Business in trouble?
Well the good news is that you have done something about it and found yourself here.
So what’s actually to be done?
Firstly, don’t jump into the clutches of the Insolvency Practitioners quite yet. Liquidation or administration may be avoidable.
Secondly, we need to understand your current situation, so you might as well gather together at least the following information now, before you talk to anyone:
- Do you have bailiffs knocking on the door?
- Do you have County Court proceedings for unpaid debts looming?
- Will there be sufficient funds to pay any wages at the end of the month? How much do those wages total?
- How many employees are there?
- Approximately how much cash do you expect to collect from customers over the next 60 days?
- Are you on ‘Stop’ from any key suppliers?
- Are you up for the fight or desperate to chuck it all in?
- What is your typical monthly turnover, excl VAT? is this declining? How quickly?
- Have you given Personal Guarantees to the bank? if so, how much for?
- Do you have an overdrawn directors loan account?
- Why do you think the business is struggling?
- Is this your only business or do you have others? Are they OK or likely to be sucked into difficulty too?
If these ring a bell, give us a call. It sounds time for a short-term, part-time FD to fight your corner for you