two reporting cycles.
In depth
Not every distress story needs a formal appointment. This one needed honesty about cash, a smaller cost base, and a rhythm the bank could trust.
Week one was triage: what must be paid, what can wait, and which customers actually convert to cash. Owners saw—for the first time in months—a single runway number.
The turnaround plan was deliberately unglamorous: price discipline, role clarity, and killing projects that consumed cash without return. That made lender conversations shorter and more constructive.
Retainer CFO support then held the line—so the improvement was not a one-month heroics exercise that collapsed when advisers left.