If your business is facing financial difficulties it is vital that you seek assistance at the earliest possible opportunity.
Our specialists will quickly evaluate the situation and identify the options that are available to you whether they may relate to implementing suitable change. Such as refinancing the business or working capital management. Our priority is to save businesses and in the event of insolvency or closure maximise value for all concerned.
Directors should seek advice if their company becomes insolvent. An early decision needs to be made on whether the company should cease to trade. The company must have reasonable prospects of avoiding liquidation, before taking the decision to continue trading.
Directors need to be aware of their position regarding the business' situation. Advice is recommended to be sought on issues such as wrongful trading, preferences and transactions at an undervalue. Directors risk being found:
- Personally liable as a result of any personal guarantees
- Criminally and personally liable for fraudulent trading, i.e. deceiving creditors
- Personally liable for wrongful trading, ie trading while the company is insolvent
Directors may be disqualified if they are found liable and could face criminal proceedings.
With our assistance and support we will work with you to both protect your business and your position.