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CONSTRUCTION FIRMS – Coronavirus Debt Exposure HelpCoronavirus has had a devastating impact on the Construction industry. There is limited support coming from the Government, and we are therefore finding that building sites are being closed down, staff are furloughed and the bills are mounting. Whilst we do not seek to capitalise on this crisis we cannot ignore the increasing calls for debt help from the construction industry. It is important to get the right advice at this crucial time and going forward.
Call us now on 0330 159 5820
As both the UK and Irish Governments release funds and loans for the Construction industry to avoid business closure and loss of jobs during the Coronavirus crisis, Bell & Company have seen Construction Firm Debt Advice enquiries and “chatter” increase recently.
The pandemic has meant that many firms have had to stop construction projects. With the prospect of reopening sites and fulfilling projects, the fear of supply chains and cash flow issues worry the longevity of many firms.
Government shut down of whole sectors of the economy is having a profound impact, especially those within the construction industry.
With output expected to drop by 70% in Q.2, the lack of work billed could lead to a decline of circa £30 billion in cash feeding through the supply chain by Q.3, a recent forecast has reported.
As sites restart, firms could then face a wait of around 60 days to receive payment on new work.
Cash Flow Issues are a Main Trigger of Insolvency in Construction Companies.
Construction is one of a handful of industries that typically experiences a lag in times of economic recovery. This is due to the inherent delay between the initial upturn in confidence in the wider economy, and the re-opening or start of construction projects. Especially now, with the prospect of phased social distancing policies being introduced. Capacity will impact on the viability of any firm.
Is your firm experiencing any of the below debt-related issues?
If you answered yes to any of these, then having a chat with an Independent Professional Insolvency Advisor can help.
If your business was experiencing a pre-existing problem. It is very likely the viability of the business is uncertain. You need the best professional advice as soon as possible.
Formal Insolvency in most cases is not the best route. Depending on your personal exposure and a more pragmatic approach in negotiating with the creditors should be considered.
Our team has a real depth of legal and financial experience in dealing with Personal Guarantees, and Business Debts in all industries, so we can mediate effectively with your creditors with the aim to reach the best possible outcome for you.
As a director of a business operating within construction, it’s vital to seek professional advice at any sign of financial struggle. We can provide the correct expertise – contact us today on 0330 159 5820 or [email protected]
Coronavirus has devastated the Construction sector and if we are to take current advice on social distancing and science-based evidence on how coronavirus spreads you will understand that even if lock-down is lifted soon the nature of working on sites will change forever, affecting the capacity of business and long term viability. This will undoubtedly put pressure on cashflow at a time when loans and debts will need repaid.
As independent debt advisors, we realise that coronavirus is a unique event that was unforeseen when you set up your business. That said, loans and business help follow a familiar pattern and we have identified pressure points within the construction sector that could leave the owners of these firms under severe financial stress.
Personal finances and assets will be under extreme pressure and construction firm owners, even those seeking self-employment and small limited company help need to understand the help and advice will change the longer this crisis goes on.
All business owners across the United Kingdom & Ireland now face the prospect of losing everything they worked hard for because of the Coronavirus pandemic. We understand this is a worrying and uncertain time for you, that’s why we’re here to alleviate your financial issues. Our expert team will provide you with the best advice on Coronavirus business debt help and guidance on how you can manage issues such as Cash Flow, HMRC Debts, VAT deferment and debt with trade creditors.
If you face this type of issue talk to us now and call today for a free consultation.
Alternatively, submit the request a callback form and one of our advisors will be in contact as soon as possible.
You can trust Bell & Company1. We will see every case through until the end,
2. We are experienced in negotiating with creditors,
3. We have helped hundreds of clients,
4. We are transparent from the start with our costs, all initial consultations are free.
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From the outset, we establish clear bottom lines with our clients, so we understand what their priorities are and what must be protected. We then create a strategy to navigate the way out of corporate and personal debt with impartial advice and rigorous action.
There are some very sharp minds at Bell & Company, so we’re extremely adept at finding unconventional strategies and solutions to resolve our clients’ debt dilemmas. This means that when you’re with us, you can be assured that we’re working for your best possible outcome.
Call us now on 0330 159 5820