A formal insolvency procedure is not always needed to resolve a company’s financial situation.
Sometimes, all that is needed is a little time and a helping hand.
Maybe the company has a Crown liability such as PAYE, VAT or a Corporation Tax debt that is due, but currently has insufficient funds to pay it on time, or maybe the bank or a trade creditor is becoming more aggressive regarding an overdue account.
If the company is trading profitably then an Informal Arrangement may be the answer.
Usually a short term agreement, an Informal Arrangement can help a company overcome a temporary cashflow problem without the need to enter a formal insolvency procedure, and incur the costs associated with it.
With our experience of the industry and creditor expectations we are suitably placed to agree an informal deal on your behalf.
Harrisons has a track record in agreeing Informal Arrangements with all classes of creditors.
For more information about Informal Arrangements and whether it is a viable option for you, contact us today for free no obligation advice.