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My business is failing what should I do?
By reading this page you have done the right thing! Recognizing there might be the likelihood of failure is the first step. Many business owners refuse to acknowledge there is a problem and so bury their heads in the sand, don't take action and then when the company is wound up wondered where it all went wrong! As a director you have a duty to act in the creditors interests if the business is insolvent, failure to act properly could leave you open to personal liability. If you are concerned make sure you have read Is My Company Insolvent?
Warning signs of possible business failure?
We have an excellent page that a business may be in trouble on our warning signs page. This covers all areas such as dealing with your bank, creditors, filing accounts, management accounts, legal actions, taking advice, personal signs, people issues, factoring companies etc.
If you can recognise too many of the following signs then it is likely that your business is probably under pressure, at risk, or it could be be insolvent. Look through these signs, print off the page and tick those that apply. If you get an uncomfortable feeling that these warning signs are familiar. Then you need to take action.
The most important thing to remember is if you leave it too late to take action then certain options are not available to you. Typically this is when a creditor, often HMRC, issue a winding up petition. If you don't know what it is then read our page on what is a winding up petition. In essence a winding up petition, once issued, means that a voluntary liquidation is not possible and a company voluntary arrangement is more difficult and costly. A winding up petition can sometimes be struck out by the court or we can seek an adjournment of the hearing date, pending the preparation of a CVA, but it is best to avoid this! It can be done but there is no guarantee of success. Please take a look at our technical guide on protecting the company while preparing the CVA. The crucial step in the winding up procedure is when the order is advertised as the bank will then freeze your account and you lose control. If you do allow the business to be wound up by the court then you will have your conduct as a director being investigated by the official reciever. Don't let this happen in 2012!
If the business is viable then it may be a tragic waste of a good business when you could have done a company voluntary arrangement (CVA) allowing you to pay off your debts over time and remain in control of your business. We are experts at the CVA procedure and have done more than any other practitioner.
Look what some of our customers have said on our testimonials page. In the meantime take a look at a letter from one happy client.
Hi Keith
This is a short note to say thank you to you and your excellent team for helping us achieve a CVA. The service that you provide is, frankly, unbelievable! Having realised that our company was in trouble, it took me some time to work out that we needed help ... fast. A Google search for “Company in Trouble” brought up www.companyrescue.co.uk and, having clicked on the link, I ended up on your website. The information on your website is informative, helpful and comprehensive. It was with some trepidation that I decided to call – having reached one of the lowest points.
My first call was with Philippa (Samaritan!). Philippa made me feel that there was hope, that it wasn’t all my fault (even though I knew that some of it was!) and that, by careful management there might be a way out. Next Hugh (Counsellor!) came to visit and, having spent several hours listening to my problems and assessing whether there was a real prospect of recovery, he recommended that a CVA would be appropriate. Ian (Master!) prepared a proposal to support our company through and into the process of a CVA. At first I felt that we had ‘no option’ if we were to survive (and we didn’t!), but very quickly I realised that a CVA is a good thing. The CVA enables us to re-structure, to re-think and to put together a plan for long term survival that should, if followed well, make us a much stronger and more profitable company than ever before. I didn’t come to this conclusion alone though – firstly there was Annette (Saint!!) who tirelessly and patiently guided me through the process. Annette gave advice, support and sometimes humour throughout the entire process and never once got bored of me asking the same question over and over, or worrying her with my woes. Annette helped me through every step of the way and was at all times ... brilliant! Finally, of course, there is yourself, Keith (King!). Your advice and support and your expert knowledge cannot, I am sure, be paralleled. It is only through your support and knowledge that we would ever have got this far.
We would never, ever have got through the last few months without the knowledge, support and guidance that KSA Group provides. Your fees are incredibly reasonable for the service that you provide and the knowledge and expertise second to none. Thank you to all of your team for being so brilliant!
If every you have anyone who wants to talk to a reference client, maybe someone who wants to know what to expect from you, or just a plain old reference, come to me – I will have no hesitation what-so-ever in recommending KSA Group as the best service for companies needing help ... anywhere!
Kind regards
Alex
Alex Rabbetts
TA Migration Solutions Ltd
7 Whyteleafe Business Village
Whyteleafe Hill
Whyteleafe, Surrey CR3 0AT
Tel: +44(0)845 251 2255
Fax: +44(0)845 251 2266
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
