You would be surprised at how many businesses suffer financial distress during their lifetime. Late payment of invoices, pressures from HMRC, quarterly staff bonuses –these can serious impact a company’s ability to generate the funds needed to operate effectively. And worse still, if the management is engaged with servicing the debt, are they running the business?
Did you know there may be another way? You can implement a debt-busting measure called a company voluntary arrangement that allows you to restructure all your debt into a single sum, which can then be easily managed with regular payments, meeting all your creditor demands at once.
To make the necessary arrangements you will need the support of registered insolvency practitioners, who negotiate with your creditors to arrange an acceptable schedule of payments.
If you would like to find out more, why not set up a meeting to discuss a company voluntary arrangement at our Chelmsford offices? Ask any questions you may have and find out all the options with a simple 1-2 appointment with one of our experienced senior partners.
Time is critical with a company voluntary arrangement. Whilst there is still liquidity left in your business it is easier to put such an agreement in place, however if the situation is allowed to deteriorate then it may be the case that this option is no longer available to you.
Act now to achieve the best result for your business turnaround. Visit McTear Williams & Wood at our Chelmsford office to discuss a company voluntary arrangement today. Call us now to set up your appointment on 0800 331 7417