Published: 09/03/2023 By Hannah McCormackAs insolvency practitioners this is a question we sadly hear all the time. Many businesses took advantage of the Government help offered during Covid times such as Bounce Back loans (BBL) to ensure their business survived through the pandemic, but these businesses are now finding times even tougher! With loan repayments due as well as rising costs, consumers cutting back to name but a few challenges, businesses are really feeling the pressure, and many are struggling to pay all their debts.
But what should you do?
Firstly start by taking our insolvency test here. This short insolvency questionnaire will assess what options could be appropriate given the unique circumstances of your business.
Then get some advice, its as simple as that, the longer you leave things the worse it will get.
However, it is imperative to take advice from a licenced insolvency practitioner, as soon as you become aware the company may be insolvent. As doing nothing could result in facing legal action for wrongful trading or fraudulent preference, an insolvency practitioner will be able to tell you exactly what position your company is in.
Don’t wait to receive a winding up petition from an irritated creditor. Our advice is to take action quickly. You could save your business. If advice is sought early enough the various routes open to a director could be:
Restructuring a companyCompany Voluntary Arrangement
Closing a companyCreditors Voluntary Liquidation (CVL)
We can assist with all the above insolvency processes as well as other options, but we try to promote a rescue and restructure culture with all our clients. Give us a call today for an informal chat to see how we may be able to help. Call 020 8661 7878 or email email@example.com