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It is a well known fact that many business failures could have been avoided if the owners had taken the right advice at the right time. Some of the commonest causes of company collapse are high drawings, bad debts, reduced demand, excessive borrowing, and low property values. All too often business owners do not face up to these problems until it is too late.
Moreover, company directors who ignore such problems run the risk of committing offences under the Insolvency Act such as fraudulent trading, misfeasance, wrongful trading, and preferential or undervalue transactions - for which the penalty might be disqualification, or worse!
The key is to seek professional help as soon as the first signs of difficulty appear. With timely advice a company may be saved from liquidation or receivership, particularly if there is a genuinely profitable core to the business.
We can help you identify the cause of your problems and recommend solutions to improve profitability and cashflow.
If it is necessary for your business to go into administration, receivership, or insolvency, we can refer you to a qualified insolvency practitioner.
Contact us today to discuss how we can help keep your business in good shape.