Most business failures happen due to insufficient working capital, poor planning and inadequate financial control. Businesses also fail due to lack of demand for their products and services, bad debts and excessive borrowings. It is therefore necessary to ensure that there are adequate processes and controls in place to alert management quickly of any impending problems. Indeed if such systems do not exist, directors could be liable under various legislation including failing to keep proper books and records, trading while insolvent or paying certain suppliers in preference to others. We therefore advise our clients to seek professional help at the first signs of trouble. We have considerable hands on business experience and will be able to offer practical help.
Our partners and their associates have decades of commercial experience covering a number of business sectors between then and hands on experience of helping businesses recover from trouble. We are also very flexible and move very quickly to help you put in place the strategies and practical steps needed to help your businesses. If required we will, on your behalf, deal directly with all the key players, including creditors, banks, liquidators, solicitors etc.
On our initial appointment we would :
Identify the key areas of concern and the impact they are having on your business;
Work with you to determine whether the business can be regarded as being solvent or can be salvaged with the support of the
banks/creditors or an injection of fresh capital. In effect we will determine whether the business is a going concern;
Advise you on the best course of action if the business is not viable. This would include helping you to appoint an insolvency
practitioner to put the business into receivership, administration or liquidation. We would arrange for this through our contacts;
Advise you of the best course of action if your business does not have sufficient recoverable assets to attract a Liquidator.
Where the business is viable we would aim to secure lines of credit and work with you to develop an action plan for recovery.
We can also help you implement your plans and monitor progress until your business is returned to full health.