“Our company is having cash flow problems and needs some time and help to address the debts. We are unsure of our options for the future. Are there any company rescue solutions that will help us to trade on and save our company?”
We provide free confidential advice on company debt and business recovery solutions. If you need help with the possibility of renegotiating company debts or trying to identify a possible solution for your company then get in touch. You will get a free report on your situation with no obligation to commit to anything.
There are several solutions t hat w find out how we can help you we can provide that may help turn your company’s current situation around. From a company voluntary arrangement or ‘CVA’, to a pre-pack administration or specific creditor negotiations with HMRC or trade creditors, we can usually resolve your business debt problems relatively quickly and safely. In the majority of cases, we get you back to running your company without the pressure of debt hanging over it.
Read about how some of our solutions can get your business back-on-track, once more, so you can start to enjoy your company again and minimise your stress.
If you are concerned about the future of your business and you don’t know how you are going to be able to repay your company’s debts, pick up the phone to find out how we can help you.
Understanding Directors’ Responsibility
A director has a duty to understand the financial affairs of their limited company and have sufficient understanding to ensure that the shareholders’ best interests are always at the forefront of his/her decisions. When a limited company becomes insolvent it is important to understand that the creditors’ interests are placed above the shareholders. Likely the first place to explore would be to ascertain whether the company is insolvent, or not, and this can be established in two ways:
- Can company bills be paid when due?
- Do the company assets outweigh the company liabilities? (including contingent)
If the answer is ‘no’ to both questions then the limited company is very likely insolvent. Of course, it is rarely as simple as this as a limited company may be juggling bills and tripping in and out of insolvency. A director must keep in mind that the implications of continuing to trade whilst insolvent as it could mean being made personally liable and this is why we recommend seeking experienced insolvency advice immediately.
The difference between rescuing a business and turning it around can be marginal and often depends on whose shoes you are standing in. The business challenge will be relative to the person dealing with it so there is no one size fits all solution. A business owner who cannot afford to take a living wage from his business, but is managing to pay creditors is a different scenario where the business has a winding up petition issued by an angry creditor. One may require urgent tactics, but the other may allow us time to put in place a longer-term turnaround strategy.
In essence; the difference between business rescue and turnaround will be one; or a mixture of the following:
- The nature of the challenge
- The time constraints
- Complexity and size of the challenge
- The business owners’ ability to respond
- The businesses ability to respond
The solution may be as simple as using our wealth of business experience, or it may require a more formal solution.
Our Approach to Company Rescue
The first thing we do is to obtain your view of the situation so we can see what you think the problem is and quite often knowing what the problem is one thing but knowing what to do about it is quite another. This conversation can be at your office or be over the phone dependent on what you want and the circumstances dictate.
We then need to obtain an assessment of the scale of the challenge and that simply means gaining an understanding of the business basics. Dependent upon the circumstances that may mean we need an in-depth understanding of your business infrastructure to simply obtaining a simple overview. Either way, there is only one aim and that is to put you the business owner firmly back in control of your business.
Motivation and Mentoring
FSB research indicates that around 40% of business owners work alone so are one man businesses and this can be a very lonely position to be in. Feeding your family and making sure you pay the bills at home as well at work can take its toll over time. Often simply having someone to bounce ideas off or discuss problems with can be enough to get back the ‘old you’; the person who was filled with enthusiasm when they first started out in business.
We have the business experience to counter most challenges and have ‘seen it all’ when it comes to business challenges so we can prove a sympathetic, empathetic and very experienced ear when needed. You can see what other directors have said about us at the testimonials page.
Our Rescue Credentials
We are members of the Turnaround Managers Association and dedicated to rescuing directors and or the business and you can learn more by clicking the link at the bottom of this page.
You will also be pleased to know we have specialist professional partners for any occasion and we will obtain a view without charge to you as part of our service. All lawyers are appropriately registered with the Solicitors Regulation Authority and you can learn more by clicking the relevant link at the bottom of the page; and all of the insolvency practitioners are registered either with the Insolvency Practitioners Association; or R3 and you can find out more about them by clicking the relevant link at the bottom of the page.
We work very much as part of your team and we bring all of this expertise to your aid immediately you make contact with us – no strings attached.
We not only make sure that the challenge has been overcome; we advise on making sure that the same financial, or insolvency-related issues will not reoccur going forward. “Finding a solution is like trying on a really good suit, it not only has to be practical; it has to feel right too”, so says Mike Smith; Managing Director of Company Debt. “We become a part of the management team very quickly, so we get a good ‘feel’ for the business before making any observations, or providing feedback.”
To speak with one of our business rescue specialists and get free confidential advice on your situation today you can call us on 08000 746 757; email us at [email protected]; or use the Live Support feature at the bottom-right of this page. Alternatively, if you would like to speak with a member of our team in confidence please call Sue on 07949 969 006.
Turnaround Managers Association – https://www.tma-uk.org/
Solicitors Regulation Authority – https://www.sra.org.uk/
Insolvency Practitioners Association – https://www.insolvency-practitioners.org.uk/