Any business owner will recognise the dangers of becoming caught up in the minutiae of running the business from day to day. It becomes difficult to take a step back to plan for the next downturn or business challenge.
At the centre of this is the preservation of cash; the most important asset of any business. Managing cash flow requires a holistic approach to ensure your long term vision for the business. Cost cutting typically focusses on the here and now, and short term measures often lead to future uncertainty.
A lack of cash is one of the main contributory factors behind business failure. Despite the highs and lows of the business cycle, if you don’t have the cash to pay the bills your business is in danger of failing.
It is all too easy to put off taking the difficult decisions for another day. Unfortunately, you can end up being forced into an unpalatable course of action by HMRC or other creditors.
Dealing with the issues now allows you to plan for the future so you retain control before it becomes too late to save the business, jobs and your hard won investment.
This is where our highly experienced business rescue and recovery team can help. Depending on your particular circumstances, solutions can include:
Company Voluntary Arrangement
A formal arrangement with all of your creditors, where you can pay a reduced settlement with a percentage of the total debt being written off.
Protects the company from aggressive creditor action and can rescue the business as a going concern.
Creditors’ Voluntary Liquidation
When all other remedies have been exhausted; this allows the company to cease trading, whilst the directors can set up a new company and continue trading.