Business Liquidation
We understand the impact of financial difficulties can be devasting both on your business and your quality of life.
During the Covid-19 pandemic the government’s focus was on how to support businesses, stop business bankruptcies and save jobs with measures such as business grants, government backed loans schemes, deferment of taxes, landlord eviction measures and the job retention scheme all playing their part in helping businesses stay afloat until they could reopen.
The focus has now shifted on the viability of businesses to avoid mass business bankruptcies. However, the CBILS and bounce back loans will have to be paid back, the deferment of taxes has more or less come to an end, landlords and other creditors want to be paid. So many financial triggers to deal with and cash flows are being stretched too far.
Is your Business at Risk?
Once you have identified that a problem exists, you should seek assistance from a licensed and regulated insolvency practitioner such as us, who can assess your situation and provide you with the options available. Insolvency does not need to mean the end of the road if you have an underlying viable business. We can help with this.
Do any of these resonate with you:-
- Suffering from creditor pressure?
- Struggling with overhead costs such as rent and employee’s wages?
- Experiencing cashflow pressure?
- Pressure from HMRC in respect of unpaid PAYE, VAT and Corporation Tax?
- Struggling to pay back the Bounce Back Loan or CIBL?
- Is your bank reducing their exposure to your business by reducing overdraft facilities?
What we will do
We appreciate that every business is different and each industry comes with its own unique challenges. This is why we take time to achieve the outcome you desire as a director. The future direction of your business requires thorough discussion so we will need to speak with you and analyse your company’s current position. Some owners want to rescue their business whilst others would rather discuss exit strategies. Once you have made contact with us, we will establish if there is a way in which we can assist you, explaining in simple terms the options available to you can move your business forward.
How we can help
The first step is to make contact with us. We appreciate that every business is different and each industry comes with its own unique challengers so we will take time to evaluate the current financial position of your business and help you explore your options, which may vary depending on the company’s current circumstances. All advice is free of charge, impartial and confidential and we are licensed and regulated by the Insolvency Practitioners Association, so you can be assured you are not receiving advise from unregulated advisors.
To help you understand the rescue and insolvency decision-making process, we have prepared an Insolvency Options flowchart exploring the three main insolvency routes in an easy to use, jargon-free way. It is a starting point for those business owners who are examining their next moves or simply click on the links to our handy guide below to explore your options further.
It is not always clear which options are the right ones for your business. The first step is to call us.
