Harrisons Business Rescue
Harrisons Business Rescue
- Usually liquidation occurs when a business runs out of cash and there is no obvious means of either generating cash or buying time to help save the business.
- This usually means the end of the business.
- Other times its a way of reorganising a business into parts that work and parts that dont so at least part of the business carries on.
- We can help you determine the position you are in and suggest a solution that works for you based on your circumstances.
Company Voluntary Arrangement
- This is where a company is short of cash, usually after some sort of setback, but is essentially profitable.
- A workable business plan is prepared to demonstrate to creditors that if given time, they will receive some return on their debt.
- This may be full or partial repayment.
- Once a workable plan is agreed, this will be presented to creditors for their agreement.
- Administration is usually used where the business is insolvent but there is a part of it that is viable.
- The administration process allows that part to be saved usually by a sale to either the current directors or owners or to a third party.
- The administration process allows the business to be ring fenced and protected from creditors while a workable solution is found.
- For individuals who cant pay their debts there are a number of options.
- Which is best will be based on your circumstances and what you want to achieve in the future.
- A full review of your circumstances will ensure that you get the right advice to pick the right option.
Issues With HMRC
- HMRC will usually be a large creditor of a business as owners tend to pay ongoing suppliers so that the business can be kept going. HMRC tend to be paid last.
- HMRC will listen to offers of repayment but need to be approached quickly before enforcement action is started.
- We can help with this approach and help collect the information they need such as cashflow’s to demonstrate over what time frame they can expect the repayment.
- Businesses usually need funding for the short or long term for a range of reasons.
- Banks would usually be the first choice but they dont always want to lend.
- We are able to help find alternative sources, some though our existing contacts, to meet that need.
- Business restructure for all sorts of reasons but can be used to make future sales of parts of the bsuiness easier in the future.
- Other reasons can be to separate assets from the trading activity just in case of problems
- They can also be used for tax reasons when looking to retire from the business.
- We can help you find the right solution either ourselves or through working with our range of expert contacts.
- Mediation removes the stress, cost and risk of court proceedings as should be considered first in the dispute process.
- Mediation is a voluntary process and will also usually be quicker than going to court.
- Its a confidential process and attempts to mediate may be requested by the court and considered if further court applications.
Non Exec Or Interim Directors
- We appreciate that at some stage you need more help and guidance in your business but that it may not be a full time position.
- That could be because it relates to a specific issue, the finances placing limitation on pay or its more of a ‘sounding board’ role.
- Having over 100 years of experience between us of working with thousands of business reach their goals, we can help through either a formal or informal appointment.
- We strive to work with you find the best solution for your business.
We are Harrisons
Harrisons is a firm of business rescue specialists as well as licenced insolvency practitioners who work with other professionals, funders, experienced business people and other businesses to find a solution to our clients problems with any work we do being led by one of our partners.
By using our own expertise and experience as well as our network of contacts, this allows us to fully explore and deliver the range of solutions available to companies, businesses and individuals, needed to solve their problems.
Our aim is to deliver a solution that is right for our client by considering all options be it raising finance, helping with cash management, bringing in outside expertise, acting as an independent third party, mediation on disputes, finding a buyer for your business, agreeing informal repayment plans etc all the way to formal insolvency processes.
We believe that we are big enough to help but small enough to care
The coronavirus business interruption loans are Government backed loans from £25,000 to £5m and are designed to help businesses survive the current crisis. However, it appears that you need to be careful in applying for [...]