Free Debt Help And Advice For Company Directors

Did you know that over 50% of small businesses in the U.K. fail due to financial difficulties? That's not a very encouraging statistic. The main reasons small and medium sized businesses fail are as follows:

• Poor market awareness
• Company is unable to pay taxes
• Increased or unexpected competition
• Poor management of company or its finances
• Too much stock
• Company owes too much money to others
• Poor cash or cashflow management
• Being owed too much money
• Company relies on specific customers or contracts

Running a business can therefore be a challenge, company directors sometimes need help and advice in deciding what is best for their company during times of debt, financial or market change and difficulties.

What is the definition of insolvency?

Insolvency put simply means that your company owes more money than it can afford to pay with either its cash or assets.

It is worth noting that as a director, if you suspect that your company is in financial difficulty it is also your legal responsibility to resolve the situation as quickly as possible to avoid any suggestion of wrongful trading.

We know that it is very tempting to ignore the problems and hope that they will resolve themselves but we can assure you that this rarely happens. We find that directors usually have been trying all sorts of tactics for a period of time before seeking help.

We can discuss all of the insolvency rules and how he Insolvency Acts of 1986, 2000 and 2010 may apply to your business.

What the options for an insolvent company?

If your company is insolvent, we can discuss all of the insolvency rules with you, some of the available options are as follows:

• Debt negotiations and Company Voluntary Arrangements (CVA)
  It is often possible to negotiate payments and schedules with the companies you owe (creditors). Sometimes only a discussion is needed to move things forward with the eventual aim to make your company debt free.
• Additional borrowing for your business
  Borrowing more money may also be a solution to the situation though may possibly make it worse. It is often the case that the borrowing to avoid the financial crisis inadvertently can cause it.
• Company rescue and administration
  Where still viable, it may be possible to rescue your company by restructuring it. Administration is a legal process which allows this to happen by protecting the company from it's creditors for a defined period of time.
• Debt collection from your customers
  Customers who won't pay (debtors) can be actively pursued to retrieve the money they owe you thereby increasing the company's available cash.
• Company Liquidation
  The goods and assets of the company are sold (made liquid) and distributed to the creditors.

How will we help you solve your company debt problems?

Insolvency South East has many years experience in assisting directors of small and medium sized businesses (self employed or with a limited company), helping them decide upon the correct way forward for their company. All we ask is that you have a rough idea of how much you owe or have access to that information so that we can help you to work it out.

No matter which debt or insolvency solution you choose, you can rest assured that we will assist you through the process and our advice will always be free.

We cover Essex, London and the South-East of England, simply call our free company director advice and help line on 07860 384852 we're open from 08:00 until 22:00 Monday - Saturday or complete the form here and we will contact you as soon as possible.

 

Call us:  07860 384852
Email us: info@insolvencysoutheast.co.uk
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ASA Valuations Ltd
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