Many insolvent businesses are able to be saved by business restructuring, but what are the options and could it work...
Do you know when to call an Insolvency Practitioner?
Most people are aware that one of tests for insolvency is the point at which a business or individual is unable to pay debts when they fall due. Given the job title, many people would be forgiven for assuming that this is the right time to involve Insolvency Practioners and while this would indeed be a good option, a much better choice would be to get in touch far sooner. Prevention is better than cure.
When to call an Insolvency Practitioner – It’s Sooner Than You’d Think
A business in trouble, or indeed an individual in financial difficulty, may be able to struggle on for quite some time before finally becoming insolvent. There’s no need to wait for this point, Licensed Insolvency Practitioners can help you avoid insolvency in the first place.
The business of Insolvency Practitioners is providing financial solutions and any Insolvency Practitioner like Lines Henry who’s been around for any length of time will have considerable experience in business insolvency and recovery, so already will have seen what went wrong in circumstances either the same or similar to yours. Crucially, we’re likely to know how the financial problem could have been averted in those cases. Perhaps that knowledge could help you avoid those mistakes and take a better path if you seek that help from us soon enough.
With this being the case, the moment you’re starting to notice any hints of financial under-performance, the point at which things start to look a little fiscally precarious, or you have any hint of uncertainty towards the long term viability of your business, that’s when to call an insolvency Practitioner. The sooner you do, the more likely you’ll be to avoid insolvency altogether.
What will happen when I call an Insolvency Practitioner?
If you’ve decided to take the plunge and contact us, what happens next? At Lines Henry, we offer a free consultation where we’ll spend a little time with you in order to get a grasp of the situation you’re in, look at all the details objectively and give you advice as to how to proceed going forward. Should further work be appropriate, we’ll be able to advise potential costs, available solutions and likely outcomes based on your own circumstances. There’s no reason not to make a call, the sooner you do, the more options will be available and the better the outcome will be.