Nearly all businesses experience some kind of financial struggles and difficulties during their lifespan. Whether this be pressure from creditors, bad debt or changes in the market, a downturn in business can be a difficult time both personally and professionally. You’d be forgiven for wanting to close down your business.
A 1/3 of UK businesses are based in London, but in 2018, the number of closures were at the highest they had been in 28 years. Many of these closures may have been avoided if they’d had the right support step in to assist them with their options.
Striking off your company or putting a Creditors’ Voluntary Liquidation in place to effectively end your responsibilities might seem like the best course of action. However there could be other options. Enacting other measures such as interim management, turnaround assistance, Time To Pay Agreements and debt restructuring through such instruments as CVAs could give you the breathing space to bring your company back from the brink.
There’s no better way to find out the facts about your current business situation than with a simple 1-2 hour consultation session with McTear Williams & Wood. We’ll give you an honest appraisal of the choices open to you and your company and with years of helping businesses with insolvency services in London, we have the ideal blend of knowledge and experience to help you get the right result.
With all insolvency matters it is always advisable to contact an insolvency practitioner as early as possible in the process to ensure that the full spectrum of solutions is considered. As time passes it may be that some of the options for turnaround such as agreements with HMRC or debt restructuring are no longer viable so act now.
Call us to arrange your appointment at our office in London to find out your full range of options. Arrange an appointment today – 0800 331 7417