48 BUSINESS SUPPORT
INSOLVENCY WE
Practical insolvency advice for directors & business owners
EARLY ACTION IMPROVES CHANCES OF RECOVERY by Natalie Hughes
Licensed insolvency practitioner, Simply Corporate
We are currently in one of the most difficult and unpredictable financial climates that businesses have ever had to endure, and the fear of insolvency is very real.
However, making the decision to talk about the problem is one that is often most feared by directors and business owners.
We recognise that our profession is often seen as ‘doom and gloom’ and people find the prospect of speaking to an insolvency practitioner daunting. However, we strive to provide a more positive, understanding and empathetic service, reassuring you that there are solutions available and the sooner you seek advice and support, the greater the chance of survival.
01282 222420
www.simplycorporate.co.uk
As the financial support and protective measures put in place by the government are gradually being removed, companies are likely to feel the real impact of the lockdown. Directors need to be aware of the warning signs and act as soon as any of these are identified:
Overdraft at limit – Banks refusing to increase overdraft facilities to help cashflow
Creditor pressure – Increased demands and threat of legal action from creditors
Difficulty in paying essential bills – Unable to pay staff wages, HMRC, rent or suppliers
Poor cashflow – Considering commercial finance or personal savings to find emergency cash to continue trading
Loss of major contracts – Resulting in cashflow problems
Business owners and company directors should be looking forward and taking proactive measures to help their businesses, which may involve consulting an insolvency practitioner.
Running a company is tough; cash rarely flows in a steady stream and the difference between those that survive and those that fail is often determined by how early they seek help and advice.
RESILIENCE IN THE FACE OF CHANGE by Chris Hutchison
Head of lending, GC Business Finance
A Lancashire-based business once stated: “In the future, as in the past, we shall do our best to continue, in spite of the difficult period we are all passing through, to give an unrivalled service.”
Helping you to get back to business
Funding available from £500 - £300,000
Join the hundreds of Lancashire businesses who have already partnered with us. From the Coronavirus
Business Interruption Loan Scheme to start-up and growth capital; we offer fast, flexible, fair finance.
For people, not profit. Get in touch today: w.
bf.growthco.uk | e.
bf@growthco.uk
Whilst this dates back to 1951, the words are still as appropriate today as they were almost 70 years ago.
The business in question is still trading and has done for more than 100 years – surviving two world wars – and serves as a symbol of just how resilient Lancashire businesses truly are.
At GC Business Finance, we exist to support economic growth across Lancashire and encourage the region’s prosperity through both regional and local funding for businesses.
From the British Business Bank’s Start-up Loans and Northern Powerhouse Investment Fund initiatives to Rosebud Finance, part
of a variety of business support offered by Lancashire County Council. GC Business Finance has long supported businesses of Lancashire lending over £2.5m in the last 12 months alone.
Given the current climate it is encouraging to see that businesses across Lancashire have continued to access growth funding, alongside those applying for vital support from the Coronavirus Business Interruption Loan scheme, which is indicative of the passion and commitment of the region’s business owners.
As a not-for-profit social impact lender, GC Business Finance is keen to continue working with the region’s businesses to overcome short-term and long-term challenges.
We’ve no doubt that Lancashire businesses will prove their resilience in the face of adversity and come back stronger than before.
We are committed to supporting this.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72
