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Rescue, Recovery, and Closure Options for Florists
Despite an uncertain economic landscape, however, the circle of life will continue and there will always be a cause for celebration and commiseration, and Valentine’s Day and Mother’s Day will always roll around. This means the demand for florists, floral designers, and the products they offer will not disappear completely regardless of the financial position of consumers, however, changes may need to be made to the way a florist does business if they want to succeed in this challenging arena.
Local florists are now not the default option for those purchasing floral arrangements. As individuals gravitate towards cheaper supermarket bought bunches and stems, or switch to online subscription options, florists need to contend with this shifting landscape and ensuring their business is satisfying these changing consumer preferences.
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If you have made the decision that you no longer wish to continue running your florist, a licensed insolvency practitioner can talk you through how to close the company via liquidation.
If your floristry company is insolvent and there is no possibility that it can be rescued, the business can be closed by placing it into a Creditors' Voluntary Liquidation (CVL) may be the best option for all concerned. Once you know your company is insolvent, you have certain legal duties and responsibilities as its director. One of these is to ensure you prioritise the interests of your creditors above those of yourself and your fellow directors/shareholders. In many cases, this will mean ceasing trade immediately, although there are some situations where continuing to trade, at least in the short-term, could be beneficial for creditors. This decision can only be made by a licensed insolvency practitioner after carefully assessing your position and future viability.
If your florist shop is experiencing signs of financial decline, it is important that you take preventative steps at any early stage in order to maximise the chances of getting the business back on track. Contacting a business turnaround professional, such as a licensed insolvency practitioner, will allow you to explore the options available to you and your floristry company, including both rescue and closure options. A company can slide into a state of insolvency surprisingly quickly, a situation which calls for immediate action.
Depending on the level of financial and operational distress being felt, this may include coming to an informal arrangement with creditors to lower the monthly repayments on outstanding money owed, through to a full-scale restructuring process if the problems are more than just a temporary blip in cash flow.
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Regardless of the position you are in, signs of impending insolvency should be dealt with swiftly in order to maximise your chances of effecting a successful turnaround and ensure you are adhering to your responsibilities as the director of an insolvency company.
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