It is a well-known fact that many business failures could have been easily avoided if only the owners had received the correct advice at the right time.
The most common causes of corporate failure tend to include a mix of bad debts, reduced demand and excessive borrowing.
Like anyone, many owners struggle to face up to these realities until it is too late, when in many instances they could have been totally avoided.
In addition to being faced with losing your business, many directors also run the risk of severe penalties including disqualification and even prison by committing a number of offences contravening the Insolvency Act including fraudulent trading, misfeasance, wrongful trading and performing preferential or undervalued transactions.
Logic decrees that the key to developing and maintaining a healthy business is to seek professional guidance at the first sign of difficulties.
In many instances it has been discovered that if companies had acted a little quicker in seeking out advice, they may have been saved from the pain of being put into liquidation or receivership.
At MCC we have a team of highly trained individuals who specialise in the identification and analyses of the root cause of any potential problems you may face and can then provide a bespoke solution to ensure the potential never materialises and you can go from strength to strength, knowing you have a solid base from which to work.
On the other hand, if administration, receivership or insolvency appear to be the only options, we can also advise you on how to proceed in your own best interests.
This may take the form of seeking an arrangement with the Inland Revenue for unpaid PAYE, attempting to negotiate a formal Company Voluntary Arrangement (CVA) that may buy you the time to trade your way out of the difficulties and if this option doesn’t quite prove to be as successful as you hoped, recommend a Creditors Voluntary Liquidation (CVL).
However, if you maintain a regular health-check programme for your business, these unfortunate instances should never arise, having being identified and corrected in the earliest stages.
If you would like further details on any of our services, please email us or use our contact form. Alternatively ring +44(0)161 707 1500 to speak to a member of our team who will be happy to advise and reply to any questions you may have.