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My business is failing: How can I save it?


How to turnaround a failing business

Over the years a great number of owners and directors have come to us in distress asking, “My company is failing. What can I do?” There is no simple answer to that question but what we can tell you from the very beginning is that there is no time to lose. If you are experiencing cash flow problems and unable to pay your debts, don’t wait until you have been issued a winding up petition. The moment you find that priority bills are not getting paid on time is the time to take a careful look at what is going on.

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What is the cause of the failure?

There are a number of reasons why businesses begin to fail and it will take a careful analysis of your books to see exactly what is going on. Perhaps it is a matter of not being able to collect on your invoices which are outstanding, which can be easily rectified in many cases with invoice factoring or confidential invoice discounting.

Then again, maybe your business model needs to be restructured or management could be falling down on the job. Sometimes a product line has outlived its usefulness whilst other times marketing is not effective. In other words, there is no ‘one-size-fits-all’ solution to turning around a failing business. Each company has its own set of problems which will need to be analysed.

Is your company insolvent?

If your company is insolvent you have a number of legal responsibilities that you must adhere to. Taking steps to protect creditors from further losses by contacting a licensed insolvency practitioner can help ensure you adhere to these duties.
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What are your options when your business is failing?

Just because your business is failing right now doesn’t mean that it is beyond rescue. Depending on the scale of the challenges your company is facing, one of the following options may be able to turnaround your company:

  • Company Voluntary Arrangement – A formal payment agreement entered into with your creditors which allows you to restructure existing debts to pay over a more manageable length of time. Some unaffordable debt may also be written off as part of the process.
  • Refinancing – From small business loans to invoice factoring, introducing new funding can provide an instant boost to cash flow. However, caution should be exercised when taking out a new channel of finance, particularly if you believe the company to be insolvent. In this case, you should consult an insolvency practitioner and refrain from signing up to any further finance or taking any action which could worsen the position of your creditors.
  • Administration – Your company may benefit from administration which will keep the creditors at bay whilst your company is restructured. A company can remain in administration for up to 12 months; this allows time for financial and operational restructuring free from threats of creditors taking legal action while the business is put back on track.
  • Pre Pack Administration – Sale of the company's assets to a third party, who may be an existing director  of the failing company. This allows operations to continue with the same suppliers, employees and customers but without the burden of existing debt. A pre-pack administration sale is agreed before the company enters administration. 

Can’t pay CBILS or Bounce Back Loan?

Don't worry - there are thousands of other company directors in the same position. If you are struggling to keep up with your Covid loan repayments, speak to a member of the Real Business Rescue team to discuss your options. It's Free & Confidential.
The team are available now -  0800 644 6080

If you fear your business is failing, time is very much of the essence. If your debts are continuing to mount and creditors are becoming increasingly impatient, you should make it a priority to seek swift action to prevent the situation from escalating any further. 

Real Business Rescue operate from a nationwide network of offices spanning the length and breadth of the UK. Our team of licensed insolvency practitioners can help you explain the options available to you whether you are looking to save or close your failing company.

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Still unsure whether liquidation is right for your company? Don't worry, the experts at Real Business Rescue are here to help. Our licensed insolvency practitioners will take the time to understand the problems your company is facing before recommending the best course of action going forward based on your own unique circumstances.

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