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 bad debts, reduced demand, excessive borrowing and low property values. All too often business owners do not face up to these problems until it's too late.
Moreover, 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.
Our team of trained professionals can help you identify the cause of your problems and recommend solutions to improve profitability and cashflow. In some cases, we can also help you to arrange a corporate or individual voluntary arrangement, which will allow you the opportunity to try to 'trade out' of difficulty.
If it is necessary for your business to go into administration, receivership or insolvency, we can advise and assist you. having said that, the best advice is to come in for regular business healthchecks so we can identify potential difficulties at an early stage and recommend appropriate courses of action in good time.
Easy Accountancy - fully inclusive fixed fee packages from just £60 plus VAT a month
For more information on how we can help you and your business with your taxation needs or to appoint us as your accountant, please call 0500 234 111 / 01442 275767 or email email@example.com.