In June we enjoy the Summer Solstice (21 June), the longest day of the UK year.  But if you are feeling anything but sunny about your business’ financial straits and every day feels like the longest day due to anxiety and the need to appease annoyed creditors/worried stakeholders then now is the time to get help.

If your business is facing insolvency (ie. you can’t pay debts when they’re due or, the business liabilities are more than assets) then you must keep a weather eye on the situation.

As an Insolvency Practitioner I have the experience and expertise to help you to shine a light on possible solutions and this may not necessarily mean closing the business. It could involve a restructure such as a sale of part of the business or a partnership with a third party.  

Taking that first step is to recognise that many people and businesses are struggling so you are not alone. Even where financial management of a business is of a high standard, events like unexpected expenses, legal disputes, or a significant decline in business revenue can overturn the most sensible plans and budgets. For instance, nobody could predict the current economic upheaval as businesses negotiate the trifecta of Brexit, Covid and Putin which has led to high inflation/energy bills, interest rate rises and supply-chain issues.  

Accept help for the emotional cost of insolvency

Business insolvency can have a significant emotional and psychological impact on everyone involved in the business. For example, Sir Ian Cheshire, Debenhams' former chairman, whilst in the eye of the storm of high street retailers collapse stated that he felt that the Debenhams had been “caught in a straitjacket" and how "desperately sorry" he was for the employees. 

As a senior figure in the business such as a director or partner, you will feel a maelstrom of emotions over its potential insolvency: stress, anxiety, embarrassment, fear, feelings of guilt and failure – perhaps shock and/or grief. These are all to be expected and are nothing to be ashamed of. You have worked hard to create the business and it is part of who you are.

The leaders of such businesses – large or small – will be at the centre of the storm. You will know that your staff are looking to you and other leaders to ‘do the right thing’ and facing them can be very hard.

The next, and vital step is to try not to panic but to take the right action and accept help.

It is useful to talk to people who are outside of your business and outside of your family and friendship circle as they will be more objective. As well as talking to trusted individuals, contact me for a free initial meeting. I will take a calm approach, not judge and explore with you all the practical solutions to help you move forward.

I am experienced in tackling the types of pains you are facing. I can reduce the stress you are under in a variety of ways and help you improve the chances of recovery for you or your business.

Get in touch with me here.

Hayley Simmons Licensed Insolvency Practitioner regulated by the Insolvency Practitioners Association 

Source: Debenhams set to close putting 12,000 jobs at risk - BBC News