your company struggling with cash flow?
Your businesses may be fundamentally sound but have problems accessing bank loans or managing your cash flow – and this may be threatening your very existence.
Is your business is in danger of becoming insolvent?
You might be in a tight spot and dogged by the mounting stresses caused by the worry of liabilities that can sometimes be taken on personally by trading whilst insolvent.
Are any of your customers difficult payers?
Slow payers can be a tell-tale sign of a problem. We may be able to help these companies become a more stable and valued customer for you.
If you’re having a problem seeing your way through, perhaps we may be able to offer an alternative solution. We invest in, and buy, distressed companies.
Recognizing the likelihood of your business failing is the first step. Many business owners refuse to acknowledge there is a problem and so bury their head in the sand, don’t take action and then when the company is wound up they are left wondering 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
Warning signs of possible business failure?
These are just some of the key signs to look out for:
- You feel under constant pressure
- You see risks escalating for you and your business
- Your business has become insolvent
- Your customer enquiries have dried up
- There’s no buzz about your business anymore
- Your marketing efforts haven’t produced results
- You’ve made the same mistakes more than once
- Your bills aren’t getting paid on time
- You’re experiencing a high staff turnover rate
- You’ve run out of ideas for new products and/or policies
The most important thing to remember is the longer you leave it to take action, the fewer options will be available to you and your business. Typically this is when a creditor, often HMRC, issue a winding up petition.
Therefore it is vital to take action as soon as possible! There may still be time for a CVA if you act quickly – it could save your business.