Insolvency Avoidance Services – what you need to know….
Insolvency Avoidance and Business Improvements
If your business is under pressure from HMRC (HM Revenue & Customs), it doesn’t mean that’s the end. There is plenty of support these days for all types of businesses, no matter the stage that you’re at. But the earlier you spot the warning signs and get support, the better.
Insolvency avoidance services in the UK are designed to help individuals and businesses prevent insolvency by identifying potential financial risks and implementing strategies to overcome them. These services provide expert advice on debt management, cash flow improvement, and operational efficiency. By addressing financial challenges proactively, individuals and businesses can mitigate the risk of insolvency and safeguard their financial stability. Insolvency avoidance services offer practical solutions tailored to client’s unique circumstances, helping them navigate financial difficulties and secure a sustainable future. Professional guidance and support can make a significant difference in preventing insolvency and promoting long-term financial health.
Recently I had the chance to interview Sarah Gaskin, Relationship Managers (Head of Funders) from Leonard Curtis, one of the largest independent firms in the UK specialising in corporate recovery, insolvency and business restructuring.
Typical signs of financial issues:
There are many different warning signs that you can watch out for. The warnings can come in many ways. Common signs are Tax Areas, Bad Debts, Production Delays, Underinvestment in the business, and many more. All of these topics link back to Cash Flow. Cash Flow is king in any business. Keeping a close eye on your cash flow is very important.
What are the benefits of spotting the early warning signs?
A good proactive accountant will be able to spot the early warning signs for when a business may have some financial issues. By being able to engage early, a business will have far more options available to them, and the outcome is likely to be more successful.
Why Leonard Curtis?
Incorporated in 2001, Leonard Curtis has consistently gone from strength to strength. The consistent factors that run through the business are these values: Kindness – Inspired – Considerate – Honest – Fair.
In 2022 Leonard Curtis managed to save over 5200 jobs and avoided £28.2m of debt.
Useful Links for further information:
- Leonard Curtis website: Business Rescue and Recovery
- The Institute of Chartered Accountants in England and Wales (ICAEW) advice: Avoiding insolvency: advice for directors
- Dealing with HMRC: Tax avoidance: detailed information
- GOV UK Insolvency Services: The Insolvency Service
