My business is struggling and cannot pay its debts. Where can I get help?
You can get lots of help right here! We are here to help you take back control of your business and ensure that you put worry behind you.
This page and this website are carefully designed to explain, in straight forward language, the various options that you have as a company director. We want you to carefully consider each option without listening to the so called experts in the pub! These guides below are accurate, legally correct and written by qualified experts in turnaround and insolvency including licensed insolvency practitioners. So, who would you rather trust bar room lawyers or real experts?!
Once you have read the guides you may have questions about how each option may affect YOU and YOUR company. Of course you can call our helpful team and they will guide you on your particular circumstances too. Why not take control of your situation and give us a call.
If my company can’t pay its debts, how can it avoid insolvency? What can you do?
What is a company voluntary arrangement? How does it work? Can costs be cut dramatically in a CVA?
What is administration? What does it mean to appoint an administrator and how does it work? Who can appoint an administrator? What is a pre pack administration ? How do you do an administration followed by CVA?
A common sense way to trade out of cash flow problems.This a very common approach. Your company hits a problem that is not life threatening but you have serious cashflow difficulties, possibly Tax and VAT arrears and creditors shouting loudly. Following this guide and applying common sense may help you get out of that position. However putting in more of your own money is not really trading out but delaying the inevitable if there is not a radical change in the running of the company or a big turnaround in its fortunes. A good way of guaranteeing the future is to compromise some debts via a CVA and THEN put money into the business with a debenture to protect your position.
Under the Business Payments Support Service, your company can obtain a time to pay deal directly from the tax man. Call 0845 3021435 and ask for assistance. Ideally your will have prepared forecasts, cash flow forecasts and a plan to repay the tax over an AFFORDABLE period of time. We can help you with this.
Our guide to refinancing the company.
Trade Sales Guide
Selling your business when it is in distress is difficult as buyers will want to know why and will price accordingly. That said, if the problem is solvable they may well buy your business for assets like contacts, intellectual property etc. You can sell your business via Business Sale Report for instance.
What about a full independent business review of your financial situation?
Talk to us about business rescue today