We are specialists at strategic business rescue and recovery.
If your business is having cash-flow problems, approaching insolvency, or you could use some immediate advice on how to handle debt or business restructuring in the best possible way, give us a call to find out how we can help.
This article will explain more about the business rescue process, and how it might help you.
What is Business Rescue?
Business Rescue is a term covering the range of legal mechanisms and approaches that can facilitate the turnaround of a financially beleaguered business. Rescue procedures allow companies the chance for restructuring, to negotiate repayment plans with creditors and, in some cases, protection from legal threats while the company finds its feet. Corporate rescue mechanisms, such as the CVA and administration, have wide-ranging implications on the company, its directors, shareholders, employees and business creditors.
What are some Business Recovery Options Available to a Struggling Business?
Using a CVA to Renegotiate Debt
The CVA is a debt restructuring mechanism which must be agreed upon by 70% of creditors. It must be facilitated by an insolvency practitioner and offers a legal moratorium against further creditor action. Read our full article here on CVA’s.
The rise of Fintech has meant there are a more diverse range of funding opportunities than ever before. Some companies even specialise in lending money to businesses with a poor credit score, and with the minimum of paperwork. We always consider finance as part of any rescue plan.
Time to Pay Arrangements
As one of the UK’s most experienced mediators with HMRC, we are as practised at anyone in knowing what terms HMRC will accept for a time to pay arrangement, and pushing for the best possible deal on your behalf. Read our full article on Time to Pay Arrangements.
Business Recovery Checklist
- Do – Keep creditors informed about what is going on.
- Do – Have a clear grasp of your cash-flow and exactly what is owed out and what is owed in.
- Do – Stop making any payments to all creditors until we have a clear plan set-out first.
- Do – Make notes on all important decisions made for your protection and reference in future.
- Do – Act fast. Sticking your head in the proverbial sand will not make the situation go away.
- Don’t – Ignore any legal threats or statutory documents that you receive.
- Don’t – Just pay off one creditor if they are making more ‘noise’ than the others.
- Don’t – Think that the situation is going to resolve itself.
- Don’t – Make promises to creditors such as HMRC that you cannot keep.
- Don’t – Take any deposits for work that you may not be able to complete.
Insolvency and Business Debt Recovery
While many directors fear insolvency as the end of everything, it can sometimes be an appropriate solution which relieves you of tremendous stress. The main purpose of working within a Limited Company is to ‘limit’ the liability for company directors, so the chances are you will be able to write off some of your debt, and start again. This is very much our area of expertise so, if no other solutions can be found, we can help you advise you of the best solution to solving your company debt problems. from liquidation, through to company administrations and and pre-packs.
Benefits of Undertaking Corporate Recovery With Us:
- We will listen to you and work within the parameters that you set out.
- Your best interests and personal protection are our main priority at all times.
- We aim to reduce those unpleasant surprises that can sometimes occur due to a lack of knowledge surrounding insolvency situations.
- There are no upfront costs with us… You don’t pay us a penny until we are both happy and we know what needs to be done to get your business recovery plan started.
- If required, we have access to some of the best insolvency practitioners in the UK.
- We have over 100 years’ experience in advising UK businesses.
- Avoid forced liquidation by early discussions & detailed business forecast planning.
- We aim to reduce the stress that business problems can bring, allowing you to get on with what you do best.
In some cases we hear about directors and business owners losing the passion that they once had for their business. This is unfortunate – however, it does not spell out ‘the end’ as it is quite often the stress that causes the excitement to fade. Once the stress is removed from the equation you will be more focused and your passion for business will return.
By stripping away the ‘unknown’ surrounding insolvency and business recovery situations, as well as explaining what needs to be done in a language that you fully understand and can relate to, we believe that we have the capacity to add a great deal of value to your decision making process which will precede business success.
Talk to an Expert About Business Recovery
Speak with one of our business recovery consultants today by calling us on 08000 746 757 or use our live support feature at the top of the page to get answers fast…