Coronavirus update
The situation over the spread of the Coronavirus is changing rapidly on a daily basis. Our priority at this time is to help safeguard the health and safety of our staff, clients and contacts whilst ensuring we continue to provide you with the best possible client service. With this in mind we are implementing a firm wide contingency plan including:
- Remote working - whilst our offices will remain open our teams are being encouraged to work from home where possible.
- Meetings - our people have been asked to avoid face-to-face meetings wherever possible but will be fully available by phone, email, conference calls and online meeting facilities.
- Events - we are postponing all forthcoming events and will be contacting attendees shortly.
Coronavirus is going to present a massive challenge to all of us but especially businesses that have fixed overheads and wage bills to pay. Many businesses will have to consider business rescue and insolvency issues that will be alien to them.
Immediate decisions will need to be made on whether to take up the Government schemes to support businesses. Some of these are automatic so no decision is required and some schemes need to be applied for. Of these some are grants and others are deferment/loans. We have summarised the main schemes available to SMEs with links to the official Government guidance.
These welcome new measures are focused on easing cashflow pressure and assisting with fixed costs and will be a lifeline for many companies. However, directors will have to consider the implications of further borrowing and the deferment and loans will eventually have to be repaid. For businesses that were already under pressure or their future viability in doubt before this crisis further borrowing may not be the answer.
Here at McTear Williams & Wood we stand ready to help your clients navigate a way through this crisis. If you have any concerns please do get in touch.
It is business as usual at McTear Williams & Wood.
How can we help you?
Problems paying tax
Unable to meet the demands of HMRC? Struggling to pay off your current liabilities?
We can help you.
Creditor demands
If pressure from creditors is impacting your ability to operate, we can assist you from restructuring debt to your business.
Poor cash flow
Need to get your business back on track? Let us discuss all your options to revive your financial situation.
Employee Care
Directors want to protect their employees when insolvency looms, we do all that we can to assist with this.
Our Services
Business Rescue
Professional support for your business, helping you overcome an adverse financial situation and return to profitability.
CVA
Restructure your company debt into a single, affordable monthly payment that meets the demands of your creditors.
Administration
Get the time you need to make important changes whilst keeping your company in a fully operational state.
Liquidation
Help with closing down your company and paying off all remaining debt before striking it off the register at Companies House.
Get expert advice on the future of your business
If your business is struggling with cashflow and debt, it can be tough to know where to turn next. Fortunately help is at hand with McTear Williams & Wood.
Our professionals are backed with specialist knowledge, from company law to corporate accounting, giving you access to the skills you need. If you are struggling with company debts you are not alone. At McTear Williams & Wood we always help our clients find the right course of action.
Regardless of your company sector, challenges or industry we will take the time to review your entire situation and work to produce a plan of action that maximises the available outcomes.
We have offices in ten different locations working with six licensed insolvency practitioners and we are always happy to provide you with a free initial consultation where we talk you through all the options available to you.
If you are a director of a struggling company, it’s easy to feel as if the world is against you. In our experience most directors have more options than they realise – it’s important however to act quickly and act now – as the longer you wait the fewer options are available.
"You should be extremely proud of the business you have created and the position you have established, you have a great team of people working alongside you which is so important and it goes without saying that your organisation epitomises true professionalism throughout."
Testimonial from a Turnaround Business Angel
"I am aware of the sterling work carried out by this committee and of your role on it. I would like to take this opportunity to thank you for your valued contribution over the last two or so years. Your endeavours have made a significant contribution to the success of the committee in setting up and reviewing the Straightforward Consumer IVA Protocol and I and my Policy colleagues are grateful for the considerable time you have spent in this role."
Testimonial from IVA Standing Committee Member
"After meeting with Andrew McTear we both felt we had met someone who we could put our trust in and who would leave no stones unturned to help us rescue our business. We had been given two insolvency practitioner names and the other firm just wanted to put the company into administration. As things turned out that would have left any purchaser of the business and assets with significant employee liabilities which would have killed the deal and all the jobs would have been lost."
Testimonial from Finance Director of a Joinery company
"...anything I get that is relevant will come across to McTear Williams & Wood as I know you do a proper job"
Testimonial from Partner in Accountancy Firm
"Having traded successfully for over 20 years until recently it was devastating when we realised that our company would have to go into administration. But as we began to work with the team at McTear Williams & Wood believe it or not we wished we had been introduced to them at least six months sooner. That would have avoided months of heartache and the business would have been in a stronger position. As it was McTear Williams & Wood guided us through a pre-pack which saved the profitable stores and the restructured business is now growing again."
Testimonial from Managing Director of National Retailer
"It was a tough decision to make but it had to be faced, I made the call and McTear Williams & Wood were very, very helpful the whole time. They helped us to explore all the possibilities to find any way forward and they helped us identify that liquidation was the best option for the business. Certainly McTear Williams & Wood made the process quite straight forward for us there was lots of help and lots of contact with them throughout the whole process.”
Testimonial from Retail Managing Director
"Thank you both so much for making yesterday easier than I thought it would be with your kindness. It really does make a difference."
Testimonial from Hairdressing Business Director
"I am always impressed with the speed with which McTear Williams & Wood respond to a crisis (and with insolvency matters, it usually is a crisis). Our clients have received invaluable, practical, down-to-earth advice which has helped to steer them towards the right solutions to their problems. I am confident to recommend McTear Williams & Wood to our clients in any insolvency situation."
Insolvency Advice for Accountancy Firm Partner
"We have worked with McTear Williams & Wood in a number of turnaround situations. We rank their integrity and professionalism highly and really value their active desire to make businesses succeed wherever possible. Their attitude in working with other professional advisors to achieve this end is highly commendable."
Testimonial from Corporate Finance Accountant
'McTear Williams & Wood were called in to help our company when it went into Administration. They took early decisive action to reduce costs, maintain the loyalty of customers and key staff and find a viable way forward for our company. They conducted themselves at all times with the utmost professionalism, integrity and objectivity. I found them approachable, well-connected, responsive and always value-adding. McTear Williams & Wood have been instrumental in turning around the company's fortunes.'