As we have written in a recent article, our work as Insolvency Practitioners is as much about business recovery and turnaround as it is about formal insolvency procedures. This is going to be of great importance in the coming months as we come out of the Covid-19 lockdown, with many businesses likely to find themselves in financial difficulty. In such uncertain times we are advising businesses that are affected to take stock and evaluate their situation and business structures before making key decisions. They can also take advantage of our Complementary Business Review Service*.
Details of this Business Review
- The retail outlet operated from a small unit with lease commitments and other outstanding creditors.
- With the business closed and unable to generate sufficient revenues to survive lockdown, on first impression it appeared the business could not avoid an insolvency process.
- Our review highlighted the majority of outstanding liabilities were, in fact, contingent for future rent due to the landlord.
- We assisted the director in negotiating with the landlord to accept an early surrender of the lease.
- We also assisted with realising a value in the remaining stock assets in an orderly winding down of operations.
- This produced sufficient funds to settle other liabilities and thus avoid the requirement for a formal liquidation.
This work was all part of our “complimentary consultation” promise and demonstrates our commitment to act in the best interests of all relevant stakeholders.
COMPLIMENTARY FULL BUSINESS REVIEW
We are delighted to have been able to help Yvonne’s business avoid liquidation. As part of our commitment to helping distressed businesses during the current Covid-19 uncertainty, we are pleased to offer your offer businesses a complementary full business review to guide them through all the options that are available to them as lockdown eases.
We understand the challenges facing businesses right now and also that time may be short for many businesses. Now, more than ever, making the right decisions and implementing effective strategies is important and we are here to assist. We’re here too help.
