Insolvent businesses: the warning signs
The pandemic has had a devastating impact on a number of businesses. Understanding whether a business can be saved and how to go about it is key. North West Business Insider is running three special features and online forums on diagnosis, recovery and funding.
In its most recent feature, North West Business Insider has offered a self-diagnosis guide. BLM Partner and Head of Commercial Litigation Stuart Evans offers his thoughts:
“There are a few signs that a company can look out for. Creditor threats or the service of debt recovery proceedings, statutory demands or winding-up petitions are all classic symptoms of distress. Short of that, you may be seeing customers and/or supplier failures, rising costs, less Government support, longer delays in you being able to settle invoices, the need for you to re-negotiate credit terms or seek customers payments up front or on delivery, or the need for redundancies.”
Click here to find out more and to read the feature in full.