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Company debt advice for landlords and property management businesses
How can you protect your landlord or property management business from an increasingly challenging marketplace? Understand formal insolvency procedures to help save or close your landlord or property management business, such as a Company Voluntary Arrangement (CVA), Company Administration or Creditors’ Voluntary Liquidation (CVL).
Both commercial and residential landlords are finding themselves struggling with changing consumer preferences and ever-changing regulations. With more workplaces allowing their employees to work from homes, demand for office space in prime city centre locations has taken a hit. On the other end of the spectrum, residential landlords are grappling with ever-tightening regulation making it difficult to do business.
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If the financial issues caused by non-paying tenants or vacant properties, have taken your property business beyond the point of rescue, you may need to consider liquidation. This can be done through a director-initiated process known as a Creditors’ Voluntary Liquidation (CVL). All company assets will be sold for the benefit of creditors, with any remaining debt written off as part of the process. However, due to the assets likely to be involved when a landlord or property company encounters financial distress, liquidation may not be an option which is considered.
By taking the advice of a licensed insolvency practitioner, you will be able to clearly understand your position and the options which are available to help you not only weather the storm, but emerge as a stable and resilient position.
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A process of restructuring could help ensure your landlord or property business is operating at in the most effective and cost-effective manner possible. This may take the form of streamlining or simplification which seeks to divest the company of non-profitable channels, allowing vital funds and resources to be diverted to more lucrative areas of the company.
Depending on how your property portfolio is financed, you may be able to explore the possibility of releasing some of this money tied up in assets through a form of asset-based lending. This could instantly improve cash flow, allowing you to cover your outgoings during these turbulent times.
Alternatively, you may wish to consider placing the company in a formal insolvency process such as a Company Voluntary Arrangement (CVA) if you would like to enter into formal negotiations with creditors, or administration if you need some breathing space to formulate a workable plan going forwards.
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If your company is struggling with unmanageable debts, squeezed cash flow, or an uncertain future, you are far from alone. We speak to company directors just like you every single day, and we are here to give you the help and advice you need.
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If you are a landlord operating your business through a limited company, Real Business Rescue can provide expert help and advice and our licensed insolvency practitioner are here to help you understand your options.
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