Our 5-step insolvency rescue plan

Avoid insolvency by recognising and identifying the early warning signs.

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Our 5 step plan

Step 1 - the warning signs

Recognising warning signs early will give you the best possible chance of avoiding insolvency. If any of these factors apply to you, call us in confidence if you’re experiencing any of the following:

  • Cashflow issues
  • Late payments from customers
  • Increased time spent dealing with creditors
  • Red bills, worsening credit status, late making payments
  • Overdue HMRC payments
  • Looking for additional funding

At our initial meeting we will make suggestions to ease cashflow or safely inject working capital and advise you on how to avoid wrongful trading. Our job is to be realistic about the future of your business and there’s no charge for this initial advice.

Step 2 - stabilise the business

Our priorities are to understand what is happening in your business – the creditor pressure, whether short-term cash is needed, the position that your bank is adopting and the stakeholder issues. When we have an understanding we will recommend a short-term strategy to include:

  • An initial survival plan.
  • A 12-week cashflow forecast.
  • Talking to your bank and your creditors including HMRC to negotiate extended terms.

Tony Harrison


Tony helps underperforming businesses using a professional and understanding approach and will listen to concerns on a without charge or commitment (on a confidential) basis and then advises on the available solutions.  

With over 19 years of experience at McTear Williams & Wood Tony understands the challenges facing directors and managements of struggling companies and can provide assistance with first hand experience.  

His strengths lie in an ability to rapidly understand situations and react to turn them to an advantage.  Tony advocates an early confidential meeting as experience tells us that recovery options are often eroded over time.

Step 3 - look forward

Once back in control a new business plan will move you forward.  We can help by:

  • Examining the infrastructure of your business determining its business needs or shortfalls, its funding structure and its assets, highlighting profit improvement opportunities
  • Restructuring profitable areas and dropping less profitable ones
  • Managing working capital
  • Setting and monitoring KPIs
Step 4 - implementing your plan

Your business will need careful monitoring to achieve its potential and avoid future problems. We offer a mentoring service that gives you access to years of expertise in business management. We can:

  • Attend board meetings
  • Assess management strengths and weaknesses and highlight areas for training or development
  • Assess and challenge your budgets and forecasts
  • Provide an independent appraisal of your progress
  • Ensure you control the business rather than others controlling you
Step 5 - a 'hands-on' turnaround interim manager

Steps 1 to 4 are undertaken by our in-house team of professionals but in some cases a turnaround interim manager – a professional who will work alongside you to take the strainand provide expertise – is the perfect crisis management solution.

The costs

  • Step 1 – free of charge
  • Steps 2 -4 – agreed with you at the outset, usually on cost/hourly basis
  • Step 5 – only chargeable once an interim managing has been appointed and fees negotiated

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