Rescue, Recovery and Turnaround

It is a well known fact that many business failures could have been avoided if the owners had taken the right advice at the right time. Some of the commonest causes of company collapse are bad debts, reduced demand, excessive borrowing, and low property values. All too often business owners do not face up to these problems until it is too late.

Moreover, directors who ignore such problems run the risk of committing offences under the Insolvency Act such as fraudulent trading, misfeasance, wrongful trading, and preferential or undervalue transactions - for which the penalty might be disqualification, or worse! The key is to seek professional help as soon as the first signs of difficulty appear.

With timely advice a company may be saved from liquidation or receivership, particularly if there is a genuinely profitable core to the business. Our team of trained professionals can help you identify the cause of your problems and recommend solutions to improve profitability and cashflow.

Lambert Chapman do not offer Insolvency Services, but have strong contacts with a number of Insolvency Practitioners. If it is necessary for your business to go into administration, receivership, or insolvency, we are also able to make an appropriate recommendation to you of an Insolvency Practitioner.

Turnaround

However, if our review indicates that third party help may be necessary, we can bring in a Practitioner for immediate advice and in some cases we can assist in producing documents for a corporate or individual voluntary arrangement, which will allow you an opportunity to try to trade out of difficulty.

Our Management Accounts service has seen us help some clients to turn the financial corner and back to strong financial health, and we have assisted a number of clients over the years to develop systems to help them with credit control and cash management.

What Next?