Rescue/Recovery

It is a well-known fact that many business failures could have been avoided if the owners had taken the right advice at the right time. Some of the commonest causes of company collapse are bad debts, reduced demand, excessive borrowing, and low property values. All too often business owners do not face up to these problems until it is too late. Some of the commonest causes of company collapse are:

  • bad debts
  • reduced demand
  • excessive borrowing
  • low property values.

All too often, directors who ignore such problems as:

  • fraudulent trading
  • misfeasance
  • wrongful trading
  • preferential or undervalue transactions

run the risk of committing offences under the Insolvency Act - for which the penalty might be disqualification, or worse! The key is to seek professional help as soon as the first signs of difficulty appear. With timely advice a company may be saved from liquidation or receivership, particularly if there is a genuinely profitable core to the business. Our team of trained professionals can help you identify the cause of your problems and recommend solutions to improve profitability and cashflow. In some cases we can help you arrange a corporate or individual voluntary arrangement, which will allow you an opportunity to try to trade out of difficulty. If it is necessary for your business to go into administration, receivership, or insolvency, we can advise and assist you. The best advice is to come in for regular business health checks so we can identify potential difficulties at an early stage and recommend appropriate courses of action in good time.

For more information, contact Colin McCoy on: Tel: 01883 717077 Fax: 01883 712243 E-mail: colinmccoy@mckenziesgroup.com

 

McKenzies is registered to carry on audit work in the UK and is regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. A list of partners’ names is open to inspection at 2 Station Road West, Oxted, Surrey RH8 9EP. Copyright © McKenzies. All rights reserved.