It is widely known that many businesses fail due to the owner’s failure to take the proper advice at the right time. Many of the reasons why companies fail are due to their bad debts, insufficient credit, and low property values. Unfortunately, many business owners do not take the necessary steps to address these problems until they are too late. If a company’s directors fail to address these problems, they run the risk of committing a serious offense under the insolvency act. If a company is experiencing financial difficulties, it should immediately seek professional advice. It can be saved from liquidation or a receiver if it has a genuine profitable core.
Our team of experienced advisors can help identify the root causes of its problems and recommend the necessary steps to improve its operations. In some cases, a licensed insolvency practitioner can also help a company arrange a voluntary arrangement. This can allow the owners to try and avoid going out of business. If the company goes into administration or liquidation, the advisor will support the business through the process.