We appreciate that financial difficulties facing a business can be extremely worrying for business owners who inevitably have invested their time and money into building up the business. As part of our initial free review we will consider all aspects of the business including its funding, current pressure from creditors, its long terms prospects and the wishes and aspirations of its stakeholders.
Directors are often worried about whether they should continue to trade the business and what their duties to creditors and other stakeholders are. Obtaining professional advice at an early stage often goes a long way towards mitigating subsequent criticism that directors have traded to the detriment of creditors and should be liable to contribute to the assets of the insolvent business on a subsequent failure. In many instances further trading may be the correct and responsible course of action if this is undertaken within a properly thought through and documented framework.
If advice is sought before relationships with creditors have deteriorated completely then options such as a voluntary arrangement are more likely to succeed enabling the business to trade out of its difficulties. We are also happy to consider with directors options which avoid the need for formal insolvency proceedings such as refunding the business, merger with a competitor or simply making some changes to the way in which the business operates. We have access to a wide range of local professionals dealing with corporate finance and business sales and acquisitions who we can bring in to advise on available options should the need arise.
Where formal insolvency is unavoidable, we will look to preserve the business and the jobs of those involved with it in some shape or form if at all possible and in accordance with our professional responsibilities.
A brief overview of the various formal insolvency options is set out below with links to more detailed information should you wish to obtain further details before speaking to us. The links provided are to publicly available government resources and, as such, are not designed to promote or recommend any particular procedure.