If you have a business that is struggling at present, you have arrived at the correct place to take expert advice on what to look out for, and what to do if you want to avoid personal liability and correctly move your company through to rescue or closure. Company rescue is something we are very good at.
You may already have ascertained problems with the business such as breaking through your overdraft limit on a regular basis, not having paid VAT or tax for the last two quarters or months, or moving to a new set of suppliers to make use of new lines of credit. If this sounds familiar and you think that you need a company rescue, what you also need to take on board and act upon are the following:
• As a director you can be personally liable for your company debts if you spot that your company is in trouble but disregard this and then increase the losses to creditors. So if you think you are in trouble and have any doubt that you can trade out of it you must take advice.• You may be too close to the problem to see the solution. We are dispassionate and can offer non obligatory common sense advice about a company rescue in whatever form is best.• If you want to try to get out of the problem yourself, then you need to minute all the decisions that you make and the reasons why you made them. Be prepared to be able to argue why decisions were taken. If the business does eventually fail despite your further efforts, you may be required to explain why you failed to act earlier to shut the business. • To enable us to have an informed discussion, quickly set out your assets and liabilities, your income and expenditure, what you own and what is charged. It’s as simple as that and we will be able very quickly to get to the heart of the matter.• Now, what do you plan to do? Is this company going forward, or do you need to create a new company as part of your company rescue, possibly to take over what is left and profitable of your business? How will you do things differently? I was dealing with a pub chain recently who spent £8,000 on soft fruit garnishes. Crazy. They were able to keep the gin and tonic brigade happy for half this amount. A simple change freeing up £4,000. You must have similar examples in your business.
• Until you decide where you are going with your company rescue, only commit to pay wages (and review your wage costs as well) and insurances (in case of disaster).
If your plan allows you to move on then contact us, and we can help you put it in place. If you cannot continue despite your plan, contact us and we’ll have another solution for you. So basically whatever you do in seeking a company rescue in London, contact us. Advice is free: taking no action may cost you a fortune. If you would like to talk about company rescue to a specialist with many years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.
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