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Spotting the warning signs
In business success can never be guaranteed – it is a fact of life that some businesses fail.
The key to surviving a time of financial crisis is to spot the warning signs early enough and to act decisively.
There are any number of reasons for a business to be suffering financial problems. External causes such as the downturn in an industry cycle, increased competition, rising interest rates or an increase in overheads due to increased regulation can be a factor.
Internal factors might include insufficient working capital, inadequate management information, poor credit control, the loss of a key employee or, in a family business, succession issues.
Prevention is always better than cure – if you think your business might be showing signs of getting into difficulty, the best course of action is to contact Bulley Davey immediately so we can help to address the problems before it becomes too late.
We specialise in business recovery, helping to save struggling businesses and putting them back on the road to success. Contact us at the first signs of trouble.
If your business has cashflow difficulties, the key to a successful turnaround is the ability to generate cash quickly.
Bulley Davey’s experienced team can help identify urgent cash needs and prepare accurate cashflow forecasts.
We can also conduct comprehensive business reviews and budgeting, and help agree informal arrangements and repayment plans with key creditors and suppliers where appropriate.
Voluntary Arrangements can be an effective solution for companies, partnerships or sole traders in financial difficulty, enabling the business to repay what it can reasonably afford over an agreed period of time, whilst protecting the business. We can help prepare a proposal – usually based on a combination of contributions from future taxed profits and/or the realisation of surplus assets.
If an Arrangement is to be successful, creditors must be comfortable that real change has been made in the business to restore profitability. With Bulley Davey’s assistance the chances of success are maximised.
Under certain circumstances Administration may be the most appropriate option to protect the business whilst steps are taken to affect a successful turnaround. Bulley Davey’s team can help guide you through the process.
If the business can be saved, either by way of an Administration or a Voluntary Arrangement, we can facilitate this. If not, we can help with a sale of the business or Liquidation.
In the event that business turnaround or rescue is not feasible then Bulley Davey can assist with all the formalities involved in the orderly wind down of the company’s affairs.
This will include dealing with problem creditors, employees and stakeholders, and protecting the company’s assets for the benefit of creditors.
We can assist directors with the placing of companies into Creditors Voluntary Liquidation, and ensure that employees receive all statutory entitlements in the event of redundancy.
As Liquidators our Insolvency Practitioners will carry out investigations into the affairs of insolvent companies and the conduct of directors.
Solvent liquidation & restructuring services
Liquidation is not always bad news!
If a company has come to the end of its useful life there may be assets remaining. Placing a company into Members Voluntary Liquidation may be the most tax efficient method of distributing these assets or repaying cash back to the shareholders.
Bulley Davey can deal with the Liquidation and provide specialist advice to ensure that the funds and assets are distributed as quickly and as tax efficiently as possible.
In complex groups of companies the Members Voluntary Liquidation procedure is a useful tool for restructuring the group’s structure tax efficiently. Again, our expert team is at hand to help.
Other relevant services
Bulley Davey can assist in a wide variety of areas:
We can advise directors as to their duties and potential personal liabilities in connection with business insolvency or disqualification proceedings.
We can attend meetings on your behalf, and provide professional support and advice.
We can help review and provide guidance on insolvency documents such as Voluntary Arrangement Proposals, Notices of Creditors Meetings and Retention of Title issues.
Personal guarantee issues
We can advise directors of insolvent companies with regards to their potential personal guarantee liabilities.
Contact us for advice about raising capital, writing an effective business plan, budgeting and forecasting, and selling your business.
Our Forensic Accounting and Expert Witness Team has great experience in providing services to the legal profession.
Contact us for more details. We will be glad to discuss your particular needs.