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Real Business Rescue

Free Director Helpline: 0800 644 6080

Close My Farm or Agriculture Business

Rescue, Recovery, and Closure Options for Farmers and Agriculture workers

Many farm owners and agricultural workers are experiencing financial problems at the moment, largely because of factors outside their control. 

If your farming business is in financial distress, you need to consult an insolvency expert for professional advice. Just because your farm is currently insolvent does  not mean you do not have options. Our experts at Real Business Rescue have vast experience in the farming and agriculture industry. We provide tailored advice and guidance, helping you to understand your options and offering the best chance of recovery.

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Close my farm or agriculture business

If your farm is struggling under unmanageable financial distress and growing operational challenges, it may be the case that you need to look into ways of closing the business before the situation worsens even more. As the director of a company, you have certain legal duties and responsibilities to your creditors once you become aware that the business is trading while insolvent.

The closure of your farm can be achieved through a formal liquidation process known as a Creditors' Voluntary Liquidation - or CVL. A CVL is entered into under the guidance of a licensed insolvency practitioner who will take over the control of the company, deal with outstanding creditors, liquidate any assets, and bring the business to an orderly end. 

Rescue options for farms and agriculture businesses

If your farm is ultimately viable, however, there are a range of company rescue and recovery processes which can be explored which could help turn around the fortunes of the business. The nature of farming means it is likely that valuable assets are available which can be used to help farms and agricultural businesses recover.

The value of hard assets such as vehicles, plant and machinery, can be leveraged to introduce new lending into the business which can kick-start a recovery plan. One option commonly used by our farming clients is asset-based lending – a type of lending that’s perfectly suited to the farming industry.

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Balance sheet assets generally hold considerable value, and can be used as security for borrowing. The farming industry by its very nature requires expensive machinery for day-to-day work, which makes a farming business ideal for this type of borrowing.

The value of these assets can be released as a cash lump sum, helping to relieve cash flow problems or paying off existing debt that’s become too expensive to service.

Here’s a little more about why this type of lending could be beneficial for you:

  • Loan repayments are fully tax deductible, making it a cost-efficient way to borrow
  • You can budget with more certainty as the interest rate is set when the loan is taken out
  • The value of your asset is maximised before it depreciates too far
  • You’re able to use the asset(s) as normal under a sale and leaseback agreement
  • A crucial cash injection like this could save your business

With business survival at stake it’s vital to take action fast. We offer same-day consultations to quickly gain an understanding of your financial situation.

We have an extensive network of 100+ offices and can provide immediate help and advice whether on the phone or via a face-to-face same-day meeting.

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