Business rescue advice
Is Business rescue the right solution for you & your Company?
Well, lets have a look at what Business Rescue / Turnaround actually involves;
An official definition would be the restructure of a financially challenged company with or without the use of a formal insolvency procedure.
Business rescue is only relevant for companies that have a viable business that if freed from debt, could trade profitably. The Turnaround culture for financially distressed companies now firmly exists. It is being embraced by financial institutions as well as the accounting and insolvency professions and is particularly good news for entrepreneurs and risk takers who are so vital in industry.
It can simply involve an informal workout with a key group of creditors but is more likely to include a detailed appraisal of the companys trading operation and the implementation of a programme to ensure the company survives and returns to profitable trading.
A well structured turnaround programme can avoid formal insolvency.
The key elements to a turnaround programme include:-- Assessment of the business to ascertain whether it is viable;
- Identification of areas for restructuring and development of a programme for the implementation of changes required. This alone may not be sufficient to ensure the company can move to a positive trading position;
- Address cash flow problems by introduction of new/additional sources of funding. Funding options include debt, stock, asset finance as well as general and equity finance. Half the battle is knowing who to talk to;
- Management of turnaround programme. The companys management team is likely to need support in the early stages of implementation. Part of the programme may require changes in the structure of the management team.
We offer an initial free consultation on the various options that may be available to the company. If turnaround is appropriate, we will provide an estimate of our costs for carrying out a viability review and assisting with the drafting and implementation of the turnaround plan.
As with all debt solutions, selecting the right Insolvency practitioners for your Business Rescue requirements is of paramount importance. Call us now on 0845 1120 570
Business debt solutions
Formal Agreements UK insolvency legislation provides two kinds of 'formal' protection for companies in difficulty:What next?
If you would like one our experts to contact you to discuss your financial position and how we can help, please send us your details so we can arrange a call back at a time that is convenient to you.
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