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Is your company in financial trouble?

If you’re struggling to meet debt payments and cashflow is suffering, don’t panic! There are a number of options available to help turnaround the business if it is financial trouble. 

Cut costs and improve cashflow 

Update your cashflow model and use a daily template so you know exactly what is being spent every day. Keep a close eye on accounts and cut out non-essential costs. You’d be surprised by how many things you don’t need.

See here for more tips on cutting costs. 

Debtor collection

Collecting late payments is a vital part of the business but it can also be time-consuming. Ensure you have a suitable credit policy and always have agreements in writing. Verbal correspondence will make chasing debtors more difficult. 

Find out other ways to improve debtor collection

Plan A

If creditors are threatening legal actions, it’s worth looking at what we call, Plan A. This is an informal deal with creditors as a way to pay back debt over a relatively short time period. We may be able to arrange a Time To Pay (TTP) deal with HMRC on your behalf if you’re fallen behind on VAT and PAYE payments. 

Company Voluntary Arrangement (CVA)

Similar to Plan A, a CVA is a formal deal made with creditors to ensure debt is repaid over a set time-frame. The arrangement protects your company from legal actions and is a powerful restructuring and refinancing tool. Unlike a Time To Pay deal, up to 60% of unsecured debt can be written off. For a detailed CVA guide, click here.   

Pre-pack Administration

 If the company is under threat from an aggressive creditor, selling the company in a pre-pack administration deal to a third party may be the best option. This ultimately gets rid of debt and allows the business to continue. It can end those sleepless nights quickly! Read out step-by-step guide here.  



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