Often it is possible to rescue a business from an insolvent position without the need for a formal insolvency process.
Keeping negotiations informal can help to preserve the businesses reputation and credit rating. Brailey Hicks has substantial experience at informal resolutions and will utilise extensive relationships with banks, funders and other specialists to help you turn your business around.
Informal options include:
Refinancing
Brailey Hicks have contacts with lenders which are more used to lending to unusual circumstances. Although this type of finance is often expensive, it can sometimes be more attractive than formal insolvency options.
Negotiations
Brailey Hicks can negotiate with your principle creditors including suppliers, the bank, and HMRC. Sometimes a suitable arrangement with the largest creditor(s) in isolation can provide enough breathing space to get business back on track. Sometimes a HMRC time to pay arrangement can help.
Restructuring and forecasting
Your existing accountant is normally best placed to deal with forecasting. Brailey Hicks will work closely with your accountant to produce realistic forecasts from which strategic restructuring plans can be formulated.
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