Sometimes a Formal Insolvency Procedure is not Needed
A good proportion of our work comes from referrers, for both businesses and individuals who are facing financial difficulty, perhaps even insolvency. Our goal at Antony Batty & Company, as always, is to talk them through all the options available to them. Often a formal insolvency procedure is not needed. Instead, once we know and understand the problem, we are able to recommend a recovery and turnaround plan, to help individuals and businesses get their lives back on track, as this testimonial from one of our referrers in Dorset shows.
As the economy approaches the end of the furloughing scheme, and the phasing out of other Government support schemes, many businesses and individuals will face financial difficulties. Talking through all their options and recommending a recovery plan, thus reducing their stress levels and helping them sleep again at night will be of particular importance.
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Our Referrer’s Testimonial
Tony Brown runs a mortgage brokerage in Ferndown, Dorset. He recently approached us to help one of his clients whom he was arranging a mortgage for. This is what he had to say about our work:
“Thank you to Elaine Wilkins and her colleagues at Antony Batty & Company. I have just had great feedback about them from one of my clients! It is fantastic when you have people that you can refer your clients to and know they will be dealt with in a professional and friendly manor. My client is so grateful and relieved that they now have a clear path to getting back on their feet. Another case of Dorset Chamber members supporting each other.”
(Tony Brown, Y-Not Finance, Ferndown, Dorset)
Why his Client Needed our Help
This testimonial is about an individual rather than a business. The client got divorced some time ago, and as often happens with such life changing events, was left in debt as a result.
Covid-19 gave them time to reflect and decide they wanted to sort out all their financial problems and also to apply for a mortgage to buy a house and re-boot their life.
Having spoken to Tony at Y-Not Finance, Tony referred them to us to help restructure their finances and turn things around.
We took time to understand their finances and were able to help in the following ways:
- We analysed the financial position in detail, so they understood where they stood.
- We gave them the tools and talked through a budget planner & P&L so they understood what they could afford.
- Most importantly, we advised them on how best to communicate with and manage their creditors.
The outcome, after many years of worry was that the creditors were approached and negotiations started. We wish them well with the application for a mortgage and starting a new chapter in their lives.
Prior to talking to us and Tony, the client had not been at all certain of a positive outcome.
We Can Help Individuals and Businesses Turn Things Around
As Insolvency Practitioners, we view liquidation as the last resort, and our primary aim is always to help financially distressed businesses and individuals restructure so that their lives and/or businesses can be turned around.
Sadly, there are already many individuals and businesses who are struggling because of the disruption caused by Covid-19, and there will be many more. When such businesses and individuals contact us, or are referred to us, we always take the time to fully understand their situation and work through all the options available.
Insolvency, leading to winding up or bankruptcy is not guaranteed, and positive outcomes can be achieved. Through the use of formal insolvency procedures, including administrations and company and individual voluntary arrangements, as well as other more informal recommendations, we can often help financially distressed businesses and individuals to achieve turnaround. Click here to see some of our testimonials.
If you or your business is facing financial difficulty, or you have a client is such difficulties, then please contact us or call Elaine Wilkins at our Bournemouth office on 01202 551193 for an initial complimentary chat.
