It is an unavoidable fact that running a business is not always smooth sailing. The vast majority of companies will, at some point, experience a period of financial distress to one degree or another.
For some this may be a short-term spell of uncertainty from which the company is easily able to bounce back from; however, in other cases the problems may be more deep-rooted and may require the input of a professional in order to turn the situation around.
While every company distress situation is unique, the advice is always the same and that is to seek the input of a licensed insolvency practitioner at the earliest signs of impending financial pressure. While this may seem like a daunting step to take, rest assured that this is the most productive move you could take.
The sooner you take professional advice, the more options will be open to your company, significantly improving the chances of effecting a successful turnaround, if this is something you want to pursue. Alternatively, if you believe your company’s problems have taken it beyond the point of rescue and would like to look at ways of closing the business down, putting plans in place at an early stage could significantly increase the returns to creditors, while also ensuring you are adhering to your responsibilities as the director of an insolvent company.
At UK Liquidators, we provide a free initial and completely confidential consultation to directors of financially distressed businesses. During this meeting, we will take the time to understand your business, the challenges it is facing, as well as assessing its future viability. Your UK Liquidator’s licensed insolvency practitioner will then talk you through your options, ensuring you understand what each one would mean for you, your company, your creditors, and employees.
If you are considering liquidation for your limited company, taking advice from a licensed insolvency practitioner can help you understand your options.
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If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.
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