HMRC tax arrears? Company debt? Pressure from your creditors? If you are involved in any way with a company that is facing liquidation, financial ruin or a threat of asset seizure – the business is going to need the help of a company rescue specialist.
It has been estimated that 15 per cent of all company start-ups experience some form of financial meltdown or debt. Few of these businesses actually realise that there is specialist help available to those who need it. It’s true that businesses never actually bother to look for company rescue advisors until they actually need it.
Necessity is after all the mother of invention – so when it becomes absolutely necessary to seek out the advice of rescue teams, we actually discover there are those on board who are willing to help.
Every business is different and the advice and help you might receive will depend of the very nature of your company in trouble. So, what exactly does a company rescue specialist actually do?
It will strive to turn the entire company around and get it back on its feet. Specialist in business recovery will seek and identify the main problems that got the company in this state in the first place. It will provide solutions that will immediately address the problems facing the business. Moreover, it will provide a stable way forward in keeping the business afloat for the future.
As a business owner, you would have to work very closely with the business recovery team. There will be a lot of questions asked and solutions will come. In some desperate cases, businesses have been forced into such a tight corner that closure is the only option. A business recovery team, like Forbes Burton, can advise on the most efficient and legally binding way in which to do so.
Other practices that business recovery teams can carry out are: company restarting structures and emergency financing and funding. Some businesses that are in such serious trouble are often sold to the directors – all legally of course – which is a popular move allowing for continuation of trade and a way of helping to protect against matters like staff redundancies, forced closure of certain arms of the business and reduction in new recruitment.