Charities, schools and clubs run into financial difficulties just the same as other organisations.
Often when the trustees and governors identify the problem early, the organisation can be saved without the need for a formal insolvency process.
If the organisation is a limited company and cannot be saved with an informal option all of the alternative options (such as liquidation, administration and company voluntary arrangement) are available. If the organisation is not a limited company, the constitution will need a careful review and it is possible for the members to be liable personally for the organisations debts.
Brailey Hicks has experience of dealing with these types of organisations and understand that additional care is required because of the social impact they have. Acting sooner rather than later is essential to increase the chances of rescue and also to minimise any potential exposure the trustees and governors may have to personal liabilities.
How can we help?
13 Reynolds Park
Call. 01752 914410