When should you turn to an insolvency practitioner?

At Walsh Taylor we are always keen to stress that you can get in touch with us as soon as you foresee any financial problems occurring in the future, and not just when they have already arisen.

Many believe that insolvency practitioners are called in once a business has become insolvent, but in reality, they can be of a huge benefit to the business before the situation ever gets to that stage. One role that we often take up is to advise on how organisations can avoid insolvency altogether and continue to trade profitably.

Below we will summarise a few of the reasons why you should seek help sooner rather than later:

1) Reduce the likelihood of matters escalating

As time is of the essence, the longer the situation is left, the less viable options you will have at your disposal. Though a company restructure may currently be possible, in two weeks’ time that chance may have gone.

2) Be informed of all potential routes

When dealing with financial pressure it is easy to enter into a vicious cycle where issues appear impossible to overcome. A licensed insolvency practitioner will be able to come in and advise you on potential routes available to you in a clear manner.

3) Invest in the business’s future

Without the guidance of an insolvency practitioner, those in charge of the organisation can face problems relating to personal liability or trade unlawfully. This may occur even if they have been trying to trade out of a bad patch in good faith. By getting in touch with Walsh Taylor, on the other hand, we will ensure that the best solution is identified as we have done for many other clients.

If you are based in Yorkshire or the North East and would like any more details on how we can help you, please do not hesitate to call 03300 244 660.