A lot of the time, the mere fact that you've taken on a Business Recovery specialist will give your creditors the confidence to step back and allow you the space to prepare for recovery. Our Fend strategies vary from company to company and often involve a subtle blend of approaches, but whatever the complexities of your situation we will relieve the pressure and allow you to continue to operate both viably and legally.
For many companies and individuals facing problems, thoughts lead primarily toward bankruptcy and liquidation. These are not the only options open to you, and in many cases this route is ill-advised. You may already be aware of some of the alternatives available to you and by way of guide we've listed some of them here:
Often up to 50% of the debt owed can be written off across multiple creditors, allowing you to recover and rebuild your business (ask us about your eligibility>>)
A company voluntary arrangement (CVA) is an agreement between an insolvent company and its creditor/s to repay some or all of the debts owed from future operating profits or the sale of assets. There's normally an agreed payment period (up to 5 years) after which any remaining balance can be written off if it cannot reasonably be repaid. The key benefits of a CVA are:
Administration offers protection by the courts for a company to hold off it's creditors whilst preparing a recovery plan (ask us about your eligibility>>)
In many cases administration entails raising finance to pay off creditors by selling or negotiating with the company's assets. The obvious aim is to negotiate successfully with creditors so that debts can be paid off with income from normal sales, but all too often administrators will tell you that the business needs to be sold on.
At P&C we're very different - we like to see everybody win. We're more than just accountants looking for the quick fix based on what's best for your creditors, ie getting some or all of their money back. We flex every specialist sinew we have, using our experience in finance, law, marketing, CRM and more, to get your business back on it's feet.
The key to successful turnaround for companies in administration lies in the ability of their advisors. Make sure you choose well!
Pre-pack administration essentially means that a buyer can be sought to take over a struggling company's assets, staff, etc and start a new business without losing trading continuity.
Many businesses can find themselves in financial difficulty without actually doing much wrong. The core strengths may still be viable, and with the breathing space and fresh input pre-pack administration can offer, the business can go on to be successful again without the negative effects of jobs losses, bad feeling, or loss of customers etc. The key benefits of Pre-pack Administration are:
If you're not sure about the kind of help that's available to you, or need to find out what your next move should be, just give us a call. Our quick consultation is free and easy to understand click here to contact us
Trying to relieve creditor pressure?
