Help me save my client’s business
When a business suffers trading losses or general cashflow problems, those running the business spend an increasing amount of their time fire fighting cash problems and less time focussing on the way out of the problem.
Often they will turn to their trusted professional advisor for help, but this may push you beyond your normal remit or indeed may require more time than you are able to commit to a single client. At Portland we have huge amounts of experience in helping relieve these pressures and we can work with you to help get your client focussed on the way out of the downward spiral.
As independent Insolvency and business recovery professionals we work with professional advisors without any conflict.
There are several simple ways which enable us to help relieve your client’s from cash flow pressure:
In addition to our unique Cashsolv™ solutions we can also talk to key creditors on the client’s behalf, explaining the situation from an Insolvency professional’s point of view and seeking their cooperation to help manage the cash flow to implement an informal rescue plan. Most creditors are willing to cooperate if they believe they will get paid even if they have to wait.
Viability reviewIf there are concerns as to whether the business is viable, we can help by carrying out a viability review. This is a report which is used to identify weaknesses in the business and how those problems can be overcome. If the business is considered to be viable, perhaps with some strategic changes, the viability report can be used to help refinance the business.
Obtaining funding in these situations requires a specific approach and the viability report is designed to give potential funders, including those we can access through Cashsolv™, the answers to the specific questions they will ask prior to agreeing to put new finance in place.
Creating a formal rescue plan
- We can put together, a formal rescue plan known as a company voluntary arrangement that can be made binding on all creditors, to give the breathing space needed and possibly reduce the overall amount required to be paid back.
Protection with an administration order
- We can obtain the protection of administration which automatically stops all legal proceedings including debt recovery actions such as County Court Claim, Bailiffs, Landlord Actions, Winding Up Proceedings and as a result this provides breathing space to determine how best to proceed and protect the business.