If you believe your business is
heading towards, or is already in, financial difficulty, now is
the time to seek expert advice.
The worst thing business owners can do is ignore the warning
signs. Many owners of small businesses may not realise or admit
that there are serious problems until it is too late, yet the
sooner they do the easier they are to tackle.
If you are struggling to pay VAT and PAYE, or a creditor is taking
or threatening to take you to court or
there simply isn't enough funds to operate the business, you should consult with
a specialist company insolvency practitioner and get expert help
immediately.
A company insolvency specialist will help you
through the difficult and turbulent times and take as much of the stress away and reduce
the impact on the stakeholders as much as possible.
An insolvency practitioner will analyse your situation, advise
you on your options and suggest the best course of action. Where possible,
ways of rescuing or restructuring the business will be
suggested, with the aim of helping it return to a profitable state. Where required, an insolvency procedure such as a CVA,
administration order or company liquidation will be advised.
A company may experience financial difficulties for any number of reasons
and the consequences can be significant for all involved - directors, shareholders, suppliers,
staff, etc. An economic downturn, a hike in interest rates,
changes in the market, increased competition and loss of key
staff can all contribute to the financial distress of a
business.
Are you legally insolvent?
If you are unable to pay your business debts, or if the assets
of your business are less than your liabilities, your business
is legally insolvent. As a Director of a limited company you have responsibilities
for your company and creditors and you need to seek advice from a licensed Insolvency
Practitioner.
It may be possible for a company to continue trading
with the help of an insolvency procedure if the business has a
viable future. A procedure such as administration or
a CVA can protect
the company from its creditors whilst it reorganises its
affairs.
Business Rescue - improving performance
within an under performing business, implementing
financial restructuring, cashflow management and operational
turnaround.
Company Voluntary Arrangement (CVA) - where an agreement is
made with the company creditors which could result in
creditors accepting a fraction of what they are due in
settlement of all claims against the company.
Company Administration - where an Insolvency Practitioner would be
appointed to run the company with the aim of rescuing it.
Company Liquidation (CVL) - not all businesses can be saved. When a business
needs to be wound up, the emphasis is to do this with
understanding, efficiency and speed.
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Is
your business under pressure from any of the following? Your
bank
Your creditors / suppliers
VAT arrears
The Inland Revenue
Customers
Winding up petition
Cash flow difficulties
PAYE arrears
Employees
If the answer is YES, act now and
seek expert advice from a Licensed Insolvency
Practitioner
We provide a FREE initial consultation.
No commitment required from you whatsoever. Contact Us Today
Help is available for all kinds of businesses
including limited companies, PLCs, sole traders and
partnerships. |
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Latest business insolvency news
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