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Insolvency – What to do when the worst happens:
If your business is facing insolvency, it can seem like there’s no way out. You may be kept up by anxiety over what’s going to happen to you, your staff, your professional reputation and your assets. Although the stress might be overwhelming, you have time to sit back and look at your options. Rushing into any official agreement can do you more harm than good in the long term, and you could end up paying more than you can comfortably afford. There is even a risk that insolvency could strip you of a license you need to work.
Alternative Solutions to Insolvency
You might be surprised to learn that there are other ways to resolve your situation before taking a formal insolvency route. Your creditors might even prefer that you face pre-insolvency. There is often more flexibility in negotiations, plus reduced costs on both sides. Ask our team what this entails.
Instead of dealing with an Insolvency Practitioner, who is legally obligated to get the best deal possible for the creditors chasing your debt, working with pre-insolvency consultants like Bell & Company mean they will try and get the best outcome for you. This means they’ll spend time understanding your circumstances as well as the particular challenges your business faces.
Bell & Company’s strategies include reworking existing financial agreements within the company and with creditors, advising on the best ways to restructure your business to reduce costs, as well as exploring alternative cash streams. They stand between you and your creditors so that you can make the best decisions for your company without the stress of being hounded by collectors.
Pre-insolvency doesn’t have to mean the end of your business. Taking the right steps and considering what’s truly best for your company can often help get it back on track. Bell & Company’s track record in securing Full and Final Settlements can help satisfy creditors, allowing you to start fresh. These settlements mean that creditors still receive a sum from you, but they agree to accept less than the full debt and agree that they will not take action to recover the rest of the money from the debt.
It can be daunting to confront the full scope of your debt, but the best time to act is as soon as you notice there’s a problem with your business solvency. Pre-insolvency offers you more options and freedom than formal procedures, with expert consultants who will work for you and not your creditors.