When should I contact an Insolvency Practitioner?
Companies or directors can sometimes find themselves surrounded by the day to day tasks of ensuring the wheels of a company continue moving. It can often be the case that due to such continuous pressure, especially given the difficulties faced as a result of the coronavirus pandemic, that directors happen to sometimes lose track of when the business falls into the vicious circle of playing catch up.
It can therefore often be difficult to find the right balance in continuing to plod along or when to actually stop and seek professional help from a firm of licensed insolvency practitioners like ourselves here at Keywood Group.
However we continue to advise that it will almost always be in the best interests of many companies and its creditors to seek professional advice from a licensed insolvency practitioner at the earliest possible stage when a business faces financial difficulty.
What do Insolvency practitioners do?
A common myth which surrounds the insolvency profession is that insolvency practitioners are only to be engaged in the event that a business has no ability to continue trading or where there appears to be no other option but to close the business.
However, insolvency practitioners can help with so much more if engaged at an early stage and it is important to note that many firms will be willing to provide companies and its director with a vast amount of free advice via free initial consultations.
Furthermore an insolvency practitioner can provide essential guidance, support and advice when you are facing financial difficulties but if it is established that your company isn’t actually insolvent there may be an option to be introduced to various funding avenues which could help stabilise the business in the short term until business levels increase.
Need help from an Insolvency Practitioner?
A proactive approach in engaging with insolvency practitioners at an early stage can lead to a wide range of potential options giving you the best possible outcome from the outset.
The points below help to give an indication of matters in which an insolvency practitioner can assist to help you or your business:
Formal insolvency including:
- Creditors Voluntary Liquidation (CVL)
- Company Voluntary Arrangements (CVA)
- Solvent / Members’ Voluntary Liquidations (MVL)
Informal insolvency support work including:
- Supporting and advising the owners and directors of businesses that are suffering financial difficulties
- Helping struggling businesses raise the cash they need to survive
- Introducing factoring and/or invoice discount facilities to improve cash flow
Contact us today
The lesson to perhaps take away from this blog is that whatever remedy a business requires, whether that be short term funding, corporate recovery or simply advice on how close a company, an insolvency practitioner is there to provide practical support, help and guidance.
We at Keywood Group are a firm of licensed insolvency practitioners and are here to help protect you and your business when you face financial issues, obstacles or difficulties.
For a free, professional, no obligation consultation please call 0121 201 0399 or email info@KeywoodGroup.co.uk at your earliest convenience. Get in touch now and don’t leave it too late.