Many businesses in the UK face considerable financial difficulty as the uncertainty of ongoing trade with Europe continues. The value of the sterling, rising inflation and prolonged Brexit negotiations are all having a negative effect in many sectors.
Some organisations that trade with Europe have reached crisis point due to the inevitability of reduced trade under these circumstances and increased associated costs. According to the insolvency and restructuring body R3, a third of all companies are susceptible to insolvency up from around a quarter at the start of 2017.
Businesses at above average risk of insolvency include the technology sector, transport and haulage, professional services and outsourcing.
So what are the options available if your business is at risk of insolvency and how can you prevent a further worsening in your financial situation?
Professional advice is critical to establish the true position of your business and to identify the options available; the earlier advice is sought the more avenues are likely to be open to you.
At Debt Solutions Hub our main aim is to help save stressed businesses which can be attained in several ways. Once we have reviewed your financial position and the associated consequences of the problem we can discuss the options available to you.