Stop putting it off
If your company is struggling or you’re not sure what the future holds for your business then this one’s for you. A lot of the time, directors in this situation choose not to do anything, but we’re telling you to assess your situation and stop putting it off.
Are you a director worrying about business debts?
This afternoon we’ve had calls from three different directors who all finished the conversation saying ‘I wish I had spoken to you sooner’. All three directors had struggled all weekend with sleepless nights due to worrying about their business’ financial situation.
The truth is that at 1st Business Rescue, we can help you. Speaking honestly with us will allow us to assess the options that are available for your business.
Government support ending soon
This year, the UK will experience thousands and thousands of business closures. Unfortunately, that’s a fact. Many businesses are being kept alive due to Government support, whether that be through furlough or a bounce back loan. Furlough schemes will be ending soon and businesses will have to start making repayments on their bounce back loans.
Winding up petitions had been suspended due to the pandemic but these will soon start being issued again. If you fail to act then you may end up stuck dealing with a compulsory liquidation.
If you can see your business is struggling then seek advice early. The earlier you seek help, the more options that will be available to you.
Business struggles
There have been two big changes for businesses to deal with, one being IR35. Changes to IR35 have meant that many contractors no longer need to operate through their companies, leading to closure. Another huge change has been the pandemic, which has had a very negative impact on many industries. Think about the events industry, these individuals haven’t been able to work for over a year. If this is the case, it’s no wonder that people are considering company closure.
We know how much of a minefield insolvency and company closure can be, so we’re here to explain each method to you in simple terms so that you can have the best outcome for your business. We’ll also be honest with you about any potential implications you may have to deal with if you close your company.
If we’ve talked about your business and there’s a chance you may not need to close the company, we’ll be honest with you. We’ll help you with ways that you can get more breathing space and reduce creditor pressure.
Our whole team is passionate about supporting directors through liquidation and company closure. We’re always on hand to offer honest advice. If you believe that your company is struggling financially, pick up the phone and let us offer our support.
I'm Chris Worden, Managing Director at 1st Business Rescue. With over 7 years of experience, I help UK directors navigate the complex world of UK corporate insolvency. We offer free and independent advice to UK directors and advise them about what options may be available to them if their limited company starts to struggle.
I am passionate about helping other directors overcome their business challenges and get back on their feet, as I was once in the same position as them. I had a business that became insolvent, and the advice out there was confusing and overwhelming. I am here to provide honest and valuable advice to UK directors.
I am proud to say that we are one of the only 5-star corporate insolvency companies on Trustpilot with hundreds of 5-star reviews, and we publish videos weekly on our YouTube channel. Our channel is designed to educate UK directors about insolvency and debt advice. Check it out here:
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