Turnaround Professionals
Turnaround professionals assist businesses in financial difficulty and have played a large part in attempting to maintain stability for many UK organisations during this recession. With more than 5,483 UK businesses becoming insolvent in the first quarter of this year, according to recent reports by PriceWaterhouse Coopers, they are an integral resource to business owners, from large corporates down to small local firms.
These professionals will take on board your individual financial challenge and create a bespoke rescue plan, implementing it and carrying out relevant tactics to help you find your feet once more without having to resort to legal intervention. This is of course only viable if your business still shows validity and has the potential to once again become profitable.
What Are The Warning Signs?
Signs that a business is approaching the stage of insolvency are very clear:
- Inability to pay debts or liabilities
These may be your creditors’ bills falling due, whose terms (usually 30 days) you are not able to comply with, or perhaps even your own employees’ National Insurance contributions and Income Tax payments. If you can’t make these payments, you need advice. - Balance sheet showing more liabilities than assets
Quite simply, if you have more going out than you have coming in or tied up in assets, then you have a problem. This may not be clear at first, so make sure your accountant reviews your balance sheet with a conservative eye. - Legal action
A creditor may have applied to issue you with a County Court Judgement (CCJ) for non-payment of their invoices.
It is a director’s responsibility to ensure that the firm always acts in the best interests of the creditor, attempting as much as possible to pay off its debts. To appear otherwise runs the risk of being issued with a substantial fine and up to 15 years disqualification from running a business.
Turnaround professionals will look to see if and where there are opportunities to reduce outgoings, make savings, release funds or maximise assets, before this stage is reached.
How Touch Financial Can Help
We are a commercial finance broker offering expert advice and assistance to businesses in financial difficulty. Our specialist team is experienced in turnaround management and may be able to help you stabilise your finances before you reach the point of insolvency. We offer a range of financial solutions including:
- Factoring
We could release the bottleneck on your unpaid customer invoices, injecting a new lease of life into your cashflow. - Invoice discounting
Unlike many high street lenders and specialist financial providers, we only work with a carefully selected panel of lenders to implement the best solution for you. - Asset financing
You may have unrealised funds in your commercial business premises, work in progress or inventory. Indeed, your property could be your most valuable long term asset. We can advise you how to maximise your assets and obtain credit secured against them. - Commercial mortgages
We can identify the best commercial mortgages for you, looking at making considerable savings and reducing your monthly outgoings.
By seeking professional advice and taking early action, you stand a greater chance of being able to avoid insolvency. Touch Financial can assist in identifying opportunities for making significant savings and releasing unrealised funds. Our advice is impartial and you are under no obligation to make use of our services.
Call us on 0845 388 9725 or simply complete one of our online quote forms. Take the first steps now to preventing your company’s insolvency and put it on the road to recovery with Touch Financial, your business turnaround professionals.
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