If your company is struggling financially, our specialist business recovery service can help you take control before bankruptcy becomes inevitable.
With the right funding and a commitment to change, there are proven ways to turn things around. From strategic recovery plans that improve cash flow to formal solutions like a company voluntary arrangement (CVA), our experienced recovery team will work in partnership with you to explore the most effective turnaround options and help your business regain stability.
Business Recovery Service
Our business recovery service develops tailored recovery plans that can help clear the air, refocus your company, and set a clear path towards financial stability. Your business recovery plans should accurately reflect the current standing of your company and also consider important legal areas such as tax savings – which is why it is often sensible to enlist the services of a licensed insolvency practitioner.
If your business is struggling and you haven’t yet created a business recovery plan, there might still be time to do so. At McAlister & Co, we will examine every aspect of your business and help you find ways to cut costs and take advantage of insolvency laws in order to implement a fast and effective action plan. Find out more here.
What Your Business Recovery Plan Includes
Your business recovery plan should identify the most important and essential areas of your business, such as:
- The most basic departments you need to keep your company running
- Key documents and other items needed to operate in the short term
- The equipment needed to operate in the short term, such as software, hardware, business equipment and spare parts
- The creation of a basic operating budget detailing all expenses
- The minimum financing you need to keep your business running
- Who is responsible for each area should disaster strike
A business recovery plan is, in most cases, an opportunity to start again. Having assessed your business’s weaknesses and the potential for change, your business recovery plan can help you to change management strategies, approach problems from a new angle, alter the ways in which goods and services are provided, or just generally refresh your business and renew interest.
Company Voluntary Arrangement
In instances where severe financial problems exist, there are powerful legal ways to ring-fence a business whilst a solution is found – one of which is a company voluntary arrangement. If your company has a viable future, a CVA can enable you to avoid liquidation and instead focus on paying creditors what you can afford out of future profits.
A company voluntary arrangement is a formal arrangement between a company and its creditors. The arrangement highlights that whilst at present the company cannot pay its debts, it will be able to in the future. The business will then pay towards its debts for an agreed period of time, and once completed, all remaining debts are written off. Find out more here.
Vital Components of a CVA
In order for a CVA to be successful, the following components are absolutely necessary:
- A viable business that can return to profitability
- Commercially structured and can succeed without over-promising
- The introduction of appropriate levels of working capital
- Restructuring the debt
- The management team must accept that change is necessary
- Determination and hard work throughout the CVA period
- Cautious forecasting
It’s important to remember that a CVA is not a panacea for your company, but it is a very powerful framework for change and protection. One approved, the CVA should aim to maximise creditors’ interests, preserve economic activity, save jobs, return value to the creditors and provide the prospect of a return for shareholders.
Get Business Rescue Advisory Services With McAlister & Co
If your business is facing financial difficulty yet you believe it can still be saved, it’s important to seek expert advice as soon as possible. The sooner your act, the more options you have available, so contact McAlister & Co today for friendly, practical advice.
At McAlister & Co, we have a business recovery team with extensive experience across every sector of corporate insolvency. We work closely with stakeholders to address debt challenges and deliver tailored turnaround solutions you can trust.
Remember, business owners don’t have to face financial distress or pressure alone. We provide clear, compassionate business recovery advice to help you take control and move forward with confidence. We don’t even need any personal details to answer initial questions on your situation, so call our friendly team today on 03300 563 600 for free confidential advice.
