Glasgow is a Scottish city that has been negatively affected by the impacts of COVID-19 and the global pandemic surrounding it. Many different types of businesses in the Glasgow city area have struggled throughout the year since the beginning of the initial UK lockdown, as have many other places in the UK. The truth is that it has been an extremely difficult year for industries of all different shapes and sizes.
If you own a business venture that has found itself in financial danger due to the impacts of this year, it may not have to be the end of the road for you. However, simply ignoring your debt problem won’t help to make it go away, so you need to look for an actual solution. Plus, if you’re a director of a limited company, it is your legal responsibility to seek out professional advice if you believe your company may be destined to go through the insolvency process.
Business Insolvency Specialists in Glasgow
We are a firm of licensed Insolvency Practitioners who specialise in providing small companies in Glasgow with solvent and insolvent solutions. Our team has over 30 years’ experience in the insolvency sector, working for local, national and international firms. Combined, we have been working with small companies for over 49 years, so we are confident we have the expertise you need.
If you need support with your distressed business or help handling your company’s debt then Business Insolvency Helpline could be the answer. What do you do when your business isn’t working? When creditors are banging on the door, the HMRC has not been paid and your employees are asking about payroll it can seem like the end of the world. Even though you might not realise it right now, you still have options.
Establish your business’ position
- A few assessment questions to establish your company’s current position:
- What is it that is making you worried about the situation of your business? Be honest with yourself.
- Is your company or business insolvent? Can the company pay its debts as and when they fall due?
- If the business is insolvent this does not mean that your company or business has to stop trading today. It means that you as a director you have a legal responsibility to learn about the situation and act accordingly.
- Comply a spreadsheet with all the company’s debts, this creditors report will be a positive step. Include any bank loans, P2P funding, asset finance, suppliers and landlords.
- Do not go on last years’ accounts, take the information from up-to date creditor statements and your accountancy software if its up-to date. This will get a clear picture of the company’s financial position.
- Now on a different column on the spreadsheet add all the assets the business has. Include cash in hand and at bank, stock, work in progress, debtors (those are your clients that owe you money). Also add assets such as vehicles, machinery or property.
- Write down the positive stuff like good products or services, order book, promised contracts etc.
- Having this information on a spreadsheet you will be able to see quickly whether there is more in the negative column than in the positive or vice versa.
- Now think if the business has a good future. Assess what is required to get the business back on a safe and sound footing. Again be honest, if you see too many problems to continue then you may have to stop.
- Speak to experts who can take an outside view if the business is viable to go forward.
Glasgow Business Rescue
Our professional team in Glasgow, Scotland, has a mass of experience and know exactly what it means to take some of the pressure off stressed company directors.
If you need a practical introduction to the work of an experienced Insolvency, Restructuring & Turnaround Specialists in Glasgow contact us. If it is not possible to rescue a business, we assist clients by employing a number of tactics.
Your insolvency practitioner will be able to inform you of the best option for your business. These are three of the most common options for insolvent companies:
Each of these options has advantages and disadvantages for your business, and none are perfect for every business. Depending on your company’s financial situation and viability, one of the above options may be more suitable than the others.
Glasgow’s leading specialist insolvency practice
Our team of Insolvency Specialists in Glasgow offer individuals, partnerships and companies a professional service that is delivered with care and empathy.
At Business Insolvency Helpline we offer:
- Advice offered to Glasgow-based professionals, businesses and firms
- A clear assessment of your option before a formal insolvency process begins
- Calm and efficient resolution of insolvency issues
Here at Business Insolvency Helpline, we are here to help and advise clients on which is the best possible route for underperforming business. Our clients vary from individual professionals to medium sized companies across the UK.
For any firm or individual facing the possibility of insolvency in the Glasgow area we are a locally based Insolvency firm, that can advise you on how to deal with formal insolvency procedures correctly.
Still need more information about our Glasgow-based offices?
Business Insolvency Helpline started to offer help and advice in 2001 and is a trading arm of Bridgestone Insolvency. We specialise in business rescue, turnaround and insolvency and we’re certainly no strangers to working alongside businesses from the capital city of England.
As leading insolvency specialists to small and medium sized businesses we have had great success year on year turning business around and preserving jobs and personal wealth. Our network has grown and to degree that we can offer outstanding business solutions that maybe needed in a distressed situation. With our outstanding team of licensed insolvency practitioners in Glasgow, we hope to resolve most problems with business debts and insolvency.