When to get Insolvency Advice

When running a business you can often ignore the signs of insolvency, taking out short term loans, propping up the business with your own money or getting expanding your debt in the short term when there is no long term plan to get out of debt. It is very important to recognise these signs and get insolvency advice.

A common myth amongst business owners is that Insolvency Practitioners are only there to wind up a company and work on your creditor’s behalf, so many business owners avoid getting in touch with an Insolvency Practitioner as they believe it will mean the end of their business, just finding different ways to wind up the company.

In reality, getting insolvency advice from a licensed Insolvency Practitioner can be the first step in getting back on track and working out a way to streamline your business and grow.

There is no wrong time to get insolvency advice but the sooner you get business recovery advice the more options you have available to you, the biggest problem many business owners face is the Ostrich syndrome where they bury their heads in the sand for too long and by the time they get help they have very few options available to them which can often mean winding up your company.

Rescue and recovery may have been an option if the business had sought help sooner. We have worked with many businesses to help make arrangements and identify areas of improvement, waste and then of course growth. Insolvency advice is not just about liquidations, it is about rescue and recovery.