Partnerships and sole traders do not have the protection of limited liability and where the business fails personal assets will also be called upon to settle creditor claims. It is essential that advice is taken at the earliest signs of difficulty. We are very aware that temporary cash flow problems can often hide a genuinely profitable business.
A business turnaround or workout requires a clear strategy and determined objectives. Retaining the infrastructure of the business may be key to future viability and our team will guide you through informal as well as formal turnaround and insolvency processes. We recognise that viability is key to the long term survival of all businesses and is our principal focus. If required, we can obtain protection from creditor claims to enable proposals for restructuring and refinancing to be put into place.
We will consider with you the alternative options of:
- Avoiding Bankruptcy
- Consequences of Bankruptcy
- Partnership Voluntary Arrangements (PVAs)
- Turnarounds
There are a considerable number of parties affected by the bankruptcy of a proprietary business and its cessation of trade, not least its employees, creditors and customers. Rescuing the business will require early and focused planning. Time is of the essence. Do not leave considering your options until it is too late.
E-mail us with the broad facts and figures of your case, set out the pressure points and we will do our very best to unravel the options available to you. Alternatively speak to a member of our insolvency team.
