Following the shocking news that insolvencies for businesses are up 13% in the first half of 2017 Northern Irish-based debt strategists Bell & Company have advised companies to try a consultancy approach before they consider a formal insolvency route.
“The thought of bankruptcy is terrifying and many company directors and individuals don’t know they have any other options or know where to turn when insolvency is looming,” said Terry Bell, Principal Director of Bell & Company. “While it can be an uncomfortable and unsettling time, consultancy can be a way to avoid closing down a company that a lot of very hard work went into. There are many options and avenues available prior to a formal insolvency route to satisfy all parties without having to take a formal route. The key lies in getting impartial advice.”
Bell and Company provide an obligation-free consultancy service for both businesses and individuals. They work hard to investigate the overall financial position of the company, examining creditors, debtors, revenue, growth, employees and personal exposures to assess and deviate a plan to move forward in the best way possible.
There are often ways of restructuring a business to avoid insolvency and return to a profitable state. The team at Bell & Company can utilise the correct legal processes to help protect the company and its employees, as well as managing insolvency strategies that best look after company interests.
If businesses are concerned about things such as personal guarantee exposure, professional dispute resolution, and loan sales or vulture funds, Bell & Company strongly advise they take a consultancy route as soon as they notice a problem with their finances.
“It’s hard to take the first steps in seeking advice, because that means admitting your company is in trouble,” added Terry Bell. “However, it also means there’s a chance the problem can be fixed before insolvency becomes a serious thought.”
Visit Bell & Company today at www.bellcomp.co.uk to see what other services they offer.