We understand. Insolvency practitioners often get called in when things seem dire, like the financial Grim Reaper hovering at the door. But here’s the secret most business owners don’t realise: we’re not just about closures and liquidation. In fact, our expertise can be your lifeline, helping you restructure, explore rescue options, and navigate a path back to stability.
So, how do you know when it’s time to pick up the phone? Here are some red flags that shouldn’t be ignored:
- Mounting Debts: Are your bills piling up faster than you can pay them? Are creditors chasing you down? This is a clear sign of cash flow problems that need immediate attention.
- Falling Sales: Has your revenue taken a nosedive? A decline in sales can quickly lead to insolvency if left unchecked.
- Difficulty Meeting Payroll: Are you struggling to pay your employees on time? This is a serious issue that can damage morale and lead to employee turnover.
- Constant Borrowing: Are you constantly relying on loans and personal credit cards to stay afloat? This is a short-term solution that can snowball into a long-term problem.
- Unease in the Gut: Even if the above signs aren’t glaring, do you have a nagging feeling that things aren’t quite right financially? Trust your instincts.
Remember, the sooner you seek help, the more options you have. An insolvency practitioner can assess your situation, analyse your finances, and develop a tailored plan to get your business back on track. This plan might involve:
- Debt Restructuring: We can negotiate with your creditors to reduce your monthly payments and create a more manageable repayment schedule.
- Company Voluntary Arrangement (CVA): A CVA allows you to propose a repayment plan to your creditors, potentially reducing what you owe.
- Administration: This process puts a moratorium on creditor action while we explore options to rescue the company or find a buyer.
Taking that first step can feel daunting, but it’s a brave and necessary move to secure your business’s future. Don’t wait until it’s too late. Contact us today for an initial free consultation and let’s explore your options together.
