The effects of a major customer failing will hit your company twice. You suffer a large bad debt, which will damage your immediate cashflow; and, you lose a customer and thus future orders and business. This can be catastrophic for even the best-run and otherwise healthy companies.
The key to surviving such a hit is to take appropriate action quickly. To take professional advice and review the options available to you.
At Hart Shaw Business Recovery, we have helped many companies in financial difficulty, often as a result of the failure of one of their customers. In similar circumstances, the solutions have ranged from negotiating with HMRC (until VAT Bad Debt Relief can be claimed) to implementing a Company Voluntary Arrangement, which deals with the financial problem and enables the company to continue trading.
We can also assist in restructuring and refinancing companies while they find new business to replace that which has been lost.
As Christopher Brown, Business Recover Partner at Hart Shaw, explains: “Whatever problems your business is facing, help is at hand. The key is to take prompt action and appoint a trusted insolvency practitioner who will ensure that your company’s financial problems are dealt with head-on.
“The sooner we can act for you, the more of your business there will be to save and the more options we will have. If you would like to know how we can help you don’t hesitate to call me or send me an email.”
CALL CHRISTOPHER ON: 0800 068 6857 OR SEND AN EMAIL: CHRIS@HARTSHAW.CO.UK
« Budget 2017