19th November 2021
If your company is experiencing financial or operational difficulties, ensuring you obtain the right advice at the right time can make all the difference when it comes to the ongoing viability of your business and the ultimate future of your company. If you fear your business is on the road to becoming insolvent – or perhaps it already is – you need to make it a priority to seek the advice of a licensed insolvency practitioner.
A licensed insolvency practitioner will take the time to understand your current situation and get to the root of the problems you are facing. Whether you have experienced a downturn in trade, rising stock and staffing costs, or are struggling to keep up with escalating debt repayments, rest assured that there is a solution out there which can help.
For some this will involve entering into negotiations with creditors to come to a mutually satisfactory repayment plan; other situations will require more extensive restructuring to cut costs and improve operational efficiency. If financial problems have taken the business beyond the point of rescue, a formal liquidation process known as a Creditors’ Voluntary Liquidation (CVL) may be the most appropriate way of bringing the company to an orderly end while ensuring outstanding creditors are treated fairly and in accordance with the Insolvency Act 1986.
An insolvency practitioner will be able to talk you through your options and suggest the most suitable way forward for you and your company.