It’s a common misconception that a business rescue expert is only useful to companies that are under severe financial strain. This is in fact false. You don’t need to wait until your company is in trouble to contact a business rescue expert. In fact, if you have any concerns about the future, it’s important to contact a business rescue expert as early on as possible. This is particularly important in the current economic climate, where even thriving companies have their concerns about the future. A business rescue expert can help talk you through ways to future-proof your company in times of uncertainty. With this in mind, these are just a few of the different reasons you should consider seeking advice from business turnaround experts.
Your Company Is Facing Insolvency
One of the most common reasons that directors contact a business rescue expert is if their company is in financial difficulty. If a company is struggling to pay their debts as and when they fall due, this could be an indication that they are insolvent or heading towards insolvency. If this is the case, a business rescue expert can advise on the options that may be available for recovering the company. This may include negotiating a repayment schedule with creditors via a Company Voluntary Arrangement (CVA), or placing the company into administration, temporarily preventing any further legal action from being taken against the company. Alternatively, the best option may be to liquidate the company. Assessing your individual needs, a business rescue expert will advise you on the best path forward, whether that’s turnaround or closure.
You’re Considering Closing Your Company
There are many different reasons that you may be considering closing your company. One of the main reasons might be insolvency. Voluntarily liquidating an insolvent company enables directors to remain in control of the closure and claim statutory entitlements. Allowing problems to escalate and lead to compulsory liquidation leaves directors with little powers and could jeopardise their ability to trade in the future. However, voluntary liquidation isn’t just beneficial for insolvent companies. You may also be considering closing your solvent company – perhaps you’re looking to retire, move onto another venture, or maybe the business has simply run its course. In the current economic climate, where the threat of recession remains a concern, many business owners are proactively choosing to liquidate their companies. Our experienced team at Ballard Business Recovery can talk you through how the process works for solvent or insolvent liquidations.
You’re Concerned About The Future
As we mentioned previously, your company doesn’t need to be struggling in order for you to seek the advice of a business rescue expert. In fact, given the turbulent state of the economy, it’s a really sensible idea to seek professional advice now. A business rescue expert can advise you on how to prepare your business for a recession, in order to place it in the strongest position possible to remain stable throughout this challenging period. Looking at the individual structure and operations of your business model, a professional can advise you on the changes and plans you can put in place to future-proof your company in times of uncertainty.
Whatever position your company is in, please don’t hesitate to get in touch with our experienced team of business turnaround experts in order to talk through any current or future concerns you may have.
