Rescue and Recovery
When it comes to turning a business around, seeking expert advice on rescue and recovery strategies as early as possible is essential.
Too many business failures happen because the owners leave it too late to face up to problems like bad debt, reduced demand, excessive borrowing and low property values, which are some of the commonest causes of business collapse.
Alongside the risk of business failure, directors who ignore such problems also run the risk of committing offences such as fraudulent trading, misfeasance, wrongful trading, and preferential or undervalued transactions, which could lead to serious penalties, including disqualification.
so soon as the first signs of difficulty appear, the more options there will be for saving an enterprise from liquidation or receivership, particularly if it is basically financially sound.
Banks & Co have access to external turnaround specialists, who can help identify the cause of problems and recommend solutions to improve profitability and cash flow. In some cases, we can help arrange a corporate or individual voluntary arrangement, which provide an opportunity to try to trade out of difficulty.
If the business does need to go into administration, receivership, or insolvency, we can advise and assist throughout the process, to achieve the best possible outcome in the circumstances.
To avoid potential difficulties, we recommend a programme of regular business health checks so that we can identify issues before they can develop into more serious problems and recommend timely and appropriate courses of action.
For more information on how we can help you, please contact us.
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